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Translating Strategy into Performance
Lake Worth, FL
Monday, August 11, 2008
Doreen M. McGunagle, Ph.D.
High performance organizations have a fundamental difference that separates them from other organizations - Strategic Planning. They are focused on creating growth and high-performance with in their organizations. By involving the entire organization they ensure that all parts are moving in the same direction. Strategic planning changes as the environment changes. For a business to remain successful, it is necessary to consistently update and modify it on a regular basis.
The balance scorecard (BSC) can be used by companies with five or 5,000 employees that are working towards the same goals. The BSC is a strategic management tool that is currently being by Fortune 1000 companies. The Harvard Business Review notes the BSC as one of the most significant management tools in over 75 years. The BSC has been used in assist in change of organizational culture, improving operational efficiency and profitability. Financial measures alone are not enough to measure performance. Factors in the economy such as competence and knowledge, customers focus, operational efficiency and innovation are missing links from the traditional financial reporting.
The BSC provides the management team with an important tool to set strategy as well as aligning and is useful in communicating with the internal and external stakeholders of the organization. This management tool allows the organization to track its progress against goals and objectives that meet the vision of the organization. According to a recent article by Gumbus and Lussier in the Journal of Small Business Management, the BSC can help organizations in the following six ways:
•Promotes growth – focuses on long-term strategic solutions not short-term operational results
•Tracks performance – both individual and collective results can be tracked against targets so that they can be corrected and improved
•Provides focus – measurements are aligned by what is important to the company
•Aligns the goals – measurements are linked through the organization alignment
•Clarity of goals – allows everyone to understand their importance to the vision of the organization
•Accountability – individuals are measured by the results
Is your organization up to meeting the changes in the current environment? The BSC will provide management with strategic tools that ensure the success of your organization. So whether you have five or 5,000 employees, you can become a high performance organization.
ABOUT THE AUTHOR
Dr. Doreen McGunagle is an internationally recognized expert on Leadership. She is an organizational consultant, facilitator, and speaker. She has more than 20 years experience working with Fortune 1000 companies. Dr. McGunagle mentors, advises, and coaches leaders on key strategy issues on growing business and producing bottom-line results. An accomplished writer and professor: her publications include The Chinese Auto Industry: Taming the Dragon. Her educational background includes a Ph.D. (Organization and Management with a Specialization in International Business) and MBA (Management).
To find out more information about Dr. McGunagle corporate speaking engagements and consulting availability, please visit www.globalstrategicmgmt.com or call 561.208.1071. Sign up for Global Solutions a free e-zine that provides executives with essential strategic and organizational knowledge to help them make decisions. Check out our blog out http://www.globalstrategicmgmt.blogspot.com/
The balance scorecard (BSC) can be used by companies with five or 5,000 employees that are working towards the same goals. The BSC is a strategic management tool that is currently being by Fortune 1000 companies. The Harvard Business Review notes the BSC as one of the most significant management tools in over 75 years. The BSC has been used in assist in change of organizational culture, improving operational efficiency and profitability. Financial measures alone are not enough to measure performance. Factors in the economy such as competence and knowledge, customers focus, operational efficiency and innovation are missing links from the traditional financial reporting.
The BSC provides the management team with an important tool to set strategy as well as aligning and is useful in communicating with the internal and external stakeholders of the organization. This management tool allows the organization to track its progress against goals and objectives that meet the vision of the organization. According to a recent article by Gumbus and Lussier in the Journal of Small Business Management, the BSC can help organizations in the following six ways:
•Promotes growth – focuses on long-term strategic solutions not short-term operational results
•Tracks performance – both individual and collective results can be tracked against targets so that they can be corrected and improved
•Provides focus – measurements are aligned by what is important to the company
•Aligns the goals – measurements are linked through the organization alignment
•Clarity of goals – allows everyone to understand their importance to the vision of the organization
•Accountability – individuals are measured by the results
Is your organization up to meeting the changes in the current environment? The BSC will provide management with strategic tools that ensure the success of your organization. So whether you have five or 5,000 employees, you can become a high performance organization.
ABOUT THE AUTHOR
Dr. Doreen McGunagle is an internationally recognized expert on Leadership. She is an organizational consultant, facilitator, and speaker. She has more than 20 years experience working with Fortune 1000 companies. Dr. McGunagle mentors, advises, and coaches leaders on key strategy issues on growing business and producing bottom-line results. An accomplished writer and professor: her publications include The Chinese Auto Industry: Taming the Dragon. Her educational background includes a Ph.D. (Organization and Management with a Specialization in International Business) and MBA (Management).
To find out more information about Dr. McGunagle corporate speaking engagements and consulting availability, please visit www.globalstrategicmgmt.com or call 561.208.1071. Sign up for Global Solutions a free e-zine that provides executives with essential strategic and organizational knowledge to help them make decisions. Check out our blog out http://www.globalstrategicmgmt.blogspot.com/
Doreen M. McGunagle, Ph.D.
CEO
Global Strategic Management Solutions, Inc.
Lake Worth, FL
561.208.1071
561.237.5270
