Based on the need to develop a model or metric for performance measurement in companies, the business needs to focus centrally on the four core elements that define the strength of every business. The four areas are the threads that hold the business to its destiny at all times. They include; the financial perspective, customer perspective, internal business processes and the learning and growth perspectives. It is believed that if the business is able to strategize effective management of its intangible assets, then developing a measure for the intangible asset is inevitable
Therefore, balanced scorecard creates an in-depth focus and insight into the capacities, power and the potential of the business. The balanced scorecard creates a mixture of financial and non-financial measure set to meet a certain target. Utmost consideration is given to the company vision mission at all times. After considering the outcome of the SWOTT analysis in the previous work, it is possible to develop strategic objectives on the aforementioned four perspectives of the business.
In light to the mission and vision of the company that is the intrinsic drive for the project, it is necessary to create strategic objectives that make the mission and vision be a reality rather than fantasy. However, the strategic objectives to be developed must be SMART. That is; one must bear in mind that the objectives should be Specific, Measurable, Achievable, Realistic and Time-bound. The strategic objectives on the four perspectives are given in the discourse below;
- Financial perspectives: the objectives to be developed in this area should focus on coming up with high-levels of financial measures that are relevant to the business.The central point of focus in this perspective is the shareholders. Therefore strategic financial objectives for the Hop Grower can be:
- Customer value perspective; this area is concerned with how the consumers perceive the business in terms of quality and service delivery.
- Process or Internal Operations Perspective: this aspect is concerned with what the business needs to excel at
- Learning and growth perspective: this area is concerned with improvement of the skills, experience and level of technology
In conclusion, the business should realize the need to maintain ethics and corporate social responsibility. It will enable the business to develop consciousness to its immediate environment with the intention of preventing environmental degradation and degeneration. Ensuring corporate social responsibility will as well help the Hop Growers to understand the consumers.
Once the consumers liking is understood by the business, it becomes easier to satisfy their needs and retain them. Besides, consumer feedback is very important as it helps in understanding the needs on which areas need to be improved. Strategic objectives make it possible for the Hop Growers to achieve their mission and vision at all times.
M.Coulter. Strategic Management in Action(5th Ed.). Upper Saddle River: NJ: Pearson Prentice Hall., 2008.
Rothaermel, F. T. Strategic Management: Concepts and Cases. New York: McGraw-Hill/Irwin, 2012.
The Eentrepreneurial Spirit. Dir. Berbecue Frankline. 2012.