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Strategic Plan, Part III: Balanced Scorecard - Essay Example

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Strategic Plan, Part III: Balanced Scorecard Name: Lecturer: Institution: Course: Date: Strategic Plan, Part III: Balanced Scorecard The balanced scorecard is vital when developing a strategic plan and management in a business. This is because it can help in aligning the company behind a shared mission, vision and values for success…
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Strategic Plan, Part III: Balanced Scorecard
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Download file to see previous pages It will also enable the restaurant to improve the internal and external environment as well as their financial performance. Thus, the paper provides a summary that reveals strategic objectives derived from the mission, vision, values and SWOT analysis of the fast food restaurant company. One of the strategic objectives of the company is to increase the financial or shareholders values in order to increase profits or revenues, market share; hence achieve competitive advantage. The company will derive this objective by basing on the mission and vision of the company that aims to offer nutritious high quality products to customers at affordable process. Therefore, for the company to achieve their strategic goals, they will measure the financial and market shares of their business in a particular period usually a year. This is through employing SWOT analysis in order to determine their financial performance; thus using the selected strategy for determining their competitive position. The target or aim is to enable them increase revenues by 2% for the following 2 years. The company can increase the market share by 10% and add market shares annually to 3% per sales location. The second strategic objective is measuring customer value in order to determine customer retention or turn over, customer value and their satisfaction level. David (2011) argues that an effective strategy should incorporate views from the customer and stakeholder’s perception and include the needs of customers or the desired corporate image they want to portray. This is crucial because it will contribute to successful business performance in the long run. Therefore, fast food restaurant will use the balanced scorecard tool for measuring customer satisfaction level, customer needs and values as well as customer turnover. This will enable them to understand customer needs; hence analyzing the internal or external environment in order to improve their services in the next 3 years’ time. For the company to increase customer satisfaction, they can increase 2.5% discount on products or services offered to customers. They can even increase customer loyalty through adding value to products or reducing production cost to 3 %. This will enable them to reduce the cost of products to a certain amount less say 1% from the normal product prices in order to increase customer value; hence compete favorably with other fast food industries. The other strategic objective is training employees and encouraging them to learn organizational cultural attitudes interrelated to corporate or individual self-improvement. In the process of the training program, the company will concentrate on the key aspect areas such as employees’ satisfaction, employee turnover or retention and organizational capability level. It will also measure the levels of employees’ capabilities towards the use of innovative technology. This will be done through measuring their aptitude to utilize innovative technology; thus increase the level of the training program in a particular period. For instance, the company will increase the period of employee training by offering long term training programs that can take one to two months twice a year. Lastly, the company can measure the nature or organization culture and climate since this is vital in increasing the organizational growth. Culture is ...Download file to see next pagesRead More
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