Balanced Scorecard for Small Scale Industry Project Report

7/31/2019 Balanced Scorecard for Small Scale Industry Project Report

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BALANCED SCORECARD FOR SMALL SCALE INDUSTRY

BABASAB PATIL Page 1



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EXECUTIVE SUMMARY

Every organization, regardless of type, needs a clear and cohesive performance measurement

framework that is understood by all levels of the organization and that supports objectives and

the collection of results. Leading organizations agree on the need for a structured methodology

for using performance measurement information to help set agreed-upon performance goals,

allocate and prioritize resources, confirm or change current policy or program directions to meet

those goals, and report on the success in meeting those goals. The balanced scorecard is a

framework for translating an organizations strategic objectives into a set of performance

indicators distributed among four perspectives: Financial, Customer, Internal Business Processes,

and Learning and Growth. Through the balanced scorecard, an organization monitors both its

current performance (finance, customer satisfaction, and business process results) and its efforts

to improve processes, motivate and educate employees, and enhance information systemsits

ability to learn and improve. Historically is said that the Strategy Map and Balanced Scorecard

(BSC) are exclusively for Large Scale Industries. Hopper G.C. said that one accurate

measurement is worth more than a thousand expert opinions. This as motive and to prove that

BSC can be implemented in small scale industries this research work was initiated. This research

work is an attempt to develop a Balanced Scorecard for Small Scale Industry (SSI).

To develop a BSC, a mineral water plant in northern Karnataka is considered as case for the

study of SSI. During the course of study I had a personal interview with the managing partners of

the firm .Then identified the main objectives, problems of the organization. On the basis of the

interviews the programs and measurements are formulated. The interviews and interactions have

convinced the Managing Partners to initiate the implementation process on the basis of this

report.


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Contents

CHAPTER I .................................................................................................................................... 5

INTRODUCTION .......................................................................................................................... 5

1.1 The Theme ............................................................................................................................ 5

1.2 Balanced Scorecard Mechanics ............................................................................................. 5

1.3 Background of the current work............................................................................................ 5

1.4 Objectives of the work .......................................................................................................... 6

1.5 Scope of the work .................................................................................................................. 6

1.6 Methodology ......................................................................................................................... 6

CHAPTER II ................................................................................................................................... 7

LITERATURE REVIEW ............................................................................................................... 7

2.1 Christian C. Johnson. ............................................................................................................ 7

2.2 BSC Designer ........................................................................................................................ 7

2.3 Steve Barclay......................................................................................................................... 7

2.4 Robert S. Kaplan and David P. Norton ................................................................................. 7

CHAPTER III ............................................................................................................................... 13

PROJECT TASK .......................................................................................................................... 13

3.1 Introduction ......................................................................................................................... 13

3.2 Objective of the Project ....................................................................................................... 133.3 Data Requirement Analysis ................................................................................................. 13

3.4 Data collection..................................................................................................................... 13

3.4.1 Primary data .................................................................................................................. 13

3.4.2 Secondary data .............................................................................................................. 13

CHAPTER IV ............................................................................................................................... 14

BALANCED SCORECARD FOR SMES .................................................................................. 14

4.1 Balanced Scorecard: ............................................................................................................ 14

4.2 Characteristics: .................................................................................................................... 14

4.3 Design: ................................................................................................................................ 15

4.4 Perspectives: ........................................................................................................................... 16

4.4.1 The Learning & Growth Perspective ............................................................................ 16

4.4.2 The Business Process Perspective ................................................................................ 16


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4.4.3 The Customer Perspective ............................................................................................ 16

4.4.4 The Financial Perspective ............................................................................................. 17

4.5 How to Measure Small Business Success Effectively: ....................................................... 17

4.6 Formulating Balanced Scorecard Objectives ...................................................................... 18

4.7 Steps in Building a Balanced Scorecard ............................................................................. 20

4.8 Good Performance Measures .............................................................................................. 20

4.9 Building & Implementing a Balanced Scorecard ................................................................ 21

CHAPTER V ................................................................................................................................ 22

ANALYSIS AND INTERPRETATION ...................................................................................... 22

5.1 Organizational Study ........................................................................................................... 22

5.1.1 Introduction .................................................................................................................. 22

5.1.2 Organization Structure .................................................................................................. 22

5.2 Research Matrix .................................................................................................................. 22

5.2.1 Summary of Interview with Managing Partner ............................................................ 22

5.2.2 Summary of Interview with Advisor ............................................................................ 24

5.3 Suggested Balanced Scorecard for M/s. Deepa Aqua Minerals.......................................... 25

5.4 Linking each perspective to the unit ................................................................................... 29

5.4.1 Financial performance .................................................................................................. 29

5.4.2 Customer Service .......................................................................................................... 315.4.3 Internal Process............................................................................................................. 34

5.4.4 Learning and growth ..................................................................................................... 38

CHAPTER VI ............................................................................................................................... 40

FINDINGS AND SUGGESTIONS .............................................................................................. 40

6.1 Major Findings .................................................................................................................... 40

6.2 Suggestions.......................................................................................................................... 41

6.2.1 Framework for implementing programs ....................................................................... 41

6.2.3 Framework for implementing the balanced scorecard stage wise ................................ 42

CHAPERTER VII ......................................................................................................................... 44

SCOPE OF THE FUTURE WORK ............................................................................................. 44

REFERENCES: ............................................................................................................................ 45


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CHAPTER I

INTRODUCTION

1.1 The Theme:

The concept of the project is to develop the Balanced Scorecard. This concept was arrived

because the implementation of Balanced Scorecard is only limited to large scale industries. This

project aims at developing the Balanced Scorecard which can be implemented in Small scale

industries.

1.2 Balanced Scorecard Mechanics:

The balanced scorecard (which saw its initial development during the years of 1987 - 1992) links

performance measures by looking at a business's strategic vision from four different

perspectives: financial, customer, innovation and learning, and internal business processes. These

four perspectives do not eliminate, but instead support the goals of various management

techniques (such as Strategic Planning, Total Quality Management, and Core Competence)

employed during the several decades surroundings the balanced scorecard's appearance.

Each of the four perspectives is considered by four parameters. Those parameters are:

Goals: What do we need to achieve to become successful Measures: What parameters will we use to know if we are successful Targets: What quantitative value will we use to determine success of the measure Initiatives: What will we do to meet our goals

In the original paper of 1992, Goals and Measures are the only two parameters shown on the

scorecard. Since then, it is often seen with the additional two parameters, Targets and Initiatives.

