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Title: |
The Balanced Scorecard and Executing Strategy in Small Business Enterprises |
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Source: |
International Conference on Engineering and Business Management 2012(Part 3 Engineering and Project Management)
(pp 1797-1802)
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Author(s): |
Michael L. Werner, School of Business, University of Miami, Coral Gables, USA;University of Shanghai for Science and Technology, Shanghai, China
Fuyuan Xu, University of Shanghai for Science and Technology, Shanghai, China |
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Abstract: |
The balanced scorecard is a management technique developed by Harvard professor Robert Kaplan and consultant David Norton [1]. Instead of focusing solely on financial objectives, the balanced scorecard is an integrated set of performance measures organized around four distinct perspectives – financial, customer, internal, and innovation and learning. The balanced scorecard helps business leaders manage their businesses and achieve full execution of their strategies through the use of objectives, measures, targets, and initiatives. Compensation packages can be developed to encourage managers to achieve a balanced set of objectives. This paper explores developing a compensation package for small enterprises using information typically available in company data bases or information that is easy to collect and manage. The paper begins with a discussion of strategy and the balanced scorecard. Then, the paper presents the balanced scorecard implementation and a compensation package established for Pitman Photo Supply, a small U.S.company.
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