RETAILING Winning with a Balanced Scorecard - Part 2 – by Jeff Cinciripino, JeffCinciripino.com, Former Owner of Scuba Shack, Rocky Hill, CT
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Vince Lombardi once said, “if winning isn’t everything, then why do we keep score.” We want to win. In part one of this series, I intro- duced the concept of a balanced scorecard to guide us as we develop strategies to put more points on the
Growth and Education Each KPI then has a target and one or more initiatives outlined to achieve that target. We will use a fictional case study to illustrate how a local dive shop can develop a balanced scorecard. XYZ Dive Shop is a typical dive shop located just outside a major city in the suburbs, an hour from a local inland open water dive site. We won’t tie it to a specific part of the country, but for the purposes of this illustration, the dive shop does have four distinct seasons, with the most active time running from mid-April through October. As stated, the balanced scorecard leverages the organiza- tion's mission statement. This is a simple and brief sum- mary that states the purpose and/or goals of your company. XYZ Dive Shop’s mission is “To empower indi- viduals to explore the underwater world by providing safe
scoreboard. Let’s take this basic understanding and apply it to see how you might use a balanced scorecard to move you forward. As a brief refresher, the balanced scorecard is developed around a company's mission and establishes key perform- ance indicators (KPIs) across four perspectives of the busi- ness. These perspectives are: ● Financial ● Customer ● Internal
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