• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Shuriken Consulting

beyond the numbers

  • Pay your Bill
  • Tax Calculator
  • Contact Us
  • About
    • Privacy
  • Webinars
    • ATO Targets Cash Business
  • Services
    • Setup
    • Company Setup
    • Education
    • Finance
    • Insurance
    • Compliance
    • Bookkeeping
    • Tax and Accounting
    • Cloud Accounting
    • SMSF
    • Growth
    • Advice
    • Business Structure
    • Business Valuations
    • Wealth Team
  • Digital
  • International
  • Locations
    • Sydney CBD
    • Hornsby
    • Dural
    • Manly

Andrew Jeffers CEO / December 14, 2017

3 Reasons Why Your Business Needs A Balanced Scorecard

Are you familiar with the balanced scorecard? Do you use it in your business?

In today’s 2 Minute Accountant find out what a balanced scorecard is and why you should include it in your performance management strategy.

What is a balanced scorecard?

It’s a strategy performance management tool that started as a philosophy back in the early ‘90’s.

The innovators were two PhD electrical engineers, Kaplan and Norton. They wanted to find an effective way to use KPI (Key Performance Indicators) to grow a business.

robert-kaplan-david-norton-balanced-scorecard

One of their main philosophies was that when you look at your financials, you’re already looking in the rearview mirror. It’s already happened.

You can’t go back, but you can change your business’ financial future.

How can the balanced scorecard influence your business’ financial performance?

Your business’ financial situation is the result of three key areas on the balanced scorecard.

1. Your people and the training you provide them

The secret to having a growing business is to choose your people wisely. Once you’ve identified the right people for your team, it’s time to start thinking about quality training opportunities to offer them.

Tip: Train your people well if you want them to excel at their job.

[ctt template=”7″ link=”8SAbX” via=”no” ]Tip: Train your people well if you want them to excel at their job.[/ctt]

You might also be interested in: 4 Important Things You Need To Know If You’re An Employer

2. Your business’ internal processes

Specifically, the efficiency you have within your business including your systems, policies and procedures.

Business management studies show that people want to do good at their job.

But one of the many reasons people fail in a company is a systematic failure. In other words, they can’t do their job properly because the system doesn’t allow them a smooth transition.

Tip: Make sure your business’ internal processes help your staff develop instead of working against them.

3. Your customers

Last but not least, your customers are the ones who can help your business develop.

If you do a great job at your customer service, you implement great internal systems and procedures, you choose the right staff for your business and you find great ways to train them well… your financials will surely follow.

Tip: Don’t forget about your customers. They can make or break your business.

You might also be interested in: What Is A Balance Sheet?

The balanced scorecard is a fantastic performance management tool we use in business. I hope you have a better idea of what a balanced scorecard is and how it can benefit your own business.

Just give it a try. It will launch your business forward like you wouldn’t believe.

Use the balanced scorecard tool for your business now!

I can assist you in making the right decisions when it comes to your business. Whether you have questions about business management, a company set up, business structure or registration, I am here to help you. Let’s get in touch now.

contact-shuriken-today

Filed Under: Best Practice, Business, Business Planning Tagged With: 2 minute accountant, Andrew Jeffers, balanced scorecard

Primary Sidebar

Recent Posts

  • August 2021 Tax And Accounting News: All You Need To Know
  • Exclusive Probians Offer
  • Tax & Accounting Questions Answered Free for Probians
  • Government support for your business
  • Succession Planning for Small Businesses

B1G1

“Imagine if every time you made a step forward in your business, it had an unimaginable impact on the lives of others…”

Footer

Services

  • Company Setup
  • Education
  • Finance
  • Insurance
  • Bookkeeping
  • Tax and Accounting
  • Cloud Accounting
  • SMSF
  • Advice
  • Business Structure
  • Wealth Management
  • Business Valuations
  • Digital Marketing
  • Shuriken International
  • Events

About

Shuriken is at the forefront of accountancy, providing clients with a broad range of services, coaching and mentoring.

Contact Shuriken if you want to launch or grow a business or if you want to get a clear action plan on how to achieve your financial goals. We can help with benchmarking, cashflow forecasting, payroll and much more.

Learn More

NSW Business Chamber Member

Contact Us

Sydney CBD

T: 1300 886 066 or (02) 9114 8544

Hornsby

T: (02) 9485 3400

Dural

T: (02) 9651 2288

Endorsal

  • News
  • Events
  • FAQs
  • Contact Us
Terms of Use Privacy Policy Disclaimer