French Laundry an exclusively American restaurant but inspired by French countryside, is located at Yountville in California (The French Laundry, n.d.). It has derived its unique name from the building which was actually used for the purpose of laundry in the 1920’s. According…
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s is presently the head chef as well as the owner of the restaurant and with his maverick ideas he has turned it into one of the most exciting restaurants in the entire United States of America.
A balanced scorecard is applied to analyze the organization’s current situation. Based on this analysis a problem statement, present challenges, opportunities and possible management solutions are inferred and provided in this paper.
Balanced scorecard, a strategic tool, developed by Robert Kaplan and David Norton (Value Based Management.net, n.d.).is used effectively in translating a company’s strategy and vision into the reality of implementation. Organization can perform this process of implementation from four different perspectives which include financial perspective, business process perspective, learning and growth perspective and customer perspective (Balanced Scorecard Institute, n.d.).
A sound financial health is primary requisite of any business organisation. Therefore it becomes imperative to develop a financial objective and mission before taking the initiatives to achieve those missions and objectives.
French Laundry restaurant is a three star restaurant in USA. It is a financially strong organization. Here a normal dinar costs almost 1500 dollar and people are found to be very much comfortable with this price (Sutton, R. January 13, 2009). However with USA being one of the most affected countries in the present recession, French Laundry’s current financial goals should therefore include cost reduction, growth and maximizing profit. Achievement of the Goals can be measured by comparing costs and profits of two consecutive years.
Customer is another important element for any business organization. Present management philosophy is based on the fact that customer is the king in the market. An Organization not only needs to retain its existing customers but also to attract new customers in order to enjoy a sustainable growth. Strategies regarding
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(“Balanced scorecard in restaurant Essay Example | Topics and Well Written Essays - 1000 words”, n.d.)
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(Balanced Scorecard in Restaurant Essay Example | Topics and Well Written Essays - 1000 Words)
“Balanced Scorecard in Restaurant Essay Example | Topics and Well Written Essays - 1000 Words”, n.d. https://studentshare.org/miscellaneous/1562379-balanced-scorecard-in-restaurant.
Balanced Scorecard Approach: A Critical Review (Name) (Tutor’s Name) (Date) Balanced Scorecard Approach: A Critical Review Introduction Balanced Scorecard is a strategic performance management tool, which is mainly used by managers to regulate strategy execution activities and subsequent monitoring processes.
The Balanced Scorecard was first developed in the early 1990s to solve organization and business measurement problems, although its use has evolved among companies into more important functionalities. Business and organizational operation environments have increasingly become complex, thus necessitating more complex applications rather than just measuring performance in this era of information.
BALANCED SCORECARD WEEK 6 Executive Summary Balanced Scorecard is an important tool developed to measure the level of performance mainly of the employees in an organization. Procter and Gamble (P&G) is a reputed FMCG company which operates its business worldwide.
It can also get people work on the right issues through focusing on the intended results. The fast food restaurant will implement strategic objectives that would base on the balanced scorecard for measuring the organization performance. The balanced scorecard will enable the company to monitor the performance of the company depending on the strategic objectives.
It critically evaluates the use of the "Balanced Scorecard as part of modern business management accounting. In addition the paper tries to understand the way in which performance can be assessed in terms of financial and non-financial measures and to appreciate the use of modern methods of performance measurement.
They are the foundations for ensuring a culture' of continuous performance improvement and preparing the overall business for both the boom and recessionary periods which typify the economic cycles in which companies operate (Brown, 1996). The approach is derived from a concept called Balanced Scorecard', which was developed by Robert Kaplan and David Norton.
This objective cannot be achieved unless the company sets specific performance goals and the specific measures to evaluate the level of performance towards the achievement of these goals. As customer satisfaction is the main driver of the organization's profit target, it is of critical importance for the company to enhance its performance level to achieve its goals.
During strategic management, a number of goals may be developed aiming at improving service delivery and the general aspects that the organization engages in. though balanced score cards, it becomes easy for the organization to focus on these items and follow
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