Strategic Plan, Part III: Balanced Scorecard - Essay Example

Reduce the operating expenses and increase the revenues. The operating expenses should reduce by 5% and revenue increase by 15 over the next one year The inventory turnover should also reduce. We shall attempt to capture a wider market We shall establish more stable relationships’ with suppliers so we could get suppliers at lower prices. We shall scale up internet marketing to make more sales Increase the Return on Assets (ROA) ratio The return on assets should increase by 10% over the next one year.

The assets should be invested affectively to generate higher income. We shall utilize our assets more efficiently and lent rather than own assets if doing so will safe us resources. To increase our company’s competitiveness We want to be ranked top 100 of the best documentary and movie companies in the next five years We must improve in terms of ranking every single year We shall invest heavily in the latest e-commerce and m-commerce so we can develop a superior competitive edge Customer value score card Objectives Measures Target Initiatives Train employees to offer premium customer services and products with Employee’s customer care and production skills should be improved Employees should be trained in specialized courses within the first one year The company to set aside some funds for training employees in different technical courses we shall make sure customers are offered products of high quality at all time to ensure they are always satisfied Disputes arising from customer dissatisfaction should be very low, and if they occur they should be resolved very quickly We shall ensure customers leave many positive feedbacks, as a sign of satisfaction Conduct an in-depth market survey to establish what could lead to customer dissatisfaction We shall ensure that all products offered to our customers guarantee them the value for their money No single customers will regret having purchased from us.

Offer products at prices that match the quality of products Carry out a survey to establish what customers value most in our products Internal operations score card Objectives Measures Target initiatives To implement an inventory control program to track the level of stock The level of stock must be maintained at an optimum level. No shortage or excessive stock at any given time to ensure that the cost of maintaining stock is minimum during the current fiscal year To consult an expert on the best inventory maintenance software available, which we can implement To achieve sales growth, based on operations metric The sales growth should be maintained at 10% above the industry average Every single month, the company must record some sales growth To determining the standard metrics used by competitors To achieve operations efficiency To maintain the cost of operations below that of the competitors To consistently improve the level of efficiency To invest in technology that will enhance efficiency in our supply chain Learning and growth Objectives Measures Target initiatives Offer momentary and non-monetary incentives to employees to boost their satisfaction The employee performance and interest should improve To ensure all employees who exhibit positive work habits are recognized every month To carry our an employee survey to establish the key reasons for their dissatisfaction To introduce a plan that will ensure employees have share the ownership of the company To ensure employees do not leave our company because they are guaranteed some ownership To ensure that all employees have a reason or another to prefer working with our company to others Present the idea of employee