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104584 Dancel, Roselle Jean R.

LS127: Football Session


Reflection Paper 2: Balanced Scorecard & Strategy
The talk on Strategy and Balanced Scorecard revealed important
aspects any company must know and execute in order to work towards a
long-term sustainable growth and profitability. A balance scorecard is
basically a mix of financial and non-financial data items used by the
company to properly assess and focus on the strategic agenda the
company is concerned with. This scorecard acts as a semi-standard report
that helps managers keep track of the executed activities of both the staf
and manager; and it helps track the status of company agendas. Lastly, it
monitors the consequences of the carried out strategic plans by seeing
the causal relationship between the strategic step and the result it
produces. But before anything else, after establishing what the company
wants to pursue/aim, through the formulation of objectives, they must go
over a strategy.
Strategy is basically defined as a set of decisions directed towards
diferent aspects of the business that any management must prepare in
order to work towards efficiency and profitability. Strategies are structured
to go well with the business model in order to achieve companys
objectives, one of which is to gain competitive advantage over
competitors in their industry. Any strategy involves a series of steps that
touch on the following aspects: financial, customer, internal process and
learning & growth. In order to achieve financial success, customers must
see the value of the product. In order to do that, internal processes must
be excellent enough to produce the high quality product the company is
working towards to give to its market. In addition to this, being able to
have a solid foundation of the internal processes the company has, it must
equip its people with the right skill sets and the company with the best
technologies in order to efficiently execute these internal processes. Once
this is achieve, then the company can say that they have the proper
strategy map.
However, strategy is not the sole most important thing a company
must have. They must have measures and targets per strategic element
through key performance indicators in order to see the efectiveness of
the strategies theyve formulated and see its overall efect to the
company. Having key performance indicators afect manager and stafs
behaviors towards work: they become more motivated especially if the
measures reached have corresponding rewards. This is where setting
strategic initiatives goes in: strategic initiatives are prepared in order to
achieve the targeted goals. These initiatives must be smart, feasible and
must serve as a driving force in order for the work force (manager and
staf) to work hard to get where they want to be. This last step, strategic
initiatives, is what wraps up the balance scorecard.

It is important for any company to have something that incorporates


both companys focus and implementation of strategic steps in order to
pursue the companys objectives; thus the making of a balance scorecard.
Basically, how it goes is:
1. Company must set objectives.
2. Measurements must be established to see and measure if
objectives are met.
3. Targets must be set in order to see the direction of the strategy
implemented.
4. Initiative must be given both staf and managers in order to
motivate them towards company efficiency and profitability
through the accomplishment of company objectives.
Beware of bad execution. Not being able to get things done because
of excuses, delays or poor overseeing of processes can cause the
company to not reach company objectives and put them at a
disadvantage. Bad execution is one of the fatal shortcomings any
company can have that would push them downhill. It is important to be
decisive about decisions and to deliver on commitments so that plans
would fall into place and the company can work itself towards success.