The balanced scorecard objectives will be based is based on the SWOT analysis from Get in Gear. The main strengths for the firm include the firm providing quality products to its clients. This is guided by a strong mission and vision statement. In addition, the firm has a highly experienced workforce who is frequently trained, and the potential to repair and sell the second hand bicycles at discounted prices creates an internal strength too is another The opportunity for the firm are generated from the fact that the firm is located in a highly populated city where there is a ready market that includes college students and cycling fanatics. One weakness of the firm is the likely hood of emergence of competitors who might result to increased rate of employee turnover. One major threat that the firm faces is the existence of competitors, however, the existence of a strong marketing programs that uses all media creates a vast opportunity for the firm. Another opportunity the firm is the global warming awareness and high cost of gases that has necessitates most citizens to use energy efficient means of transport that will facilitate sustainable economic development.
Financial
Financial metrics are important component of a scorecard that is measured using three strategic objectives. The strategic financial objectives for Get in Gear will focus on profitability, debt and yearly sales that will entail to increase profit by 3-5%, clear all the debts and achieve a sales revenues of 1million respectively. Upon achieving these financial objectives, the firm will be able to donate to charities and take employees for vocations, there shall be increased bonuses and pay rise, however, upon clearing all the debts, the profits will increase while the relationship between business and merchandize suppliers will improve.
Customer
The customer metrics will be done in respect to the market share, customer satisfaction and customer retention. This market share is expected to increase by 10% and 15 % in the first and second year respectively through which it shall be able beat its two main competitors, Mintel and Allegra Group. Reaching a customer satisfaction rating of 90% will subsequently result to increased sales, while customer retention will be achieved through monthly giveaways prizes.
Process
In respect to the internal businesses processes metrics, the main business internal strategies revolve around get in gears rent-n-bike , fix it yourself, and lessons on bike repair. These strategies will focus on improving the annual sales by 75%, the fix it repair and repair lessons are each expected to increase the annual revenue by 10%. In efforts to achieve these objectives, the Get in Gear will spend more time in repairs and lessons and offer more bonuses to clients.
Learning and Growth
This metric will be achieved through strategically focusing on the employee retention, offering the employee bonus, and evaluation of the key employee. These metrics are evaluated in terms of the annual rate of employee turnover, performance evaluation, and chances of the principal employee leaving. The goals for this metric include achieving a lower that 5% rate of employee turnover, offering the employees a 5-10% sales bonus to employees and giving principal employee a six weeks annual leave. In efforts to achieve this objective, the employee shall be offered bonuses, and increased pay based on performance evaluation. Those who take the position of the principal employee during the period of his leave are offered salary increment during that specific period.
