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Abstract
Traditionally, managers and other organizational heads have used the budget as a means of achieving the organizational objectives. Kaplan and Norton (1996) developed a balanced scorecard for organizations as a tool that guarantees that the strategic objectives in organizations are measured more accurately. As a result, the measurement of these strategic objectives has produced poor results in many organizations.
A balanced scorecard considers the financial aspects of the organization in setting and assessing strategic organizational goals. The scorecard is unique in that it incorporates non-financial aspects such as the relationship between a company and its customers, the key internal processes, and intensification. This paper discusses the balanced scorecard for Wits Beach Hotel based on the company’s vision, mission, values, and outcomes of the SWOTT analysis. The balanced scorecard spells out the various areas that will be important in ensuring that the organization is successful in terms of realizing its goals and objectives.
Introduction
The following is a balanced scorecard for Wits Beach Hotel based on the company’s vision, mission, values, and outcomes of the SWOTT analysis.
Financial Aspects
The financial means of measuring the strategic objectives in an organization are basic since they provide reliable information on an organization’s overall performance (Thompson, Gamble, & Strickland, 2006). Wits Beach Hotel has the vision of being a leader in the specific industry in which it operates in Kenya. The financial measurements are crucial to the assessment of this performance.
Strategic Objectives
The first strategic objective will be to increase the shareholder values at the Wits Beach Hotel. This strategy will ensure that the business achieves its desired mission and visions of growth and dominance in the industry. The second strategic objective pertaining to financial measures will be to decrease costs at the hotel since the SWOTT analysis showed an increase in operational costs. According to Pearce and Robinson (2009), organizations need to focus on lowering their operational costs to remain profitable and viable. The third financial strategic target is to increase revenue in the organization.
Metric
The metrics described here represent a means of measuring the strategic objectives (Thompson, Gamble, & Strickland, 2006). The first financial strategic objective of increasing shareholder value will be measured by the financial value of the shareholders. The measurement of the second strategic objective will be the operating costs in the organization, while the third strategic objective will be measured through the amount of revenue generated.
Target
The target in the financial aspect of the organization is to increase the market share by 4% each year for the next five years. The organization also targets to achieve more than 10% growth in revenue for the same period.
Initiative
The main initiative that the organization wishes to achieve is the acquisition of a competitor offering similar services. The organization is also in the process of producing employee efficiency through the discarding of excess staff members.
Customer
Strategic Objectives
The first objective in the customer values is to improve the brand image so that customers have access to the organization and the services it offers. The organization is looking to increase its presence on the various market avenues. The second strategic objective for Wits Beach Hotel is to increase customer retention while a growing number of international customers.
Metric
Several methods can be utilized to measure the strategic customer objectives that the organization has set (Thompson, Gamble, & Strickland, 2006). Measures that will be used include the brand awareness score that the organization will get from independent companies that conduct quality surveys in the region. The organization will also use the market share to measure strategic customer objectives.
Target
The target for the organization is to have an increase of more than 10 points on the brand awareness score in the survey that will be conducted annually. The company also targets to boost its market share by 4% per annum for the next five years.
Initiative
Some of the measures that will be important in ensuring that the mentioned targets are achieved include the development of a customer reward program. Loyalty programs are a recognized source of ensuring that customers remain faithful to the brand. The organization will also expand on the internet and in other regions around the coast of Kenya.
Internal Business Process
Strategic Objectives
The strategic objectives in internal business processes that are related to Wits Beach Hotel include increasing the efficiency of the economies of scale (Pearce & Robinson, 2009). The other objective is to improve the card offerings for the organization, while the third strategic objective is to improve marketing in the hotel.
Metric
The first measure that will be used to measure the efficiency of the economies of scale in the organization is the measurement of the percentage decrease in redundancy in the organization. The revenues collected from the card programs will also be used as a gauge, while the marketing performance audit score (MPAS) will be used to measure marketing in the organization (Thompson, Gamble, & Strickland, 2006).
Target
One of the targets in the measures of internal processes is at least 2% increase in the MPAS annually for the next five years. The other target is growth in revenue of at least 5% over the same period.
Initiative
The initiatives that will be taken to ensure that the targets are achieved include the launching of a new market campaign on the internet and the local media. The company will also acquire an integration program and start a new card program (Pearce & Robinson, 2009). These measures will ensure that the company experiences growth on the marketing platform to stabilize its internal processes.
Learning and Growth
Strategic Objectives
The employee is considered the most important asset at Wits Beach Hotel. This observation is in line with the organizational goals. From the learning and growth perspective, the company’s first objective is to ensure workforce optimization. The second strategic objective is to improve the company’s use of technology in most of its operations, especially in the supply chain. The third strategic objective is to increase the knowledge and skills of the company’s workforce.
Metric
The three strategic objectives will be measured through appropriate methods. For workforce optimization, the productivity index will be the most appropriate metric to measure it. The other measure for the utilization of technology is the Technology Gap Analysis Score (TGAS), which will be utilized in the company (Thompson, Gamble, & Strickland, 2006). The Training Effectiveness Index (TEI) is another measure that will be used to measure learning and growth in the organization (Pearce, & Robinson, 2009). Specifically, it will measure the changes in the knowledge and skills of the workforce.
Target
The target for learning and growth perspective in the origination is to see an annual growth of more than 10% in all the scores described above for the next five years.
Initiative
The main initiatives that will be important in ensuring that the objectives set in the learning and growth aspects in the organization are achieved include the use of staffing optimization analysis, the use of e-commerce, and the institution of service training at the organization (Pearce & Robinson, 2009). These measures will improve organizational performance.
Reference List
Kaplan, S., & Norton, P. (1996). The Balanced Scorecard: Translating Strategy into Action. Boston: HBS Press.
Pearce, A., & Robinson, B. (2009). Strategic management: Formulation, implementation, and control. New York, NY: McGraw-Hill.
Thompson, A., Gamble, E., & Strickland, J. (2006). Strategy: Winning in the marketplace: Core concepts, analytical tools, cases. New York, NY: McGraw-Hill.
Do you need this or any other assignment done for you from scratch?
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