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Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution

ISBN: 978-1-118-72631-0
368 pages
August 2014
Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution (1118726316) cover image

Description

The best plan is useless without effective execution

The future of business has become so unpredictable that your five-year plan may be irrelevant next week. To succeed in the modern market, you must constantly assess your progress and adapt on the fly. Agility, flexibility, continual learning, and adaptation are the new rules of business success. A differentiating strategy is crucial, but it will only lead to competitive advantage if you execute it flawlessly. You'll succeed only if you have the right insight for strategic planning and the agility to execute your plan.

Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution provides the latest theory and practice from strategic planning, change management, and strategy execution to ensure your business is flexible, future ready, and primed for exceptional execution. Author Paul R. Niven guides you through the new principles of The Balanced Scorecard and shows you how to apply them to your planning and strategy execution endeavors.

  • Read case studies that illustrate the theory and practice of strategic agility and execution
  • Learn how to create the objectives, measures, targets, and strategic initiatives that can make your plan a reality
  • Use the latest change management techniques to boost strategy execution success
  • Gain the knowledge and tools you need to face your challenges head-on
  • Motivate your employees to change behaviors toward plan accommodation

Making a plan isn't enough. You must actually take steps to implement your plan, and this requires excellent leadership skills. Change can be hard, and your organization may be resistant. Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution provides everything you need to make things happen.

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Table of Contents

Preface ix

Acknowledgments xv

Chapter 1: What Exactly Is a Balanced Scorecard? 1

Origins, and a Brief History, of the Balanced Scorecard 1

Balanced Scorecard Perspectives 3

What Is a Balanced Scorecard? 7

Telling the Story of Your Strategy through Cause and Effect 14

Key Balanced Scorecard Questions and Answers 18

Notes 27

Chapter 2: Just Like the Boy Scouts: Be Prepared 29

First Things First: Why Are You Developing a Balanced Scorecard? 29

Answering the Question: Why the Balanced Scorecard and Why Now? 30

Possible Reasons for Launching a Balanced Scorecard 33

Send Yourself a Postcard from the Future 35

Start with a Provocative Action 36

Overcoming Skepticism 38

Benefits of a Guiding Rationale 39

Where Do We Build the Balanced Scorecard? 40

Criteria for Choosing an Appropriate Organizational Unit 41

Executive Sponsorship: A Critical Element of

Any Balanced Scorecard Program 45

Sponsorship Advice for Executives 51

Your Balanced Scorecard Team 53

Managing the Balanced Scorecard on an Ongoing Basis: The Office of Strategy Management 65

Functions of the Office of Strategy Management 66

Your Balanced Scorecard Development Plan 71

Be Fast, but Be Thoughtful in Your Approach 77

Developing a Communication Plan to Support Your Balanced Scorecard Initiative 79

Final Assessments to Make Before You Begin

Building a Balanced Scorecard 88

Notes 92

Chapter 3: Balanced Scorecard Building Blocks: Mission, Vision, and Strategy 95

Mission 95

Vision 105

Vision Statements and the Balanced Scorecard 111

Strategy 113

Strategic Themes 119

Appendix 3A: An Introduction to the Roadmap Strategy Process 120

Roadmap Strategy 121

Four Fundamental Questions You Must Answer When Creating a Strategy 121

The Four Lenses 124

A Strategy to Create True Alignment from Top to Bottom 126

Notes 126

Chapter 4: Conduct Effective and Engaging Workshops 129

Before the Workshop 130

During the Workshop 141

The Role of Executives in Workshops 153

Notes 156

Chapter 5: Building Powerful Strategy Maps That Tell Your Strategic Story 159

What Is a Strategy Map? 159

Why You Need a Strategy Map 164

The Spectrum of Strategic Plans 165

Developing Strategy Map Objectives 167

Developing Objectives for Each of the Four Perspectives 174

Which Value Proposition Is Best? 183

Using Strategic Themes in the Development of a Strategy Map 208

Developing a Shared Understanding with Objective Statements 209

How Many Objectives on a Strategy Map? 212

Notes 217

Chapter 6: Create a Balanced Scorecard of Robust Measures, Meaningful Targets, and Strategic Initiatives 221

What Are Performance Measures? 221

Creating Better Performance Measures 222

Attributes of Effective Performance Measures 229

Measures for Each of the Four Perspectives 239

Recording Your Measures: Creating a Performance Measure Data Dictionary 243

Targets: The Goals That Bring Measures to Life 250

Do You Need All Three Types of Targets? 254

Strategic Initiatives: Projects That Drive Breakthrough Performance 257

Notes 266

Chapter 7: Hold Strategy Execution Meetings So Good, People Actually Want to Attend 269

From Theory to Practice 269

Before the Meeting 274

In the Meeting 278

After the Meeting 287

Reporting Results with Balanced Scorecard Software 290

Criteria for Selecting Software 291

Notes 303

Chapter 8: Let Everyone Demonstrate Their Contribution by Cascading the Balanced Scorecard 305

What Is Cascading? 306

The Search for Meaning 308

The Cascading Process 309

Ensure Understanding of Your Highest?]Level Strategy Map and Scorecard before Cascading 311

Notes 325

Chapter 9: Integrating Change Management Techniques to Drive Balanced Scorecard Success 327

Preparing for Scorecard Success 328

When Building the Balanced Scorecard 331

Using the Balanced Scorecard 333

Balanced Scorecard Implementation Checklists 336

Notes 339

About the Author 341

Index 343

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Author Information

PAUL R. NIVEN is a management consultant, author, and noted speaker on the subjects of Balanced Scorecard, strategy, and strategy execution. He has developed successful Balanced Scorecard systems as both a practitioner and consultant for Fortune 500 companies, public sector agencies, and nonprofits. Paul’s previous books include Roadmaps and Revelations, Balanced Scorecard Step-by-Step (now translated into over 15 languages), Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies, and Balanced Scorecard Diagnostics. Visit Paul on the web at www.senalosa.com.

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