Balance scorecard (BSC) is a structure of corporate assessment which is done on financial andnon-financial elements from a selection of perspectives. It’s also an approach to the provisionof information to management, to assist strategic policy formation and achievement. It provides the user with a set of information which addresses all important areas of performancein an objective and unfair way.The concept of Balance Scorecard (BSC) can be used to enhance and make performancemanagement more effective to achieve company’s objectives. Balance Scorecard is a set of measurements that give’s top managers a fast, but complete view of the business includingoperational measures on customer’s satisfaction, organizations innovation and improvementactivities, as well as financial measurements. The introduction of Balance Scorecard (BSC) asa performance management tool, which could be used to measure performance and to find outthat the activities of a firm are aligned to meet the company’s objectives in terms of vision andstrategy (Kaplan and Norton 1992).The world today has witnessed a fast increase and change in economy, the extreme flow of information leading to increasing competitiveness by moving the barriers of commercialrelationship between business competitors. Higher Education Institutions (HEIs) in the worldeasily changed to institutions, which are lead by competitive market incentive, commercialand economical requirements, and then they get away from their governmental individuality(Clarke 1997). In today’s age of accountability, firms are being required to measure their performance and justify their spending (Kaplan 1996).Strategy planning is important in order to achieve high performance and challenges in acompany. Strategic planning can be implemented into three different stages; Strategic analysis,Strategic choice and Strategic Implementation, (Johnson 2002). An analysis is done in order tounderstand the position of the organization in its business environment. Strategic Choice;various options are evaluated and a specific strategy is selected. The third phase is concernedwith the implementation of the strategic plan. This also includes the budgeting, humanresources plan and action plan, which are necessary to allocate the financial and humanresources and set the timetables (Johnson 2002). If a company has to improve and to be able tomeet the demanding challenges of the new millennium and survival in the long term, then thestrategic planning should be adopted without any delay (Tsiakkiros 2002).The business atmosphere is fast changing and can no longer manage with the use of only pastfinancial data for performance measurement, so therefore the purpose for which it is proposedfor can’t be fulfilled (Baldry 2001). The temporary nature can be counterproductive becausefinancial data is in the past and it does not take into account some vital issues that may be of the present or the upcoming (Amaratunga 2001).