The Balanced Scorecard is a tool that allows a business to translate its vision and strategy into action. It was developed by Robert S Kaplan and David P Norton who wrote about it in 1996: Balanced Scorecard: Translating Strategy into Action and then followed up its success with further books: in 2001 The Strategy Focused Organisation, in 2004 Strategy Maps and finally in 2006 Alignment. In short, a testament to the value of the framework as a tool and its popularity.

Strategic Analysis

The key input for the Balanced Scorecard is the strategic analysis such as a completed SWOT Analysis, which represents the fruits of the strategic analysis of internal and external factors. The selected business strategies that have now emerged based on business strengths and market opportunity become the input to the Balanced Scorecard framework.

Balanced Scorecard for Strategic Management

The Balanced Scorecard framework is a tool that structures and links the strategies to operational implementation in four areas.

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• Retail Operations Management