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This article explains the Balanced Scorecard, developed by and, in a practical way. After reading you will understand the basics of this powerful strategy and performance management tool. In this article you can also find a free downloadable template.

Kaplan is the Arthur Lowes Dickinson Professor of Accounting at the Harvard Business School. Norton is president of N()lan, Norton et> Com- pany, Inc., a Massachusetts-based information technol-ogy consulting firm he cofounded. H A R V A R D B U S IN E S S R E V IE W Jan u ary -F eb ru ary 1992 71. B A LA N C ED SC O R E C A R D T h in k of th e balanced scorecard.

What is a Balanced Scorecard? The Balanced Scorecard (or balance score card) is a strategic performance measurement model which is developed by and. Its objective is to translate an organization’s mission and vision into actual (operational) actions (). In addition, it can help provide information on the chosen strategy more, manage feedback and learning processes and determine the target figures. The (operational) actions are set up with measurable indicators that provide support for understanding and adjusting the chosen strategy. The starting points of the balanced scorecard are the vision and the strategy that are viewed from four perspectives: the financial perspective, the customer perspective, the internal business processes and learning & growth.

Financial perspective. The financial perspective is important for all shareholders and other financial backers of an organization. It answers the question: “ How attractive must we appear to our shareholders and financial backers?”. This is mainly a quantitative based on figures from the past. In addition, it provides a reliable insight into the operational management and the sustainability of the chosen strategy. The delivered added value from the other three perspectives will be translated into a financial success. This is therefore a quantification of the added value that is delivered in the organization.

After all in the balanced scorecard, when there is a higher added value, the profits will also be higher. Customer perspective Each organization serves a specific need in the market. This is done with a target group in mind, namely its customers. Customers determine for example the quality, price, service and the acceptable margins on these products and/or services. Organizations always try to meet customer expectations that may change at any time.