A lot of people think that it is not really necessary to keep a live scorecard. For one, it can be tedious, not to mention time consuming. But then again, keeping a scorecard will be able to help teams as well as individuals to discover what they need to change in the organization and, at the same time, help improve the processes and procedures in order to increase the overall effectiveness of the organization as a whole.
If you want your company to succeed, you need to be able to formulate a balanced scorecard that will allow you to measure your company’s performance. First introduced by David Norton and Robert Kaplan, it was primarily designed to keep things in the company in check; that is, it was designed to check whether all plans for the company – be it small-scale or large-scale – are always in line with the overall thrust of the company. It was introduced in the early 90s, and since then, this approach had been used by different types of companies across all industries.
The live scorecard approach to leadership, also known as the balanced scorecard approach, primarily promotes the need of company leaders to be able to have a really introspective approach in dealing with the company’s overall performance. It helps create a balance between the company’s finances as well as the processes and procedures of the company. This is what can be measured as well by the scorecard.
The balanced scorecard will help achieve the goals set by a results based leadership. This is because it will help address all the issues that the company is facing, and all of these issues are going to be measured according to the finances that it will entail. Identifying activities or company endeavors that the people of the company must excel in is also part of the approach, and delving into the roots of everything, especially when dealing will problems, is the onset of eliminating the problem and making everything become much better than ever.
More and more companies are now using the BSC or Balanced ScoreCard approach. Managers see its effectiveness, not to mention its ease of use. They help organize companies much better than ever. They help decision makers make strategic decisions bent on steering the company into greener pastures or onto new heights. Scorecards, ultimately, will help employees trust employers in a way they never have before, paving the way to camaraderie and an overall good atmosphere in the company, making everything become a fertile ground to success.
The live scorecard approach to leadership, also known as the balanced scorecard approach, primarily promotes the need of company leaders to be able to have a really introspective approach in dealing with the company’s overall performance. It is essential to achieving results based leadership.