Strategic Planning with the Balanced Scorecard Literature Essay

Strategic Planning with the Balanced Scorecard
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Strategic Planning with the Balanced Scorecard
A business should apply strategies that will assist in having a strong long-term performance in the target market. Business strategies are necessary for achieving extended business success in a specific industry. Strategic planning considers the internal and external success factors influencing company revenue. A balanced scorecard focuses on improving the internal processes of a company to positively impact the external outcome. According to Lucco (2020), the four perspectives of the balanced scorecard are financial, customer, internal process, and growth. The balanced scorecard focuses on the holistic growth of the company to achieve production goals by using specific measures (Chapter 16: Control, n.d). The measures of balanced scorecards provide the management with a proper plan to accomplish the intended profit margin in the market.
The balanced scorecard provides substantial benefits to the company in accomplishing long term goals. First, the balanced scorecard increases strategy communication and implementation in the company. Strategic planning uses financial perspective, internal business perspective, innovation perspective, and customer perspective (Hansen & Schaltegger 2016). Secondly, management has a better alignment of projects to...