About the Balanced Scorecard Template

Leadership teams need to communicate the organizational performance to senior executives in a concise and efficient manner. Using this template ensures consistency and efficiency across all balanced scorecards. This will allow your organization to communicate its goals, prioritize projects and tasks, measure progress toward strategic targets, and align employees' day-to-day work with the overall strategy.

The framework aims to balance both strategic and financial progress, giving decision-makers a comprehensive view of the organization's performance. The balanced scorecard framework helps organizations connect strategic planning with daily management.

If you want to create your own balanced scorecard, use the balanced scorecard template as a guide.

How to use the balanced scorecard template

Making your balanced scorecard is easy with Miro’s template, and your team can collaborate on creating it. Miro is the perfect tool to create and share your balanced scorecard (BSC). Get started right away by selecting this balanced scorecard template. Then, follow these steps:

1. Determine your company’s most crucial objectives.

2. Understand the metrics that describe success and progress toward these goals.

3. Break the metrics down across four perspectives: financial, customer, employee, and internal.

4. Assess current performance against objectives.

5. Decide on strategic initiatives to lift performance.

6. Establish a regular interval for reviewing and updating your balanced scorecard.

You can use this information to fill out the template. Once finished, use Miro’s collaboration features to share it with your team and make any necessary adjustments based on their feedback.

Why should you use the balanced scorecard template?

Let’s break down three of the benefits of a balanced scorecard.

1. Improve strategic planning

The BSC is a helpful management system that empowers organizations to build and communicate strategies.

The framework is articulated in a series of Strategy Maps, which force managers to think through their employees’ day-to-day and overall strategic objectives.

The BSC thereby allows managers to connect daily tasks to key business goals.

For example, a company looking to pivot from targeting small-medium businesses to enterprise-level companies might design a strategic plan for making this change, along with key initiatives and performance metrics that measure success in alignment with this goal.

The balanced scorecard concept can then be used to communicate this change to the management team and measure progress on a regular basis.

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 engage with the strategy better.

Without a balanced scorecard framework, each leader must communicate performance on success metrics and progress toward corporate objectives using a management tool specific to their field, such as exporting reports from their CRM, business process management platform, or NPS tool.

With a BSC template, overall business growth can be communicated much more succinctly.

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.