Introduction
A balanced scorecard is a strategic planning and management system that is used extensively in industry and business, non-profit organizations and even the government to align business activities to the strategy and communication of the organization. The balanced scorecard also improves the internal and external communications in an organization. Furthermore, it also monitors organizations performance against strategic goals. The Matric International Company can adopt the balanced scorecard in order to achieve its vision, mission and also its objectives. Through the application of balance scorecard, the MIC Company will achieve its goals. The company can grow in terms of business activities and enable the customers to enjoy the quality services from its company. The company can use the balanced scorecard to balance to measure both the financial and non-financial activities. Traditionally the balanced scorecard has been used to measure only the financial performance of a business. Currently, the balanced scorecard has been included in measuring the non-financial performance of the company. The balanced scorecard was coined in the year 1950s and since that time, it has been widely used to improve the performance of different businesses.
Strategic Plan Objectives and Benefits
When the MIC employs the balance score card, it will be in a position to transform its strategic plan into an attractive customer center. The company would thus be able to grow significantly. The balanced scorecard provides a framework that only provides performance measurements. If applied by MIC, it will enable executives to execute truly their strategies for better performance of the company.
The statistics research shows that the assessment, arrangement, and accumulation of activities in the business will be made easy if the company adopts the balanced scorecard. Through the scorecard, the MIC will be able to determine whether it is growing financially or not. It will also be in a position to determine the number of customers that visits and uses the MIC products. The business can also be in able to determine how to improve the quality its products and services for it to attract more customers and enjoy economies of scale.
There are four main areas in MIC strategic plan that can be analyzed using the balanced scorecard. The areas include the financial, internal businesses processes, customers and the learning and growth. The financial and market share elements include the revenues and costs, profitability and competitive position. The customer values and perspectives also try to improve the customer satisfaction in the business. The customer elements are divided into the competitive customer retention and or turnover, the customer satisfaction and event consumer values. On the other hand, the internal operations perspective includes the objectives such as the measure of process performance in the MIC, productivity or productivity improvement. These scorecard measures are important as they are used to measure both the financial and non-financial measures in the business. For example, through the customer values, the business will try as much as possible to improve the number of customers that uses the products of the company. Furthermore, the clients can be measured in terms of the satisfaction. The customer's values will be measured in using the index method. The index method will indicate whether the customers are satisfied or not. For example, an index of 8-9 shows that the customers are satisfied with the company products and services.
In terms of shareholders, the business will ensure that the shareholders are valued in the business. When the company increases its services and products that supply to the customers, it will be in a position to improve the profitability of the company. The shareholders will benefit from such important milestone in the company. This can be achieved through strengthening the market. Market share is increased by improving the market penetration strategies. When the business gains a larger market share, it will be in a position to increase the revenues and costs and thus increase the profitability of the company.
The MIC Company also indicates the level of productivity of a company. If the company is improving its production processes, the scorecard will be used to measure such productivity of the company. It is important for the company to improve its productivity in order to ensure significant customer turnover. The application of balance scorecard in the internal business processes is crucial as the strategy can measure process performance. The strategy is important in that it measures the operation metrics in a business.
On the other hand, the balanced scorecard can also ensure there is an improvement in learning and growth. In this field, it will be easy to determine whether the employees of the company are satisfied. The busines can understand whether it is in a position to maintain its employees. The employee turnover is seen as a positive indicator of satisfaction. When there are more employees coming into the business, it indicates that the company is satisfying its employees. The level of technological advancement is another area that can be determined by the use of balance scorecard.
Ethical Implication of the solution
The MIC Company agrees that it is important to implement these solutions with the ethical considerations in mind. The business ethics is the priority of the company. The company values the customers and other stakeholders of the company. It is imperative for the MIC Company to select and implement the strategic objectives in order to improve the work of satisfaction of all the employees. When the business implements the solutions with the ethical considerations, it will be in a position to attract more customers. This will boost the operations of the company and further enable the company the company to achieve the strategic objectives set.
Communication plan
An effective communication plan is required in the business as it assist in strategic directions. Regular formal and informal research employs the communication plan in the business. Well outlined communication plan ensures that the company communicates its strategic plans to all its departments. The communication plan also assists in addressing the problems that are being experienced by the company. The stakeholders in the company can evaluate positive and negative trends in the business.
The audience of the communication includes the employees of the company, the customers, and the suppliers. This is because the strategic plans can easily be achieved when the company all the stakeholders in strategic planning and communication. If the company cannot involve all the stakeholders, it will be difficult to communicate the strategic plan. The company can communicate strategic plan through proper channels. The channels of communication include the intended message. This is initiated by the manager of MIC Company. The message will be received by the employees, and the feedback is sent by the employees and other stakeholders to the manager. The manager will then take appropriate action as per the message.
