Strategic Objectives, Components and Considerations of a Strategic Plan

Explain when a Balanced Scorecard would be most useful for a company and who would
be in charge of creating one.
The Balanced Scorecard is a report that managers can use to evaluate the progress of
organizational processes under their control and monitor the impact of those actions. It is a well-
structured tool for managing strategy implementation (Rothaermel, 2021). The Balanced
Scorecard is particularly beneficial for assessing corporate performance and assisting in aligning
strategic and financial objectives by utilizing both internal and external elements. A SWOT
analysis, once completed, can be a beneficial tool for applying the analysis because it covers two
major areas: internal and external forces (Rothaermel, 2021). A lot of firms can use a balance
sheet because it can take into account a lot of internal and external aspects at the same time. A
balanced scorecard system’s ultimate purpose is to establish and sustain a competitive edge. Top
management and individuals who make decisions within the organization are the primary
creators of a balanced system that produces outcomes. The person who evaluates the company’s
success usually creates testimonials to be used in future initiatives and strategic goals.
Describe how different aspects of the scorecard can be more beneficial for some companies
rather than others.
I work for an automotive firm, and I believe that one part of a well-balanced scorecard
will be how our customers see us. Customer satisfaction is important to automotive firms, which
drives most of their operations. Customers’ perceptions of the organization play a role in client
retention. I’ve heard many people express they wanted to work for this organization because of
the positive contacts they had with it.

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Reference

Rothaermel, F. T. (2021). Strategic management. In Strategic management (pp. 134). New York,
NY: McGraw-Hill Education.