Balanced Scorecard Template
Align business activities with the vision and strategy of your company.
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.
What are the four perspectives of the balanced scorecard?
The four perspectives incorporated in a balanced scorecard template are: customer perspectives, financial perspectives, internal processes, and employee perspectives.
How does a balanced scorecard work?
The goal of a balanced scorecard is mission alignment: to keep every aspect of an organization in line with customer needs and overall goals that will work to achieve that. The scorecard will divide your goals into 4 different perspectives, so that you can choose key performance indicators (KPIs) for each that unify the goals and mission of your whole team.
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Timeline Workflow
A timeline is a visual tool that chronologically plots out projects step by step. It’s an ideal tool for your team to tell stories (such as an overview of events in your organization) and visualize your projects or processes. The Timeline Workflow template is perfect for any project that relies on visual content. You may find it beneficial to use with your team and also to share with other stakeholders or clients to keep them in the loop on your progress.
Funding Tracker
For many organizations, especially non-profits, funding is their lifeblood—and meeting fundraising goals is a crucial part of carrying out their mission. A funding tracker gives them a powerful, easy-to-use tool for measuring their progress and staying on course. And beyond helping you visualize milestones, this template will give you an effective way to inspire the public to donate, and help you keep track of those donors. It’s especially useful when you have multiple donations coming from a variety of sources.
Stakeholder Map
A stakeholder map is a type of analysis that allows you to group people by their power and interest. Use this template to organize all of the people who have an interest in your product, project, or idea in a single visual space. This allows you to easily see who can influence your project, and how each person is related to the other. Widely used in project management, stakeholder mapping is typically performed at the beginning of a project. Doing stakeholder mapping early on will help prevent miscommunication, ensure all groups are aligned on the objectives and set expectations about outcomes and results.
Status Report
A status report provides a snapshot of how something is going at a given time. You can provide a status report for a project, a team, or a situation, as long as it emphasizes and maps out a project’s chain of events. If you’re a project manager, you can use this report to keep historical records of project timelines. Ideally, any project stakeholder should be able to look at a status report and answer the question, “Where are we, and how did we get here?” Use this template as a starting point to summarize how something is progressing against a projected plan or outcome.
Project Status Report
A project status report is a short, timely document that keeps your project stakeholders informed and aligned on what is happening, and why. You can start writing this document on your own, then include your teammates as well to produce a timely and relevant report. A project status report should ideally compare the current state of your project against its projected plan. The report tracks on a high level how you achieve your goals, even if you experience setbacks. It’s also likely to be read by an executive-level audience controlling budgets and governance, which can help you keep the report focused on critical issues.
Fibonacci Scale
When you manage a team, you often have to estimate how much time and effort tasks will take to complete. Try what often works for Agile teams all over the world: Turn to the Fibonacci Scale for guidance. Based on the Fibonacci sequence, where each number is the summation of the two previous numbers (0, 1, 2, 3, 5, 8, 13, 21, etc.), this template can help you build timelines like a champ—by helping make sure that work is distributed evenly and that everyone is accurate when estimating the work and time involved in a project.