1.3 Background of the current work:

In current scenario we see that the Balanced Scorecard the measurement system which is mainly

used in the large scale industries. It is one of the most effective measurement systems as

compared to other measurement system. At present it is not used in small scale industry but it

can be implemented. This project work aims to develop the Balanced Scorecard to the small

scale industries under considering the parameters which are related only to the small scale

industries.


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At present some of the big/large industries like

TATA CONSULTANCY (IT/Service sector) GODREJ & BOYCE( Appliances) WALMART (Retail industry)

These above industries are using the Balanced Scorecard as measurement system and are

successful in implementing it.

1.4 Objectives of the work:

To apply the measurement system(Balanced Scorecard) to the small scale industry To evaluate each aspect of the organization (Financial, customer, internal business

process and learning and growth of the organization) and study its importance and

contribution

Establish objectives for financial and nonfinancial measure on the scorecard Developing the Balanced Scorecard for small Scale Industry

1.5 Scope of the work:

The scope of the work is limited only for developing the Balanced Scorecard and it is for only

one industry.

1.6 Methodology:

Literature Review Study of organization Establishing the objectives Setting the measurement tools Setting the programs to achieve the objectives Developing the Balanced Scorecard Finding and suggestions


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CHAPTER II

LITERATURE REVIEW

2.1 Christian C. Johnson states that the balanced scorecard (BSC) is a strategic performance

management tool - a semi-standard structured report supported by proven design methods andautomation tools that can be used by managers to keep track of the execution of activities by

staff within their control and monitor the consequences arising from these actions. It is perhaps

the best known of several such frameworks, and was widely adopted in English speaking western

countries and Scandinavia in the early 1990s. Since 2000, use of Balanced Scorecard, its

derivatives (e.g. performance prism), and other similar tools (e.g. Results Based Management)

have become common in the Middle East, Asia and Spanish-speaking countries also.

2.2 BSC Designer has made its worth renowned due to its creative designs and robustness

worldwide. Actually, this is a strategic planning and management tool that is extensively used in

order to align the organizational activities and performance in a well organized and proficient

manner. This software involves four general perspectives: The Financial, The Customer, The

Internal Business Process, and The Learning and Growth Perspectives. The learning and growth

perspective mainly focuses on job matters. The internal business process entirely focuses on the

internal functions of a business organization. The customer perspective stresses upon satisfied

customer service and performance. Finally, the financial perspective pertains to the growth,

expansion, and development of a business organization.

2.3 Steve Barclay has stated in his one of the presentation that the scorecard is developed from

the strategy map and is a way of translating the strategic objectives into a comprehensive set of

performance measures and targets. This then provides the framework for the organizations

strategic measurement and management system.

2.4 Robert S. Kaplan and David P. Norton had explainedabout the balanced scorecard in their

book Translating strategy into actionThe Balanced Scorecard which states as below

What is a Balanced Scorecard?

The Balanced Scorecard (BSC) is a conceptual framework enabling an organization in clarifying

its vision and strategy, thus effectively translating them into action. This performance

management approach provides feedback around both the internal processes and external

outcomes, essentially focusing on four indicators: Customer Perspective, Internal-Business

Processes, Learning and Growth and Financials.
http://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/w/index.php?title=Performance_prism&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Results_Based_Management&action=edit&redlink=1http://www.bscdesigner.com/http://www.bscdesigner.com/http://www.bscdesigner.com/http://en.wikipedia.org/w/index.php?title=Results_Based_Management&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Performance_prism&action=edit&redlink=1http://en.wikipedia.org/wiki/Performance_managementhttp://en.wikipedia.org/wiki/Performance_management


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Beyond the Financial Perspective

In the industrial age, most of the assets of a firm were in property, plant, and equipment and the

financial accounting system performed an adequate job of valuing those assets. In the

information age, much of the value of the firm is embedded in innovative processes, customer

relationships, and human resources. The financial accounting system is not so good at valuing

such assets.

The Balanced Scorecard goes beyond standard financial measures to include the following

additional perspectives: the customer perspective, the internal process perspective, and the

learning and growth perspective.

Financial perspective - includes measures such as operating income, return on capitalemployed, and economic value added.

Customer perspective - includes measures such as customer satisfaction, customerretention, and market share in target segments.

Business process perspective - includes measures such as cost, throughput, and quality.These are for business processes such as procurement, production, and order fulfillment.

Learning & growth perspective - includes measures such as employee satisfaction,employee retention, skill sets, etc.

These four realms are not simply a collection of independent perspectives. Rather, there is a

logical connection between them - learning and growth lead to better business processes, whichin turn lead to increased value to the customer, which finally leads to improved financial

performance.

Objectives, Measures, Targets, and Initiatives

Each perspective of the Balanced Scorecard includes objectives, measures of those objectives,

target values of those measures, and initiatives, defined as follows:

Objectives - major objectives to be achieved, for example, profitable growth. Measures - the observable parameters that will be used to measure progress toward

reaching the objective. For example, the objective of profitable growth might be

measured by growth in net margin.

Targets - the specific target values for the measures, for example, +2% growth in netmargin.

Initiatives - action programs to be initiated in order to meet the objective.


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These can be organized for each perspective in a table as shown below.

Objectives Measures Targets Initiatives

Financial

Customer

Process

Learning

Balanced Scorecard as a Strategic Management System

The Balanced Scorecard originally was conceived as an improved performance measurement

system. However, it soon became evident that it could be used as a management system to

implement strategy at all levels of the organization by facilitating the following functions:

1. Clarifying strategy - the translation of strategic objectives into quantifiable measuresclarifies the management team's understanding of the strategy and helps to develop a

coherent consensus.

2. Communicating strategic objectives - the Balanced Scorecard can serve to translatehigh level objectives into operational objectives and communicate the strategy effectively

throughout the organization.

3. Planning, setting targets, and aligning strategic initiatives - ambitious but achievabletargets are set for each perspective and initiatives are developed to align efforts to reach

the targets.4. Strategic feedback and learning - executives receive feedback on whether the strategy

implementation is proceeding according to plan and on whether the strategy itself is

successful ("double-loop learning").

