Balanced Scorecard Essay

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Balanced Scorecard

Balanced Scorecard Financial measures have long held sway as the most important measures for a business. They provide us with a valuable means of summarizing and evaluating business achievement and there is no real doubt about the continued Importance of financial measures in this role. In recent years, however, there has been Increasing recognition that financial measures alone will not provide managers with sufficient Information to manage a business effectively.

Non-Flanagan measures The balanced scorecard 323 must also be used In order to gain a deeper understanding of the business and to achieve the objectives of the business, Including the financial objectives. Financial measures portray various aspects of business achievement (for ex ample, sales, profits, return on capital employed and so on) that can help managers determine whether the business is increasing the wealth of its owners. These measures are vitally important, but in an increasingly competitive environment managers also need to understand what particular things drive the creation of wealth .

These value drivers may be such things as employee satisfaction, cuss tome loyalty and the level f product innovation. Often they do not lend them selves to financial measurement, although non-financial measures may provide some means of assessment.