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First think about what your department needs to achieve in order to contribute to your organisation’s strategy, both now and in the future. Then identify some objectives for each perspective. Five benefits of the balanced scorecard approach: ♦ ♦ ♦ ♦ ♦ 40 2 The organisational landscape Objectives for your department: Feedback 1 Your list of benefits of the balanced scorecard approach could include the following: ♦ It facilitates a balanced approach to strategy by focusing on more than just financial results ♦ It harmonises objectives, measures and targets, and strategic initiatives ♦ It ensures outcomes can be measured ♦ It improves the bottom line by focusing on targets that affect future performance ♦ It enables benchmarking of outcomes with other organisations.
Find out what these are. If there is no statement, think about what they should be to reflect the organisation’s current culture and the messages senior management send out to others, both inside and outside the organisation. These then cascade throughout the organisation and should be translated at each level if they are to be achieved. Identify strategic goals and objectives for each of the headings below which cascade downwards from the mission. 15 Business Environment For your organisation (these may be stated as part of your organisation’s strategy): For your department/work area: For yourself: Feedback Here is an example: The vision of the organisation is ‘to be a world leader in PC and Internet software’.
It suggests you should think of your products and services as a portfolio(s) of options. How well is each of them doing? Should you sell or should you hold? Perhaps even buy...? Fortune Brands Exploring Strategic Options for its Office Products Business – Plan to Narrow Business Focus is Part of Ongoing Portfolio Analysis; Goals Include Sharp Increase in Shareholder Returns 41 Business Environment Fortune Brands, Inc. com), a leading consumer brands company, today announced that it is exploring strategic options for its ACCO World Corporation office products unit.
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