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The four perspectives of the balanced scorecard
The four perspectives of the scorecard are financial, internal processes, learning, customer and learning and growth. Firms that perform well in all four areas put themselves in the best place to achieve their strategic aims. The perspectives are described below:
This perspective is often the easiest to define and measure. It is a major focus for any balanced scorecard. If the business is not making money, it is likely, in the long term, that there will be challenges in achieving in the other perspectives.
This perspective focuses on having objectives and measures in place to assess customer satisfaction. This is likely to include having a robust way of gathering and analysing customer feedback.
Internal or business processes define how well a business is operating. Often, the success of business operations is defined by the ability to meet customer needs. However, managing internal processes also means identifying any gaps, delays, shortages, or waste and then addressing them accordingly.
Learning and growth
This perspective looks at the culture of the business. Are employees aware of the latest industry trends? Does the firm encourage collaboration between employees? Most importantly, do employees have fair and easy access to training and other opportunities that enhance their growth?