These functions have made the Balanced Scorecard an effective management system for the

implementation of strategy. The Balanced Scorecard has been applied successfully to private

sector companies, non-profit organizations, and government agencies.

2.5 Performance Management Strategy:

What is Performance Management?

There are a wide range of definitions for performance objective, performance goal, performance

measure, performance measurement, and performance management. To frame the dialog and to

move forward with a common baseline, certain key concepts need to be clearly defined and

understood, such as:


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Performance objective: This is a critical success factor in achieving the organizations mission,

Vision, and strategy, which if not achieved would likely result in a significant decrease in

Customer satisfaction, system performance, employee satisfaction or retention, or effective

financial management.

Performance goal: A target level of activity expressed as a tangible measure, against whichactual achievement can be compared.

Performance measure: A quantitative or qualitative characterization of performance.

Performance measurement:A process of assessing progress toward achieving predeterminedgoals, including information on the efficiency with which resources are transformed into goods

and services (outputs), the quality of those outputs (how well they are delivered to clients and the

extent to which clients are satisfied) and outcomes (the results of a program activity compared to

its intended purpose), and the effectiveness of government operations in terms of their specific

contributions to program objectives.

Performance management:The use of performance measurement information to effect positivechange in organizational culture, systems and processes, by helping to set agreed-upon

performance goals, allocating and prioritizing resources, informing managers to either confirm or

change current policy or program directions to meet those goals, and sharing results of

performance in pursuing those goals.

Output measure: A calculation or recording of activity or effort that can be expressed in a

quantitative or qualitative manner.


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Performance Management System Goals:

A leading-edge organization seeks to create an efficient and effective performance management

system to:

Translate agency vision into clear measurable outcomes that define success, and that areshared throughout the agency and with customers and stakeholders;

Provide a tool for assessing, managing, and improving the overall health and success ofbusiness systems;

Continue to shift from prescriptive, audit- and compliance-based oversight to an ongoing,forward-looking strategic partnership involving agency headquarters and field

components;

Include measures of quality, cost, speed, customer service, and employee alignment, motivation, and skills to provide an in-depth, predictive performance management

system; and

Replace existing assessment models with a consistent approach to performancemanagement.


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CHAPTER III

PROJECT TASK

3.1 Introduction:

The project task is to develop the Balanced Scorecard for the small scale industry (M/s. DeepaAqua Minerals).

Balanced scorecard is measuring tool. The project mainly focuses on implementing the balanced

scorecard for small scale industry. In the current scenario balanced scorecard is only used in

large scale industries.

The study mainly concentrates on four perspectives which are as follows:

Financial Performances Customer Service Internal Process

Learning and Growth Based on these perspectives the objectives are set and tool is developed

3.2 Objective of the Project:

The main objective of the project is to develop the Balanced Scorecard for small Scale industry

(M/s. Deepa Aqua Minerals)

3.3 Data Requirement Analysis:

Data required for analysis are journal, books, reports, industrial study i.e., industries which are

adopted the balanced scorecard.

These data are required for the analysis and to draw the conclusions.

3.4 Data collection:

Data collection for this research work is done by the following methodology:

Primary data Secondary data

3.4.1 Primary data

Personal interview Observation

3.4.2 Secondary data

Books Journal and websites


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CHAPTER IV

BALANCED SCORECARD FOR SSI

4.1 Balanced Scorecard:

A balanced scorecard is a central list of numbers, which show each key part of an organization'ssuccess, such as financials, people, operations, suppliers, customers, and support systems. The

numbers should measure not just important outcomes, but also the factors which influence, or

drive, those outcomes.

4.2 Characteristics:

The core characteristic of the Balanced Scorecard and its derivatives are the presentation of a

mixture of financial and operational measures each compared to a 'target' value within a single

concise report. The report is not meant to be a replacement for traditional financial or operational

reports but a succinct summary that captures the information most relevant to those reading it. It

is the methods by which this 'most relevant' information is determined (i.e. the design processes

used to select the content) that most differentiates the various versions of the tool in circulation.

The first versions of Balanced Scorecard asserted that relevance should derive from the corporate

strategy, and proposed design methods that focused on choosing measures and targets associated

with the main activities required to implement the strategy. As the initial audiences for this were

the readers of the Harvard Business Review, the proposal was translated into a form that made

sense to a typical reader of that journal - one relevant to a mid-sized US business. Accordingly,

initial designs were encouraged to measure three categories of non-financial measure in addition

to financial outputs - those of "Customer," "Internal Business Processes" and "Learning and

Growth." Clearly these categories were not so relevant to non-profits or units within complex

organizations (which might have high degrees of internal specialization), and much of the early

literature on Balanced Scorecard focused on suggestions of alternative 'perspectives' that might

have more relevance to these groups.

Modern Balanced Scorecard thinking has evolved considerably since the initial ideas proposed in

the late 1980s and early 1990s, and the modern performance management tools including

Balanced Scorecard are significantly improved - being more flexible (to suit a wider range of

organizational types) and more effective (as design methods have evolved to make them easier to

design, and use).


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4.3 Design:

Design of a Balanced Scorecard ultimately is about the identification of a small number of

financial and non-financial measures and attaching targets to them, so that when they are

reviewed it is possible to determine whether current performance 'meets expectations'. The idea

behind this is that by alerting managers to areas where performance deviates from expectations,

they can be encouraged to focus their attention on these areas, and hopefully as a result trigger

improved performance within the part of the organization they lead.

The original thinking behind Balanced Scorecard was for it to be focused on information relating

to the implementation of a strategy, and perhaps predictably over time there has been a blurring

of the boundaries between conventional strategic planning and control activities and those

required to design a Balanced Scorecard. This is illustrated well by the four steps required to

design a Balanced Scorecard included in Kaplan & Norton's writing on the subject in the late

1990s, where they assert four steps as being part of the Balanced Scorecard design process:

1. Translating the vision into operational goals;2. Communicating the vision and link it to individual performance;3. Business planning; index setting4. Feedback and learning, and adjusting the strategy accordingly.

These steps go way beyond the simple task of identifying a small number of financial and non-

financial measures, but illustrate the requirement for whatever design process is used to fit within

broader thinking about how the resulting Balanced Scorecard will integrate with the wider

business management process. This is also illustrated by books and articles referring to balanced

scorecards confusing the design process elements and the balanced scorecard itself. In particular,

it is common for people to refer to a strategic linkage model or strategy map as being a

balanced scorecard.

