Balanced Score Card

Financial Perspective

Three strategic objectives that the company will pursue under financial perspective will be related to different aspects such as market share, profitability, and competitive position.

Market Share

 Strategic objective

In the area of the market share, the strategic objective will be to increase the market share. In essence, increased market share will help the company achieve high sales turnover, thus increase its profitability. Achieving this objective will also enable the company to improve its reputation among its competitors (Barney & Hesterly, 2009).   

 Goal

In order to achieve this objective, the goal that the company will pursue is to increase its market share by an average of 3.5 percent each year for the next 5 years. Increased market share will be achieved by effective marketing of company’s products and services using print and/or electronic media. 

 Rationale

In supporting this goal, the rationale is to improve the portfolio of consultancy products and services, which the company intends to provide. In this case, the company will use social media to spread information about its unique products and services and the prices of acquiring them. In this way it will be able to increase the market share by an average of 3.5 percent each year for the next 5 years.  

Profitability

Strategic objective

Concerning company’s profitability, the strategic objective will be to boost profitability. In essence, increased profitability will enable the company to finance its expansion strategies, thus increasing the quality and efficiency of products and services respectively.

Goal

Achieving this objective will be possible if the company strictly pursues a goal to increase the profit margin by 4 percent each year for the next 3 years. Increasing the profitability will be possible through offering highly demanded consultancy services and promoting sales of the products. 

Rationale

In rationalizing this goal, the company will advance its consultancy products and services to make them unique. In this way it will be able to increase the profitability by 4 percent each year for the next 3 years. This profit is expected to be used for improvement of service delivery in the company so that it could achieve its vision and mission.

Competitive Position

Strategic objective

In order for the company to obtain a competitive position, the strategic objective is to reach a stable and competitive position. In essence, obtaining of a stabile competitive position in the market will make the company reputable, thus increasing its reliability among social media users and service providers (Barney & Hesterly, 2009). This objective is significant for the success of the company in providing social media consultancy services.    

Goal

In order to achieve this objective, the goal that the company will pursue is to provide social media consultancy services to a larger segment of potential customers. It will help the company to obtain a competitive position. In this regard, the company should increase its popularity by using networking and social media more intensively each year for the next 2 years. Increasing popularity will help the company to reach a stable competitive position. 

 Rationale

In support of this goal, the rationale is to increase the range of consultancy products and services that the company proposes to customers. Here, the company will use social media to present its future products and services and popularize them to gain a competitive edge over its competitors.

Customer Value Perspective

Under this perspective, the company will consider strategic objectives in areas including turnover, customer satisfaction, and customer value. Using the balanced scorecard, the company will make sure that the process of monitoring of the progress and performance of strategies is effective.

Turnover

Strategic objective

Concerning company’s turnover, the strategic objective is to increase the turnover. In this case, increasing turnover will enable the company to make sufficient profit through application of flexible sales tactics. Different sales strategies that the company will employ will increase the quality of products and services it will sell.

 Goal

In order to realize this objective, the company will systematically monitor the progress of achieving a goal which is to increase the turnover by 3 percent each year for the next 2 years. Increasing the turnover will be accomplished through provision of consultancy services to most of the corporate clients that eventually will boost sales of the products. 

 Rationale

The rationale for this goal is that the company will improve its consultancy products and services. Therefore, it will be able to increase the turnover by 3 percent each year for the next 2 years. Increased turnover is expected to improve the efficiency of service delivery by the company so that it could achieve its vision and mission.

Customer Satisfaction

Strategic objective

The company’s strategic objective is to increase customer satisfaction. In essence, increased consumer satisfaction will enable the company to improve its reputation among social media service providers. This will increase consumer preference for company’s products and services (Bazerman & Banaji, 2004).

Goal

In a bid to achieve this objective, it would be appropriate if the company adhered to consumer demands so that it could increase the profit margin by 4.8 percent each year for the next 2 years. Increased consumer confidence will increase demand for consultancy services and, as a result, increase the level of sales of products and services to social media users. 

 Rationale

In justifying this goal, the organization has to improve the quality of its consultancy products and services, in order to be able to increase its revenue by 4.8 percent each year for the next 2 years. Customer satisfaction will be increased through exemplary modern services that the company will deliver to its clients. Through offering services intended to increase customer satisfaction and improve efficiency, the company will be able to achieve its vision and mission.

Customer Value

 Strategic objective

With the view of company’s appreciation of its consumers, the strategic objective is to recognize and increase the customer value. In this regard, recognizing the value of potential consumers will enable the company to increase the confidence of its clients, thereby increasing their loyalty to the products and services of the firm. In its turn, this will promote organization’s business development.   

Goal

Achievement of this purpose will be possible if the company understands and recognizes the significant contribution of consumers to the business development (Dess, Lumpkin, Eisner et al., 2012). Therefore, the company should adopt policies, which will help it increase consumer value and confidence by 3.3 percent each year for the next 3 years. Recognizing the importance of consumers and valuing them will increase their interest in company’s services, thus increasing the demand for firm’s consultancy services. This will boost the level of sales of products and improve company’s image among its clients. 

 Rationale

In justifying this goal, the company has to respect its potential customers to be able to increase their confidence in organization’s services by a marginal 3.3 percent each year for the next 3 years. Increased attention to consumers is expected to improve their relationship with the company since in this way clients will understand that they are valued. The anticipated mutual relationship will enable the company to achieve its vision and mission.

Internal Operations Perspective

Here, perspectives to be examined include three strategic objectives in areas relating to measure of process performance, productivity improvement, and operations metrics.

Measure of Process Performance

 Strategic objective

In terms of process performance measurement, the strategic objective is to increase the effectiveness of measures used to evaluate process performance. Here, by making the measure of process performance effective, the company will be able to achieve remarkable success, thus increasing its sales volume. The company should only use reliable measures of process performance, which will help it improve its image and increase its output.  

