Enhance business performance with our Balanced Scorecard Strategy Map Template, a comprehensive tool for strategic planning and KPI management.
1
Identify your organization's mission and vision
2
Define strategic objectives
3
Identify key performance indicators (KPIs)
4
Design four perspectives: financial, customer, internal process, learning and growth
5
Leverage existing performance measures that support the strategic objectives
6
Develop target measures and performance thresholds for KPIs
7
Prioritize the KPIs based on their impact on strategic objectives
8
Approval: Prioritized KPIs
9
Align strategic objectives with KPIs
10
Map the causal relationships between KPIs
11
Identify initiatives to improve performance on KPIs
12
Assign ownership for each strategic objective and KPI
13
Define the time frame for achieving each strategic objective and KPI
14
Set budget for each initiative
15
Approval: Budget Set
16
Implement the strategy map in a balanced scorecard software
17
Communicate the balanced scorecard strategy map to all stakeholders
18
Monitor performance and update the strategy map as needed
19
Analyze the effectiveness of the strategy map in meeting strategic objectives
20
Review and amend the strategy map and the balanced scorecard periodically
Identify your organization's mission and vision
Describe your organization's mission and vision. What is the purpose and direction of your organization? What are the values and goals that drive your organization?
Define strategic objectives
Identify the strategic objectives that will help you achieve your organization's mission and vision. These objectives should be specific, measurable, attainable, relevant, and time-bound (SMART).
Identify key performance indicators (KPIs)
Determine the key performance indicators that will be used to measure progress towards your strategic objectives. These KPIs should align with your objectives and provide meaningful data.
Design four perspectives: financial, customer, internal process, learning and growth
Create four perspectives that will serve as the framework for your balanced scorecard strategy map. These perspectives represent different areas of your organization's performance and should align with your mission, vision, and objectives.
Leverage existing performance measures that support the strategic objectives
Identify any existing performance measures or data sources that can be used to support your strategic objectives and KPIs. These measures may already be tracked within your organization.
Develop target measures and performance thresholds for KPIs
Determine the target measures and performance thresholds for each KPI. What level of performance is considered successful? What are the desired outcomes for each KPI?
Prioritize the KPIs based on their impact on strategic objectives
Rank or prioritize the KPIs based on their importance and impact on the strategic objectives. Consider the alignment and relevance of each KPI to the overall strategy.
Approval: Prioritized KPIs
Will be submitted for approval:
Identify key performance indicators (KPIs)
Will be submitted
Develop target measures and performance thresholds for KPIs
Will be submitted
Prioritize the KPIs based on their impact on strategic objectives
Will be submitted
Align strategic objectives with KPIs
Ensure that each strategic objective is aligned with at least one KPI. This alignment demonstrates how the achievement of the objective will be measured.
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KPI 1
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KPI 2
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KPI 3
4
KPI 4
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KPI 1
2
KPI 2
3
KPI 3
4
KPI 4
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KPI 1
2
KPI 2
3
KPI 3
4
KPI 4
1
KPI 1
2
KPI 2
3
KPI 3
4
KPI 4
Map the causal relationships between KPIs
Identify initiatives to improve performance on KPIs
Assign ownership for each strategic objective and KPI
Define the time frame for achieving each strategic objective and KPI
Set budget for each initiative
Approval: Budget Set
Will be submitted for approval:
Set budget for each initiative
Will be submitted
Implement the strategy map in a balanced scorecard software
Communicate the balanced scorecard strategy map to all stakeholders
Monitor performance and update the strategy map as needed
Analyze the effectiveness of the strategy map in meeting strategic objectives
Review and amend the strategy map and the balanced scorecard periodically