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Balanced Scorecard

Essay by   •  May 28, 2012  •  Research Paper  •  633 Words (3 Pages)  •  878 Views

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Strategic Plan Part III: Balanced Scorecard

Accomplishing measurable outcomes in a set time are defined as strategic objectives. When an organization such as Jody's Kitchen has strategic objectives meetings, it is important to ensure that objectives can work within the framework of the mission, vision, and value that was set forth earlier in the planning process. In addition, the organization must also specific strategic measures that assess how well that organization does in achieving those objectives.

The Balanced Scorecard

Perspective Objective Measurements Target

Financial Market Share Maximum Returns 15%

Financial Competitive Position Restaurant ratings #1 Restaurant in 5 years

Financial Profitability % of changes in revenues +12% in 2 years

Customer Value Customer Retention and Turnover Retention % 85%

Customer Value Customer Value Survey ratings 9%

Customer Value Customer Satisfaction Survey ratings 90%

Process or Internal Operations Process performance Turnaround time 25 minutes

Process or Internal Operations Productivity Productivity Indicator 90%

Process or Internal Operations Operations Metrics % of cost of sales 65%

Learning and Growth Employee Satisfaction Survey index 80%

Learning and Growth Employee Turnover or Retention Skill Set Ratio 70%

Learning and Growth Level of Organizational Capability Measured against competition To improve with every year of open business

Jody's Kitchen's mission statement is, "We at Jody's Kitchen believe our first responsibility is to our customers. We will anticipate and do our best to meet the needs of our customers. We will serve safe and appetizing foods in a timely manner purchased from an approved food source. We will serve you with courteous employees who understand the meaning of customer service. We will provide a safe and clean environment in which our customers feel comfortable. Our price will competitive while still adding value to our products". Jody's Kitchen can focus on several of the objectives based on the scorecard to measure success: customer retention, customer value, customer satisfaction, employee satisfaction, employee retention, and process performance.

The vision of a company should address the direction and future of an organization. Jody's Kitchens vision is stated, "Jody's Kitchens vision is to be the best that we can be. Best at providing outstanding quality foods,

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