Although it helps focus managers' attention on strategic issues and the management of the

implementation of strategy, it is important to remember that the balanced scorecard itself has no

role in the formation of strategy. In fact, balanced scorecards can comfortably co-exist with

strategic planning systems and other tools.
http://en.wikipedia.org/wiki/Strategy_maphttp://en.wikipedia.org/wiki/Strategy_map


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4.4 Perspectives:

The balanced scorecard suggests that we view the organization from four perspectives, and to

develop metrics, collect data and analyze it relative to each of these perspectives:

4.4.1 The Learning & Growth Perspective:

This perspective includes employee training and corporate cultural attitudes related to both

individual and corporate self-improvement. In a knowledge-worker organization, people -- the

only repository of knowledge -- are the main resource. In the current climate of rapid

technological change, it is becoming necessary for knowledge workers to be in a continuous

learning mode. Metrics can be put into place to guide managers in focusing training funds where

they can help the most. In any case, learning and growth constitute the essential foundation for

success of any knowledge-worker organization.

Kaplan and Norton emphasize that 'learning' is more than 'training'; it also includes things like

mentors and tutors within the organization, as well as that ease of communication among

workers that allows them to readily get help on a problem when it is needed. It also includes

technological tools; what the Baldrige criteria call "high performance work systems."

4.4.2 The Business Process Perspective:

This perspective refers to internal business processes. Metrics based on this perspective allow the

managers to know how well their business is running, and whether its products and services

conform to customer requirements (the mission). These metrics have to be carefully designed bythose who know these processes most intimately; with our unique missions these are not

something that can be developed by outside consultants.

4.4.3 The Customer Perspective:

When choosing measures for the Customer perspective of the Scorecard organizations must

answer two critical questions: Who are our target customers? And what is our value proposition

in serving them? Sounds simple enough, but both questions present many challenges to

organizations. Most organizations will state that they do in fact have a target customer audience,

yet their actions reveal an all things to all customers strategy. Strategy guru Michael Porter

suggests this lack of focus will prevent an organization from differentiating itself from

competitors. Choosing an appropriate value proposition poses no less of a challenge to most

organizations. Many will choose one of three disciplines articulated by Michael

Treacy and Fred Wiersema in The Discipline of Market Leaders. They are:


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Operational excellence: Organizations pursuing an operational excellence disciplinefocus on low price, convenience, and, often, no frills.

Product leadership: Product leaders push the envelope of their firms products.Constantly innovating, they strive to offer simply the best product in the market. Nike is

an example of a product leader in the field of athletic footwear.

Customer Intimacy: Doing whatever it takes to provide solutions for unique customersneeds help define the customer intimate company. They dont look for one-time

transactions, but instead focus on long-term relationship building through their deep

knowledge of customer needs. In the retail industry Nordstrom epitomizes the customer-

intimate organization.

4.4.4 The Financial Perspective:

Kaplan and Norton do not disregard the traditional need for financial data. Timely and accurate

funding data will always be a priority, and managers will do whatever necessary to provide it. In

fact, often there is more than enough handling and processing of financial data. With the

implementation of a corporate database, it is hoped that more of the processing can be

centralized and automated. But the point is that the current emphasis on financials leads to the

"unbalanced" situation with regard to other perspectives. There is perhaps a need to include

additional financial-related data, such as risk assessment and cost-benefit data, in this category.

4.5 How to Measure Small Business Success Effectively:Measuring small business success is by some means a tricky task but it must be carefully planned

and executed. What all you have to do is to make use of key performance indicators in order to

measure the activities and performance your small scale industry efficiently. In reality, these are

measurement tools that will help you to define and measure progress toward the organizational

goals and objectives. The amazing thing about KPIs is that these are quantifiable measures.

Therefore, they will help small scale industries to reflect their organizational goals and objectives

successfully. Further, these can be available in numerous forms or shapes such as business KPI,

marketing KPI, and supply chain management KPI. Therefore, they can provide plenteous

advantages to the small scale industry for instance timely evaluation of the business staff,

customer/employee satisfaction, economies of scale, transparency, immediate assessment of

overall business sales and returns, and small scale business identity development.
http://www.measurebusiness.com/how-to-measure-small-business-success-effectively.htmhttp://www.strategy2act.com/solutions/business_strategy_excel.htmhttp://www.strategy2act.com/solutions/business_strategy_excel.htmhttp://www.measurebusiness.com/how-to-measure-small-business-success-effectively.htm


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The second small business measurement tool is called balanced scorecard that has ultimately

four general perspectives i.e. financial perspective, customer perspective, internal business

process perspective, and learning and growth perspective. In reality, the balanced scorecard

designer is a robust and durable measurement tool that can help the small businesses to translate

their strategy into action. In addition, these scorecard applications can help the small businesses

to improve their internal and external business process effectively. Thirdly, there is customer

relationship management (CRM) scorecard that can help the small business industry to manage

and nurture their interactions with clients and sales prospects efficiently.

This includes the usage of technology to systematize, mechanize, and harmonize business

processesmainly sales related activities, but also those for promotion, customer service, and

technological support. The ultimate goal of using CRM scorecard is to discover new customers

and competition amongst the all business entities worldwide.

Finally, the small scale business owners should mull over crisis management scorecards, because

these are excellent financial measures tools and technologies which can surely do wonders

regarding the prospect and prosperity of small scale industry. The most noteworthy aspect of

crisis management scorecard is that it can provide plenteous benefits to the small businesses for

instance timely evaluation of the companys funds and resources, immediate assessment of

current and past selling trends, transparency, reimbursement of loans, availability of short term

and long term small business loans, improved credit report, customer/employee pleasure,

increased scope of business, financial autonomy, and improved productivity. Nonetheless, these

all four tools and methods are clearly amongst the most efficient and useful methods for

measuring the progress and success of small businesses worldwide.

4.6 Formulating Balanced Scorecard Objectives:

Formulating balanced scorecard objectives is a must for companies that want to use the Balanced

Scorecard (BSC) approach to measure company performance.

Introduced by Robert S. Kaplan and David Norton through some journal articles, the BSC

approach was designed to check whether both small-scale and large-scale plans are compatible

with the company's overall strategy and vision. Since its introduction in 1993, this management

approach had become widely popular and has been used by companies from varying industries.

