A Balanced Scorecard allows a company to divide a vision, or overall objective
into the smaller pieces or necessary steps that will allow it to occur. These
pieces may be phases of the process, or the project from the perspective of
different departments of the company, but in any case it should be a continuing
cycle that will continue working towards a single overall goal.
The Balanced Scorecard is especially useful when trying to communicate the role of
a team or company in accomplishing the overall mission. It can also be helpful in
tracking the progress of a goal by the specific parts that will make it possible.
- Determine the vision. Choose the objective to be expressed and place it in the center of the page in some way that will allow it to draw attention to itself, (i.e.: In a bold font or inside a small circle.)
- Determine the various parts. Elect categories with which to divide the central objective such that each is necessary to its completion and place each around the vision. These can be different phases of the goal, such as planning, researching, marketing, continuation, or different aspects of the goal, such as financial, internal, publications, consumer, etc.
- Add additional information to each part. . Within each large category, add more specific information. This could be steps or actions that must occur, research that must be done, objectives, expected spending, etc.
- Connect each piece. Link each part to another using arrows. Each part of the diagram may be numbered, depending on the nature of the categories chosen. For an endless cycle, numbers may be unnecessary, but if each part is a specific step, numbering could be quite useful.
- Share. Use the Balanced Scorecard to demonstrate the vision and communicate to coworkers what part they play in the vision.