Strategic Planning with the Balanced Scorecard: Making Strategy a Reality

Introduction:

The Balanced Scorecard, at the core of your company, ensures that every employee's efforts are fully aligned with the firm's objectives. The Balanced Scorecard and Strategic Planning course offers a robust framework for rapid and effective strategy execution, leading to substantial performance improvement.

Participants will be empowered to lead change management initiatives centered around the Balanced Scorecard, transforming their organizations’ strategic plans into actionable, workable scorecards. This approach ensures that a strategic plan scorecard is developed to impact all levels of the organization.

Objectives:

By the end of this course, students will be able to:

• Turn vision and strategy into concrete steps that will improve organizational performance.
• Utilize the Balanced Scorecard (BSC) to enhance performance.
• Design and implement a Balanced Scorecard customized for their organizations.
• Align the entire organization around shared goals.
• Monitor and manage strategic performance effectively.
• Integrate operational activities in line with the overall strategy.
• Communicate changes clearly and oversee a smooth change process.
• Track and drive continuous performance improvement.
• Successfully roll out the Balanced Scorecard across the organization.
• Create personalized action plans for improving performance within their respective areas.

Training Methodology:

• Group Discussion
• Case Studies
• Interactive Workshop Sessions
• Scenario Analysis
• Peer Reviews
• Role Play
• Real-Life Application Projects
• Feedback Sessions
• Action Planning

Course Outline:

Unit 1: A Tool for Managing Strategic Performance

• Identification of terminology used in defining objectives.
• Introduction to the Balanced Scorecard.
• Why use the Balanced Scorecard?
• Linking Mission to Vision with Operations.
• Overview of Building Blocks, Strategy Maps, and Themes.
• Strategic Measures/Targets.

Unit 2: Developing a Balanced Scorecard

• Creating a Strategy-Centric Organization.
• Learning & Growth Perspective.
• Defining strategy, identifying strategic themes, and building strategic linkages.
• Interacting with the Leadership Team.
• Market research through interviews and focus groups.
• Strategic documentation.
• Case Study Work: Strategies, Objectives, and Themes.

Unit 3: Monitoring Strategic Performance

• Creating appropriate measures using the Strategy Map.
• Examples of measures for each perspective.
• Balanced Scorecard Implementation: How to?
• Understanding Lag and Lead Measures.
• Determining Measures and Targets.
• Mapping Strategic Initiatives.

Unit 4: Implementing A Balanced Scorecard

• Setting stretch targets for each objective.
• The Strategic Management System & Performance Management.
• HR Mapping of Strategic Initiatives.
• Implementation Plan.
• Initiating Successful Change.
• Communicating the Balanced Scorecard.
• Developing appropriate targets using the Strategy Map and Measures.
• Implementing the Balanced Scorecard throughout the organizational hierarchy.
• Strategy Review Meetings.

Unit 5: Pulling It All Together

• How to make the Balanced Scorecard work in your organization.
• Outline of a Project Plan.
• Identification of Key Roles & Key Players.
• Case Study Activities.
• Top Tips for Success.
• Personal Action Plan.