Balanced Scorecard and Communication Plan

Document Type:Coursework

Subject Area:Business

Document 1

(Grant, 2016) Together with an effective communication plan, the business is able to meet its objectives and targets with more ease and hence increasing the Returns on Investments. The Balanced Scorecard A balanced scorecard is a strategic planning and management system which incorporates strategic elements with more operational elements. Governments, industries and businesses use balanced scorecards in order to communicate what they are trying to achieve, align all their daily activities within a particular strategy, prioritize projects, goods and services and also to measure and monitor its progress towards strategic targets. The incorporated strategic elements include; mission, vision, core values and strategic focus areas while the operational elements include; measures, key performance indicators, targets and initiatives. (Hladchenko, 2015) Balanced scorecards suggest a business be viewed in four perspectives; shareholder/customer perspective, financial perspective, internal process perspective and organizational capacity perspective.

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In order to ensure the company is meeting its operational targets, strategic objectives are to be identified to monitor the progress of the company in terms of customer value. These strategic objectives include; achieve and maintain outstanding customer service, develop and use a customer database, improve our service approach for new and existing customers. Process or Internal Operations Perspective From this perspective, the quality of the service and how efficient the company carries out its activities determine its performance. This perspective identifies the quality of the service offered by the company comparing it to the prevalent circumstances in the market to determine how the company is performing. This includes analyzing the company in terms of technological ability, service management, customer management and communications management.

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This mitigation plan is to be used in the event of the identified risk occurs. The high legal fees are to be avoided by fully incorporating the activities of Proficient Delivery Service with those of Savemart supermarkets. This way the company division will assume the name of the parent company in running its activities and hence the high legal fees will be avoided. The low prices of the competitors will be combated with PDS offering discounts on bulk deliveries which will entice the customers. In order to avoid its employees from being poached, PDS will device a system where each employee will be entitled to a share of the company’s quarterly net profit. this provides a platform for the various stakeholders to offer their contribution to the activities of the company.

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In the event of conflicting interests, the PDS management will have to determine what is best for the company taking into consideration all stakeholder’s views. This will ensure that no party feels belittled by another. Communication Plan A communication plan is a systematic policy-driven cannel through which information is outlaid to a company’s stakeholders. This involves the incorporation of numerous policies to ensure the company communicates without ambiguity. Through balanced scorecards businesses like PDS are able to identify their strengths and weaknesses and are able to come up with solutions to alleviate their situation. Effective communication is paramount in any business. With poor communication, intents and ideas of the managements are not able to be implemented by the employees leading to a system breakdown consequently, the business fails.

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