 Goal

In order for the organization to achieve this objective, it will formulate policies that will improve measures of process performance by 2.2 percent each year for the next 5 years. In this regard, improvement of the measure of process performance will be conducted through effective selection of tools and equipment for measuring relevant variables, thus enabling the company to fulfill its vision and mission in accordance with its values. 

Rationale

In support of this strategic goal, the rationale is to develop specific measure of process performance of consultancy services, which the company will deliver. In this case, the company has to use appropriate tools and equipment that will increases efficiency of the measure of process performance for its unique products and services (Dess, Lumpkin, Eisner et al., 2012). As a result, this will help the company to increase effectiveness and reliability of such equipment that will be used as a measure of process performance so that efficiency could be increased by 2.2 percent each year for the next 5 years. 

Productivity Improvement

Strategic objective

In terms of productivity improvement, the strategic objective is to increase the volume of production. Essentially, increased volume of production will make the company sell higher sales volume, in this way increasing its profit margin. In order to achieve this objective, the company must improve internal mechanisms for countering competition.    

Goal

In order to achieve this objective, the goal that the company will try to pursue is to increase the volume of production by an average of 3.8 percent each year for the next 5 years. Therefore, increased volume of production will be achieved through designing effective promotion campaign about company’s products and services (Dess, Lumpkin, Eisner et al., 2012). 

Rationale

In line with this goal, the rationale is to increase the market share for selling firm’s products and services. In this regard, the company will use social media to spread information about its distinct and highly professional products and services. This is supposed to enable the company to increase its productivity by an average of 3.8 percent each year for the next 5 years. 

Operations Metrics

Strategic objective

In terms of operation metrics, the strategic objective is to improve the ways of determining operation metrics. Here, increased efficiency and effectiveness of the company’s operation system will help the company increase its production, thus improving the quality of its products and services.

Goal

In order to achieve this objective, the goal that the company will achieve is implementation of special policies aimed at increasing efficiency and effectiveness of company’s operations by 3 percent each year for the next 5 years. Increase of efficiency and effectiveness of company’s operations will be achieved through the use of effective mechanisms (Dess, Lumpkin, Eisner et al., 2012).   

 Rationale

In supporting this goal, the rationale is to improve the organization so that it could achieve maximum efficiency and effectiveness in its operations. Therefore, the organization will use social media and IT services to improve its unique products and services. In this way it will be able to increase efficiency and effectiveness of company’s operations by an average of 3.5 percent each year for the next 5 years. 

Learning and Growth (Employee) Perspective

In this perspective, three strategic objectives that the company will consider include employee satisfaction, nature of organizational culture, and technological innovation.

Employee Satisfaction

 Strategic objective

Regarding company’s aim to retain its best employees, the strategic objective is to increase employee satisfaction. In essence, increased employee satisfaction will enable the company to improve its image among social media service providers (Brenkert, 2010). This will increase consumers’ preference for its consultancy products and services.

Goal

In a bid to achieve this objective, it will be appropriate for the company to listen to employees’ demands so that it could increase its production level by 5 percent each year for the next 2 years. Increased employee satisfaction will increase their concentration at work and will motivate them to provide better consultancy services.

Rationale

In justifying this goal, the organization should improve its relations with employees and strive to increase their job satisfaction. This will encourage employees to engage in provision of high quality consultancy products and services, which in its turn will help the company to increase its production level by 5 percent each year for the next 2 years. Employee satisfaction will be increased through listening to their demands and addressing their work-related concerns (Brenkert, 2010). Increased employee satisfaction will increase their efficiency and will motivate them to work hard to enable the organization to achieve its vision and mission.

Nature of Organizational Culture

Strategic objective

Concerning company’s intention to promote organizational culture, the strategic objective here is to develop a positive cultural identity. In essence, strong organizational culture will enable the company to improve its reputation among social media service providers. This will increase consumer preference for the products and services of the company.

Goal

In a bid to achieve this objective, it will be appropriate for the company to change the nature of its culture so that it could increase consumer and stakeholder confidence by 4.2 percent each year for the next 2 years. Improving the nature of organizational culture will strengthen the relationship between workers and managers and will help the company improve its efficiency in providing exceptional consultancy services (Bazerman & Banaji, 2004). As a result, this will increase the quality of consultancy products and services to social media users and service providers. 

Rationale

In justifying this goal, the organization must promote favorable and progressive organizational culture that would improve its consultancy products and services. This will make the company able to increase its consumer and stakeholder confidence by 4.2 percent each year for the next 2 years. By promoting hard work and honesty as core organizational values, the company intends to increase customer and stakeholder satisfaction, thus improving its efficiency and achieving its vision and mission.

Technological Innovation

 Strategic Objective

In terms of technical improvement, the company intends to achieve a strategic objective to remain updated about latest technological innovations. In essence, adopting the latest technology will enable the company to increase its efficiency and effectiveness in terms of serving other social media service providers (Clegg, KornBerger & Pitsis, 2005).

Goal

In a bid to achieve this objective, it will be necessary for the company to use technological innovations that will increase its efficiency and effectiveness by 5.2 percent each year for the next 2.5 years. Adopting of technological innovations will increase efficiency and effectiveness of company’s consultancy services. Consequently, this will increase customer loyalty and boost sales of products and services to social media users. 

Rationale

In justifying this goal, the organization must encourage the use of technological innovations during provision of its consultancy products and services. This will make the company increase its efficiency and effectiveness by 5.2 percent each year for the next 2.5 years. Adoption of technological innovations will occur through computerization of consultancy services. The use if technology will make the organization increase its efficiency and effectiveness (Clegg, KornBerger & Pitsis, 2005).