Develop Your Team – Then Keep them on Track
Following on from our Spring Newsletter which focussed on developing your team and investing in your employees well-being, you have developed your team, now you want to keep them on track. A good tool to do this is the Balanced Scorecard, which will help you as a manager to progress your team.
So what is the Balanced Scorecard?
In short, it’s a management system that enables your organisation to set, track, and achieve its key business strategies and objectives. After the business strategies are developed, they are deployed and tracked through the Four Legs of the Balanced Scorecard. These four legs comprise four distinct business perspectives: The Customer Leg, the Financial Leg, the Internal Business Process Leg, and the Knowledge, Education, and Growth Leg. These four legs of the Balanced Scorecard are necessary for today’s business executives and managers to be able to plan, implement, and achieve their business strategies:
- Customer Leg: Measures your customers’ satisfaction and their performance requirements — for your organisation and what it delivers, whether it’s products or services.
- Financial Leg: Tracks your financial requirements and performance.
- Internal Business Process Leg: Measures your critical-to-customer process requirements and measures.
- Knowledge, Education, and Growth Leg: Focuses on how you educate your employees, how you gain and capture your knowledge, and how you use it to maintain a competitive edge within your markets. Our article on Learning Organisations helps with this.
These four legs have to be measured, analyzed, and improved together — continuously — in order for your business to thrive. If you ignore any one of these four legs, it’ll be like sitting on a four-legged stool with a broken leg. You’ll eventually lose your balance and fall flat on your face. And lying flat on your face is no way to run a business.
If you would like assistance with developing your team or any other issue please contact us at SYLO Associates.