The Balanced Scorecard Approach promotes the need for company managers to have a full

perspective of their overall performance by creating a balance between financial measures as
http://www.bscdesigner.com/http://www.bscdesigner.com/http://www.bscdesigner.com/


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well as internal processes and results measures. Kaplan and Norton famously likened the BSC to

the cockpit of an airplane. To be able to fly a plane, pilots need to know about information, such

as the plane's bearing, altitude, air speed, fuel level, and other indicators that monitor the

predicted environment. Pilots could not afford to just rely on one instrument. Kaplan and Norton

contend that the same is also true for other companies. According to them, managers need to

gather relevant information from four important perspectives to effectively steer their companies

toward organizational success. These perspectives include internal business perspective,

customer perspective, financial perspective, and the innovation and learning perspective.

The internal business perspective takes a look at the internal operations of the companies that are

critical for them to be able to address customer needs. The question that must be answered in this

perspective is, "What activities must we excel at?" Customer perspective, on the other hand,

takes into account the perceptions of target customers of the company. Typical metrics for the

customer perspective include customer satisfaction and retention as well as market share in target

segments. The financial perspective, meanwhile, includes looking at financial measures that are

related to profitability and market share. For both public and private sectors, these financial

measures are considered to be highly important, especially for stakeholders. Common measures

under the financial perspective include operating income, economic value added, and return on

capital employed. Lastly, innovation and learning perspective looks into the ability of companies

to be able to make improvements within the organization. This perspective answers the question,

"What can be done to create and improve value of our products and services?" Measures relevant

to this perspective include employee retention, skill sets, and employee satisfaction.

Many company managers have been convinced of the effectiveness of the BSC approach, as they

see that it is very effective in predicting their companies' future performance. In contrast,

traditional financial reporting seldom takes into account what may happen to the organization in

the future. Focusing only on the financial perspective will not be advantageous, as it may

influence managers to make wrong strategic decisions. For example, they might decide to cut

their operational costs to boost earnings by reducing customer service levels. This decision will

more likely lead to reduced customer satisfaction. Therefore, when formulating balanced

scorecard objectives, there is a need for companies to be decisive about what their goals and

come up with strategies that are aligned with these.


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Building Balanced Scorecard:

Building a balanced scorecard to measure, control and improve company performance

4.7 Steps in Building a Balanced Scorecard

Process 1: Strategy formulation. Prepare vision and mission statements

Process 2: Identify the Objectives of the organization

Process 3: Deciding for the measurements and Targets. Creating performance indicators.

4.8 Good Performance Measures:

Provide a way to see if our strategy is working Focus employees' attention on what matters most to success Allow measurement of accomplishments, not just of the work that is performed Provide a common language for communication Are explicitly defined in terms of owner, unit of measure, collection frequency, data

quality, expected value(targets), and thresholds

Are valid, to ensure measurement of the right things Are verifiable, to ensure data collection accuracy


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4.9 Building & Implementing a Balanced Scorecard:

Nine Steps to Success:

Nine Steps to Success, is a disciplined, practical approach to developing a strategic planning andmanagement system based on the balanced scorecard. Training is an integral part of the

framework, as is coaching, change management, and problem solving. Emphasis is placed on

teaching clients to fish, not handing them a fish, so the scorecard system can be sustained.

A key benefit of using a disciplined framework is that it gives organizations a way to connect

the dots between the various components of strategic planning and management, meaning that

there will be a visible connection between the projects and programs that people are working on,

the measurements being used to track success, the strategic objectives the organization is trying

to accomplish and the mission, vision and strategy of the organization.


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CHAPTER V

ANALYSIS AND INTERPRETATION

5.1 Organizational Study:

5.1.1 Introduction:M/s. Deepa Aqua Minerals is a manufacturing unit. It is unit of packaged drinking water the

product name is Caribou.

M/s. Deepa Aqua Minerals is decentralized organization where employees are encouraged to

participate in every activity of the organization as like in decision making and other activities. It

is a partnership firm.

The firm was established in the year 2002 June. It started its operation by manufacturing 20 liter

cans at initial stage and then started manufacturing 1liter, 2liter, liter and pouches.

The unit has more than 50 distribution centers covering the area of Districts like Gulbarga,

Bagalkot, Koppal, Richur, Bijapur, and Gadag.

It has around 45 employees working in the organization.

5.1.2 Organization Structure:

M/s. Deepa Aqua Minerals follow a very simple organization structure which is shown below:

5.2 Research Matrix:

Research matrix includes the interaction with the managing partner and the advisor

Managing Partner

Accounts

Department

Purchase and

Store Department

Manufacturing

Department

Dispatch

Department

Quality Control

Department

Subordinators / workers


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5.2.1 Summary of Interview with Managing Partner:

Name and Designation Questions Answers

Managing Partner Define business? Good things always sells

Who is the main competitor? Kemps

How do you distinguish with

your competitors?

Quality, Brand name

Any strategic plans are

adopted

No

Factors for the success of the

business?

Sincerity, Open Accounts, and

good intention

Any trainings programs

provided to the employees?

Only on hygiene but we are

planning more on it.

What all extra benefits you are

providing to your employees?

Yes, benefits like life

insurance and provident funds.

Any problems faced by the

company?

Transportation is the main

problem.

What is the strength of the

company?

Employees are the main

strength

Any problems related to the

operation?

There is problem of layout

design on which we are

working now

Growth rate of the company? 25% to 30% every year

How do you estimate the

demand?

By past records

Where you what to see your

company in next 5 to 10

years?

To cover whole Karnataka


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5.2.2 Summary of Interview with Advisor

Name and Designation Questions Answers

Advisor Define business? Making profit without

affecting the society

Define value system? Societal values

Should not cheat anyone in

the business

How do you distinguish with

your competitors?

Quality which means

everything

Any strategic plans are

adopted

No

Factors for the success of the

business?

Quality, common goal of all

the partners

Any trainings programs

provided to the employees?

We are working on it and we

want to bring more HR

aspects

What all extra benefits you are

providing to your employees?

Yes, benefits like life

insurance and provident funds.

Any problems faced by the

company?

Transportation is the main

problem.

What is the strength of the

company?

Employees are the main

strength and our simplicity

Any problems related to the

operation?

