Written by

Bernard Marr

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity. He is a best-selling author of over 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations. He has a combined following of 4 million people across his social media channels and newsletters and was ranked by LinkedIn as one of the top 5 business influencers in the world.

Bernard’s latest books are ‘Future Skills’, ‘The Future Internet’, ‘Business Trends in Practice’ and ‘Generative AI in Practice’.

Generative AI Book Launch
View My Latest Books

Follow Me

Bernard Marr ist ein weltbekannter Futurist, Influencer und Vordenker in den Bereichen Wirtschaft und Technologie mit einer Leidenschaft für den Einsatz von Technologie zum Wohle der Menschheit. Er ist Bestsellerautor von 20 Büchern, schreibt eine regelmäßige Kolumne für Forbes und berät und coacht viele der weltweit bekanntesten Organisationen. Er hat über 2 Millionen Social-Media-Follower, 1 Million Newsletter-Abonnenten und wurde von LinkedIn als einer der Top-5-Business-Influencer der Welt und von Xing als Top Mind 2021 ausgezeichnet.

Bernards neueste Bücher sind ‘Künstliche Intelligenz im Unternehmen: Innovative Anwendungen in 50 Erfolgreichen Unternehmen’

View Latest Book

Follow Me

Balanced Scorecard And The Small Business

2 July 2021

More and more big companies are turning to the balanced scorecard as a management tool – but how can small businesses benefit from the balanced scorecard revolution?

Businesses of all sizes have benefited from the management tools and concepts that come with the balanced scorecard – a mechanism for managers to identify, communicate and monitor the progress of their business strategies.

But for many small- and medium-sized enterprises the concepts of the balanced scorecard get placed on a utopian wishlist because they assume its design and implementation need the budget and manpower of a large organisation to be successful.

But while it is true that the small business should think about the balanced scorecard in a different way to the multinational, there is undoubtedly a place for the balanced scorecard in the SME’s business strategy – and the possibility that the balanced scorecard might be even more influential for the SME than it is for the big corporation.

Different needs for balanced scorecards

In a large organisation, much of the impetus behind the balanced scorecard’s design will be driven by a desire to get a clear picture of the business. As organisations grow and become more complex, senior managers can lose track of their business’s culture and lose control of its performance as a result – something a balanced scorecard can fix.

Managers in an SME don’t have this problem, and can focus instead on creating a strategic vision and set of objectives for the business – which they can then easily and clearly share with the rest of the organisation.

Small is beautiful for implementing balanced scorecards

Once the balanced scorecard has been designed, much evidence shows that large organisations fail to carry through the adjustments needed to make it a success. A commitment is required throughout a management chain that can run to ten or fifteen levels; a level of management unwieldyness that is blissfully absent in the SME.

Small organisations will find a well-designed, well-implemented balanced scorecard presents a powerful snapshot of their organisation and its goals to outside sources – potential investors, banks, and so on. Where the large organisation can point to huge turnovers, glib shareholder presentations and powerful brand valuations, the SME can compensate with a plan shared by management, employees and external stakeholders to drive success.

Balanced scorecards at the Advanced Performance Institute

The Advanced Performance Institute is a world-leading independent research and advisory organisation specialising in organisational performance. The institute provides expert knowledge, research, consulting and training on concepts like balanced scorecards, performance measurement and corporate performance management. 

Business Trends In Practice | Bernard Marr
Business Trends In Practice | Bernard Marr

Related Articles

The Eight Biggest HR Trends In 2024

For those working in employee and people management, the focus in 2024 will be on managing[...]

Coca-Cola’s Latest Generative AI Initiative Is All About Festive Customer Engagement

Generative AI is transforming the way that brands engage with consumers.[...]

The Rise Of Generative AI In Design: Innovations And Challenges

Artificial Intelligence has been used in design and manufacturing for some time[...]

AI-Enhanced Employee Onboarding: A New Era In HR Practices

Onboarding new employees has always been a pivotal part of HR's responsibilities.[...]

The Biggest Banking And Financial Services Trends For 2024

2024 promises to be a landmark year in banking and finance, marked by significant[...]

The Evolution Of Data-Driven And AI-Enabled HR

The pulse of any organization lies not just in its products or services but in its people.[...]

Sign up to Stay in Touch!

Bernard Marr is a world-renowned futurist, influencer and thought leader in the fields of business and technology, with a passion for using technology for the good of humanity.

He is a best-selling author of over 20 books, writes a regular column for Forbes and advises and coaches many of the world’s best-known organisations.

He has a combined following of 4 million people across his social media channels and newsletters and was ranked by LinkedIn as one of the top 5 business influencers in the world.

Bernard’s latest book is ‘Generative AI in Practice’.

Sign Up Today

Social Media

0
Followers
0
Followers
0
Followers
0
Subscribers
0
Followers
0
Subscribers
0
Yearly Views
0
Readers

Podcasts

View Podcasts