Balanced Scorecard Template

About the Balanced Scorecard template

What is the balanced scorecard framework?

A balanced scorecard (BSC) is a strategic planning and management framework. It allows organizations to communicate what they hope to accomplish, prioritize projects and tasks, measure progress toward strategic targets, and align employees’ day-to-day work with overall strategy. The framework aims to balance strategic progress with financial progress, allowing decision-makers to gain a more robust view of how an organization is performing. The balanced scorecard framework allows organizations to connect strategic planning with daily management.

Elements of the balanced scorecard framework

A balanced scorecard allows organizations to measure whether management is achieving their goals. BSC transforms the company’s vision and mission into goals that can be measured and evaluated. These measures typically include four categories:

Financial performance

Most organizations find it useful to measure the organization’s progress toward financial goals. Common measures of financial performance include revenues, return on investment, earnings, and average revenue per paying user.

Customer value performance

If you provide a product or service to customers, it can be helpful to capture customer level of satisfaction with your business. Some ways to measure customer value performance are net promoter score (NPS) and customer satisfaction (CSAT) scores.

Internal business process performance

The BSC framework is a malleable tool that all teams can use to track their progress. Some of the most important measures of internal business performance are overall productivity rates, ability to meet deadlines on time, and ability to achieve previously set goals. 

Employee performance

BSC is a clear, transparent framework for keeping track of your employees’ success and satisfaction. Tracking how your employees are performing will help facilitate learning and growth towards overall team goals. You’ll want to keep track of employee morale and turnover, how knowledgeable employees are, and how reliably they use the company’s best practices.

3 benefits of the balanced scorecard framework

1. Improve strategic planning

The BSC is a helpful management system that empowers organizations to build and communicate strategy. The framework is articulated in a series of Strategy Maps, which force managers to think through their employees’ day-to-day objectives, as well as overall strategic objectives. The BSC thereby allows managers to connect daily tasks to key business goals.

2. Improve strategic communication

The BSC and its associated Strategy Maps are plotted on a single piece of paper, creating a single source of truth for the organization. This allows stakeholders to better engage with the strategy.

3. Improve performance reporting

Companies that use a Balanced Scorecard generally report and communicate performance better than organizations that do not use a structured approach. The BSC results in higher employee performance and satisfaction. By creating meaningful management reports and dashboards for communicating performance, organizations can ensure that their employees are set up for success.

When to use the balanced scorecard framework

Your organization can use the BSC when you want to communicate the goals your team aims to accomplish and measure how you’re progressing toward those goals. The framework helps you align daily work tasks with your overall strategy, and set priorities accordingly. A BSC will also help you identify the right key performance indicators (KPIs) that account for all the various perspectives businesses need to keep in mind when setting their overall goals and mission.

Create your own balanced scorecard framework

Making your own balanced scorecard is easy with Miro’s template, and your team can collaborate on creating it. Miro’s simple whiteboard tool is the perfect canvas to create and share your balanced scorecard (BSC). Get started right away, by selecting this Balanced Scorecard template.