Maintenance problem

Growth rate of the company? 25% to 30% every year

How do you estimate thedemand?

Referring past records

Where you what to see your

company in next 5 to 10

years?

For the present target area we

want to introduce new

products


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Based on the research matrix the Balanced Scorecard is developed.

5.3 Suggested Balanced Scorecard for M/s. Deepa Aqua Minerals:

Financial Performance

Perspective Objectives Measurements Targets Program

Financial

Performance

IncreaseRevenues

Increase sales by25%

Increase the distributionnetwork

Increase the volume ofsales

Increase market shareReduce the

Transportation

cost

Reduce the

transportation

cost Re. 0.10 perliter

Use of appropriate vehicleRouting and schedulingHandle optimal QuantityOutsourceReach more customers

where the road conditionsare good

Reduce idle time of vehicleand drivers

Transport other materialson return journey

Use fuel efficient vehicles Maintaining the scheduleof vehicle properly

Operating

Improvements

Reduce the

manufacturing

cost by 10%

Use economies of scaleOptimum utilization of

recourse

Adopting new technologies(automated machines)

Reduce wastage


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Customer Service


Customer

Service

Improve service

Quality andValue

Customer

feedback

By taking customerfeedback everyquarterly by Surveymethod and develop

corrective measures

Maintain qualitystandards of ISI

Expand customerbase

Increase of targetarea of market

Entering into Newmarket area

Customer

Retention

Evaluate the

customer database with past

records

By being the priceleader

By building brandname in the market

ImproveCustomer

Relations

Measure thecustomer

retention

CRM activities(CustomerRelationship

Management

Maximize

CustomerSatisfaction

Percentage of

customersatisfied

By taking customerfeedback by Survey

method and

improving on them

Delivering the bestquality and

maintaining the same


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Internal Process


InternalProcess

Analyze customerneeds

Market study Attending the fairsand exhibitionsImproveOperational

Efficiency

Measuring overallperformance

monthly

Store management EOQ/EPQ

(economic orderquantity/economic

production quantity)

Reducingmanufacturing cycletime

Adoption of NewTechnology

Optimum Utilizationof raw material

(water)

Minimizing the leadtime orders

Maximizing thequality standards to

get ISO certification

Improve marketing

activities

Number of new

distributioncenters

Advertising through

Newspapers Local cable

channel

Delivery of product Evaluatingnumber of

complaints

received for notdelivering on time

Taking order well inadvance

On time delivery ofthe orders

Use of efficientvehicles for

transportation

Quality control andimprovement Comparing withthe qualitystandards of ISI

Checking qualityevery day

Optimum

utilization of space

Measuring the

down time Layout Redesign Use of automated

material handling in

dispatching section


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Learning and growth

Learning

and

Perspective

Objectives Measurements Targets Program

Employee

Satisfaction

Percentage of

employees are

satisfied with thework

environment

Feedback fromthe employees

Recreationactivities

Training Employee Work efficiency

of employees

Training based on

Safety Hygiene


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5.4 Linking each perspective to the unit:

5.4.1 Financial performance:

Financial performance can differ considerably at each stage of a businesss life cycle. Business

strategy theory suggested several different strategies that business units can follow, ranging from

aggressive market share growth down to consolidation, exit and liquidation. For simplification

purposes, we can identify just three stages.

Growth Sustain Harvest

Financial Performance

In the financial performance the organization can have the following objectives:

Increase Revenues Reduce the Transportation cost Operating Improvements

The organization can achieve these objectives by following the specific program suggested in the

framework and it can be measured.

1. Increase Revenues

To fulfill this objective the following programs should be followed:

i. Increase the distribution networkii. Increase the volume of sales

iii. Increase market shareAnd these can be measured or said to be achieved if sales are increased by 25%.

Increase the distribution network: Presently the firm has 50 distribution centers that are 50

distributors. By expand the network through entering into new market area will lead to increase

in the sales and revenue.

Increase the volume of sales: This program states that by increasing the sales volume the revenue

can be increased. Sales volume means for the present customers we need to sale more for that we

need to create the demand for the product in the market and how to create demand is explained in

one of the further program.


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Increase market share: Increase market share means expanding the business in the present

targeted market. It also means increasing the share of the present market over the competitors.

This can be done only my quality service.

2. Reduce the Transportation cost:

To fulfill this objective the following programs should be followed:

Use of appropriate vehicles Routing and scheduling Handle optimal Quantity Outsource Reach more customers where the road conditions are good Reduce idle time of vehicle and drivers Transport other materials on return journey Use fuel efficient vehicles Maintaining the schedule of vehicle properly

These all programs will lead to reduce the transportation cost and it can be measured by reducing

transportation cost by Re. 0.10 per liter

Here use of appropriate vehicles can be explained by the example: If an order of 100 boxes of 1

liter bottles is made by x customer who is 50km away from the factory site. For the

transportation if the company uses the vehicle which as the capacity of transporting 200 boxes

for the transportation of 100 boxes then the vehicle is underutilized and cost will be more so,

they need to use appropriate vehicles.

Routing and scheduling means the orders should be transported to many distribution centers at a

time. That is before transporting goods we need to check whether any other distribution center

has any orders which comes under same rout accordingly we can schedule and transport the

goods to the distributors.

Handle optimum quantity this program relates to the previous point that is while transporting we

need utilize the vehicles appropriately and optimally.

Outsource: outsourcing of vehicles is more appropriate because it reduces the maintenance cost,

driver cost etc.

Reduce the idle time of vehicles and drivers: To use vehicles and driver optimally the

transportation of goods should be done at night time that is evening time rest of the morning time


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the vehicle can be used for the rent by this the income or revenue will be increased and

transportation cost will be decreased.

3. Operating Improvements:

The programs to achieve the objective are as follows:

Use economies of scale Optimum utilization of recourse Adopting new technologies (automated machines) Reduce wastage

By using economies of scale we can reduce the production cost. Economies of scale state that

increasing the production quantity at a time will reduce the cost of production.

By using adopting new technologies we can reduce the manpower cost and can invest the same

in R & D department and improve the operation.

