The best plan is useless without effective execution The future of business has become so unpredictable that your five-year plan may be irrelevant next week. To succeed in the modern market, you must constantly assess your progress and adapt on the fly. Agility, flexibility, continual learning, and adaptation are the new rules of business success. A differentiating strategy is crucial, but it will only lead to competitive advantage if you execute it flawlessly. You'll succeed only if you have the right insight for strategic planning and the agility to execute your plan.
Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution provides the latest theory and practice from strategic planning, change management, and strategy execution to ensure your business is flexible, future ready, and primed for exceptional execution. Author Paul R. Niven guides you through the new principles of The Balanced Scorecard and shows you how to apply them to your planning and strategy execution endeavors.
- Read case studies that illustrate the theory and practice of strategic agility and execution
- Learn how to create the objectives, measures, targets, and strategic initiatives that can make your plan a reality
- Use the latest change management techniques to boost strategy execution success
- Gain the knowledge and tools you need to face your challenges head-on
- Motivate your employees to change behaviors toward plan accommodation
Making a plan isn't enough. You must actually take steps to implement your plan, and this requires excellent leadership skills. Change can be hard, and your organization may be resistant. Balanced Scorecard Evolution: A Dynamic Approach to Strategy Execution provides everything you need to make things happen.
Table of Contents:
Preface ix
Acknowledgments xv
Chapter 1: What Exactly is a Balanced Scorecard? 1
Origins, and a Brief History, of the Balanced Scorecard 1
Balanced Scorecard Perspectives 3
What is a Balanced Scorecard? 7
Telling the Story of Your Strategy through Cause and Effect 14
Key Balanced Scorecard Questions and Answers 18
Notes 27
Chapter 2: Just Like the Boy Scouts: Be Prepared 29
First Things First: Why Are You Developing a Balanced Scorecard? 29
Answering the Question: Why the Balanced Scorecard and Why Now? 30
Possible Reasons for Launching a Balanced Scorecard 33
Send Yourself a Postcard from the Future 35
Start with a Provocative Action 36
Overcoming Skepticism 38
Benefits of a Guiding Rationale 39
Where Do We Build the Balanced Scorecard? 40
Criteria for Choosing an Appropriate Organizational Unit 41
Executive Sponsorship: A Critical Element of Any Balanced Scorecard Program 45
Sponsorship Advice for Executives 51
Your Balanced Scorecard Team 53
Managing the Balanced Scorecard on an Ongoing Basis: The Office of Strategy Management 65
Functions of the Office of Strategy Management 66
Your Balanced Scorecard Development Plan 71
Be Fast, but Be Thoughtful in Your Approach 77
Developing a Communication Plan to Support Your Balanced Scorecard Initiative 79
Final Assessments to Make Before You Begin Building a Balanced Scorecard 88
Notes 92
Chapter 3: Balanced Scorecard Building Blocks: Mission, Vision, and Strategy 95
Mission 95
Vision 105
Vision Statements and the Balanced Scorecard 111
Strategy 113
Strategic Themes 119
Appendix 3A: An Introduction to the Roadmap Strategy Process 120
Roadmap Strategy 121
Four Fundamental Questions You Must Answer When Creating a Strategy 121
The Four Lenses 124
A Strategy to Create True Alignment from Top to Bottom 126
Notes 126
Chapter 4: Conduct Effective and Engaging Workshops 129
Before the Workshop 130
During the Workshop 141
The Role of Executives in Workshops 153
Notes 156
Chapter 5: Building Powerful Strategy Maps That Tell Your Strategic Story 159
What is a Strategy Map? 159
Why You Need a Strategy Map 164
The Spectrum of Strategic Plans 165
Developing Strategy Map Objectives 167
Developing Objectives for Each of the Four Perspectives 174
Which Value Proposition is Best? 183
Using Strategic Themes in the Development of a Strategy Map 208
Developing a Shared Understanding with Objective Statements 209
How Many Objectives on a Strategy Map? 212
Notes 217
Chapter 6: Create a Balanced Scorecard of Robust Measures, Meaningful Targets, and Strategic Initiatives 221
What Are Performance Measures? 221
Creating Better Performance Measures 222
Attributes of Effective Performance Measures 229
Measures for Each of the Four Perspectives 239
Recording Your Measures: Creating a Performance Measure Data Dictionary 243
Targets: The Goals That Bring Measures to Life 250
Do You Need All Three Types of Targets? 254
Strategic Initiatives: Projects That Drive Breakthrough Performance 257
Notes 266
Chapter 7: Hold Strategy Execution Meetings So Good, People Actually Want to Attend 269
From Theory to Practice 269
Before the Meeting 274
In the Meeting 278
After the Meeting 287
Reporting Results with Balanced Scorecard Software 290
Criteria for Selecting Software 291
Notes 303
Chapter 8: Let Everyone Demonstrate Their Contribution by Cascading the Balanced Scorecard 305
What is Cascading? 306
The Search for Meaning 308
The Cascading Process 309
Ensure Understanding of Your Highest‐Level Strategy Map and Scorecard before Cascading 311
Chapter 9: Integrating Change Management Techniques to Drive Balanced Scorecard Success 327
Preparing for Scorecard Success 328
When Building the Balanced Scorecard 331
Using the Balanced Scorecard 333
Balanced Scorecard Implementation Checklists 336
Notes 339
About the Author 341
Index 343
About the Author :
PAUL R. NIVEN is a management consultant, author, and noted speaker on the subjects of Balanced Scorecard, strategy, and strategy execution. He has developed successful Balanced Scorecard systems as both a practitioner and consultant for Fortune 500 companies, public sector agencies, and nonprofits. Paul's previous books include Roadmaps and Revelations, Balanced Scorecard Step-by-Step (now translated into over 15 languages), Balanced Scorecard Step-by-Step for Government and Nonprofit Agencies, and Balanced Scorecard Diagnostics. Visit Paul on the web at www.senalosa.com.