At the end we can measure whether by adopting these programs the operating improvements are

achieved or not. The measurement standard took for this is Reduction in the manufacturing cost

by 10%

5.4.2 Customer Service:

Recent management philosophy has shown an increasing realization of the importance of

customer focus and customer satisfaction in any business. These are leading indicators: if

customers are not satisfied, they will eventually find other suppliers that will meet their needs.Poor performance from this perspective is thus a leading indicator of future decline, even though

the current financial picture may look good.

In developing metrics for satisfaction, customers should be analyzed in terms of kinds of

customers and the kinds of processes for which we are providing a product or service to those

customer groups.


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Customer Service:


Customer

Service

Improve service

Quality and

Value

Customer

feedback

By taking customerfeedback every

quarterly by Survey

method and develop

corrective measures

Maintain qualitystandards of ISI

Expand customer

base

Increase of target

area of market

Entering into New marketarea

Customer

Retention

Evaluate the

customer data

base with past

records

By being the price leader By building brand name

in the market

Improve

Customer

Relations

Measure the

customer

retention

CRM activities(Customer Relationship

Management)

Maximize

Customer

Satisfaction

Percentage of

customer

satisfied

By taking customerfeedback by Survey

method and improving on

them

Delivering the bestquality and maintaining

the same


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Customer Service has the following objectives:

Improve service Quality and Value Expand customer base Customer Retention Improve Customer Relations Maximize Customer Satisfaction

1. Improve service Quality and Value:

To achieve this objective the following programs has to be followed:

By taking customer feedback every quarterly by Survey method and develop correctivemeasures

Maintain quality standards of ISINow-a-days the companies fail to take the customer feedback because they only concentrate on

their competitor and try to compete with them without caring what customers need. So we need

to concentrate on customer needs by taking their feedback which will also helps to improve the

quality.

According to ISI there are some specific quality standards which need to be maintained. These

can be measured by taking the feedback of the customers.

2. Expand customer base:

It is one of the objectives which can be achieved by following the program stated below:

Entering into New market area:

Entering into new market area means expanding the business that is entering into new market

and introducing the product in the market. For this first we need to conduct the market study and

make a research on the new market.

During this particular target period whether we have entered into new market or can be measured

by number of new distributors.

3. Customer Retention:


By being the price leader By building brand name in the market


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For very company it is very important retain the brand name in the market. To build good brand

name the company needs to work on many aspects like it needs to develop the good relationship

with the customers, it should build the CRM activities etc

And it also important to be a price leader in the market. Here price leader means maintaining the

same price in the market at all the time with very slight variations with respect to any

environment conditions.

Customer retention can measure by analyzing the customer data base with the previous years

customer data base. Whether number of customer are increased or decreased can be analyzed.

4. Improve Customer Relations:

To achieve this objective the company should adopt CRM activities (Customer Relationship

Management) like providing education facilities to the children of workers, providing hospital

facilities, conducting some awareness programs like global warming etc.

It can be measured and we can say that customer relations are good if customers are retained

with the company.

5. Maximize Customer Satisfaction:


By taking customer feedback by Survey method and improving on them Delivering the best quality and maintaining the same

Satisfying the customers is the most important job of the company. To check whether thecustomers are satisfied or not can be evaluated by taking the customers feedback by survey

method and identify if any areas are to be improved. We can measure the customer satisfaction

by the percentage of customers satisfied with the service.

5.4.3 Internal Process:

The internal business process perspective provides a view of what the company must excel at to

be competitive. The focus of this perspective then is the translation of customer-based measures

into measures reflecting the company's internal operations. The highest level in this measurable

should be on customer satisfaction and factors affecting such issues as cycle time, quality,

employee skills, and productivity. Kaplan and Norton recommend that, "companies also attempt

to identify and measure their company's core competencies, the critical technologies needed to

ensure continued market leadership."


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Internal Process


Internal

Process

Analyze customer

needs

Market study Attending the fairsand exhibitions

Improve

OperationalEfficiency

Measuring overall

performancemonthly

Store management EOQ/EPQ

(economic order

quantity/economicproduction quantity)

Reducingmanufacturing cycle

time Adoption of New

Technology

Optimum Utilizationof raw material(water)

Minimizing the leadtime orders

Maximizing thequality standards to

get ISO certification

Improve marketing

activities

Number of new

distribution

centers

Advertising through

Newspapers Local cable

channel

Delivery of product Evaluating

number of

complaintsreceived for not

delivering on time

Taking order well inadvance

On time delivery ofthe orders

Use of efficientvehicles for

transportation

Quality control and

improvement

Comparing with

the quality

standards of ISI

Checking qualityevery day

Optimum

utilization of space

Measuring the

down time Layout Redesign Use of automated

material handling in

dispatching section


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Internal Process has following objectives:

Analyze customer needs Improve Operational Efficiency Improve marketing activities Delivery of product Quality control and improvement Optimum utilization of space

1. Analyze customer needs:

Fairs and exhibitions means were similar products are exhibited. By attending the fairs and

exhibitions we can make the comparative study and can understand customers changing needs

through which we can analyze the customers needs.

2. Improve Operational Efficiency:

To achieve this objective we need to follow the following programs:

Store management EOQ/EPQ (economic order quantity/economic production quantity) Reducing manufacturing cycle time Adoption of New Technology Optimum Utilization of raw material (water) Minimizing the lead time of orders Optimizing the quality standards to get ISO certification

These all programs aim at improving the operational efficiency and all are interlinked to each

others. Store management means maintaining the correct stock level which is attained by

applying the EOQ (economic order quantity).


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Cycle time means time period taken for conversion of raw materials to finished good that time

should be very less. So that it reduces the cost of maintenance, labor etc.

Here minimizing the lead time orders means minimizing the time period between . For Ex: If we

order for a box of caps then it will take minimum 3 day to reach us the ordering is done when

they are required (3 days includes manufacturing and transportation). We can minimize it by

ordering the caps well in advance so that it reaches the organization well in time without

affecting the production.

At present the organization is certified by ISI quality standards. It is aiming to certify the ISO

quality standards. To achieve ISO certification they have to incur some cost to increase to

increase the quality and they need to invest in R & D for which organization is willing to invest.

3.Improve marketing activities:

Marketing activities mainly includes branding, promotion, advertisement etc. Every product

needs advertisement. It is one of the mode to compete with competitors here the company can

use two media for advertisement that are News papers and Local cable channels. These two

Medias because the product has local target market so, it is better to advertise with local Medias.

By advertising we can increase the number of distributor.

5.4.4 Learning and growth:

Kaplan and Norton underscore the importance of innovation and learning in their statement that,

"a company's ability to innovate, improve, and learn ties directly to the company's value." While

the financials perspective deals with the projected value of the company, the innovation and

learning perspective sets measures that help the company compete in a changing business

environment. Their focus for this innovation is in the formation of new or the improvement of

existing products and processes.

The measures in the Learning and Growth perspective of the Balanced Scorecard are really the

enablers of the other three perspectives. In essence, they are the foundation upon which the

Balanced Scorecard is built. Once we identify measures and related initiatives in your Customer

and Internal Process perspectives, it can be certain of discovering some gaps between your

current organizational infrastructure of employee skills, information systems, and organizational

climate (e.g., culture) and the level necessary to achieve the results which we desire. The

measures we design in this perspective will help us to close that gap and ensure sustainable

performance for the future.


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Learning and growth

Learning and growth has following Objectives:

Employee Satisfaction Training Employee

1. Employee satisfaction:

For every organization employees are the back bones. Company should satisfy the employees

first are also known as internal customer if they are satisfied then organization will run smoothly.

Every monthly we need to take feedback from the employees so that we can identify their needs

and try to satisfy them. In the same way we need to provide recreation activities for their

refreshment. This will motivate the employees and we can measure the percentage of employees

satisfied in the organization by feedback system.

2. Training Employee:

Work efficiency of the employees can measure by their performance. To improve the work

efficiency we need to provide training on different aspect like safety and hygiene. Here in this

organization hygiene part is most important.


Learning

and growth

Improve

management and

leadership

competencies

Employee

Satisfaction

Percentage of

employees are

satisfied with the

workenvironment

Feedback from the

employees

Recreation activities

Training Employee Work efficiency

of employees

Training based on

Safety

Hygiene


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CHAPTER VI

FINDINGS AND SUGGESTIONS

6.1 Major Findings:

Balanced Scorecard is a measurement tool. It can be adopted even for small scaleindustries

M/s. Deepa Aqua Minerals presently it is not following any strategic planning ormapping. But it needs to have them because those will direct the organization to go in a

right direction and helps in achieving the goals of the organization

M/s. Deepa Aqua Minerals follows democratic style of leadership In this organization Quality, Employees and Society are given importance Major Key Performing Areas (Objectives) have been indentified and programs are been

developed to implement.

Based on past records following details are calculated during the research work: Economic Order Quantity = Q = Rs. 1, 22,902.27 Order Interval = Q/D = 0.064*365 = 23.36 24days No of order = D/Q = 15.385 16 orders per year Total Cost = 1, 97,097.73 Organization presently incurs total cost of Rs. 3, 20,000 on caps but actual cost

incurred by adopting EOQ, the total cost is Rs. 1, 97,097.73. Therefore

organization can save up to Rs. 1, 22,902.27


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6.2 Suggestions:

Some of the suggestions for M/s. Deepa Aqua Minerals for adopting the balanced scorecard are

as follows:

6.2.1 Framework for implementing programs:

Objective:

How Who What When Where Why

Program 1:

Program 2:

Program 3:

Program 4:

Program 5:

First step is to define the objective for a particular task To achieve a particular objective we need to plan for different programs for accomplish

the objective

Then we need to prioritize the programs to be performed like program 1,2 so on Lastly we need to decide on 5W and H. That is

o How to do?o Who to do?o What to do?o When to do?o Where to do?o Why to do?

These all steps will help in implementing the programs to achieve to objectives


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For Example:

Objective: Employee Satisfaction

How Who What When Where Why

Program 1:

Feedback

from the

employees

As many

employees are

unskilled so, we

need to take

feedback orally

and document

it.

HR

manager

or top

level

employee

Take

feedback

At the end

of every

quarter

In the

Organization

To know

what

Percentage

of

employees

are satisfied

with the

work

environment


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6.2.3 Framework for implementing the balanced scorecard stage wise:

Stages

Perspectives

Stage I Stage II Stage III

Financial

Performance

Reduce the

manufacturing cost by

10%

Reduce the

transportation cost

Re. 0.10 per liter

Increase sales by 25%

Customer Service Increase of target area

of market

Get Customer

feedback

Measure the customer

retention, Percentage

of customer satisfied

Internal Process Measuring overall

performance monthly

Market study Number of new

distribution centers,

Comparing with the

quality standards of

ISI, Evaluating

number of complaints

received for not

delivering on time

Learning and Growth Get employeesfeedback

Percentage ofemployees satisfied

with the work

environment

Measure the workefficiency of

employees

Above table will explain process of implementing the balanced scorecard

Here stage I includes the time period of 5 to 6 months, Stage II includes 4 to 6 months, Stage III

includes the time period of 12 months.


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CHAPERTER VII

SCOPE OF THE FUTURE WORK

This research work is limited only for developing the balanced scorecard.

The scope of this research work is that it can be implemented and set the targets to measure the

performance of the organization.

Based on its performance the other similar small scale industries can develop the balanced

scorecard and improve their performance.


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REFERENCES:

1. Robert S. Kaplan and David P. Nortons Translating strategy into action The BalancedScorecard

2. expert_rwt Articles Balanced scorecard metrics, BSC Designer3. Christian C. Johnson Introduction to the Balanced Scorecard and Performance

Measurement Systemshttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdf

4. Wikipedia5. Henrik Anderson Balanced Scorecard Implementation in SMES

http://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdf

6. www.balancedscorecard.org7. Some documents of M/s. Deepa Aqua Minerals
http://www.scorecardreport.com/author/expert_rwt/http://www.scorecardreport.com/category/articles-on-scorecardhttp://www.scorecardreport.com/tag/balanced-scorecard-metricshttp://www.scorecardreport.com/tag/bsc-designerhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.balancedscorecard.org/http://www.2gc.co.uk/pdf/2GC-CP-SMESME-090311.pdfhttp://www.adb.org/Documents/Books/Balanced-Scorecard/chap1.pdfhttp://www.scorecardreport.com/tag/bsc-designerhttp://www.scorecardreport.com/tag/balanced-scorecard-metricshttp://www.scorecardreport.com/category/articles-on-scorecardhttp://www.scorecardreport.com/author/expert_rwt/

Balanced Scorecard for Small Scale Industry Project Report

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