O strategic planning is what guides the company's actions over time, establishing the direction to be taken in order to boost business growth, identify market opportunities and anticipate threats. It is what allows solid foundations to be built so that the company can move forward without fear and achieve a better position. However, putting strategic planning into practice is still a major challenge for executives, as there are many nuances to consider when determining the action plan.
One of the ways to put your strategic planning into practice is to use the BSC - Balanced ScorecardThe BSC is a management methodology focused on continuously improving company performance. But how do you get the BSC up and running in your company?
Define your strategic objectives
The first step to implementing the BSC in your company is to know what its direction is, where you want to take your business. To do this, re-evaluate your business vision and establish long-term objectives that will guide all your actions from now on.
Want an example? Increase the company's marketshare by 5% over the next 5 years, or increase the customer portfolio by 15% over the next 3 years. Note that the objectives are clear and quantifiable. A good way of defining your objectives is the SMART technique:
- Lpecific (specific);
- Measurable;
- Thettainable;
- Realistic;
- Timely (in time, or deadline).
Read also: Why do companies fail at strategy execution?
Align your company with its objectives
With the objectives and targets set, for the BSC to really work, you need to involve everyone in the company. Share the challenges to be overcome, demonstrate the role of each employee in the achievement of the goals. strategic objectives and set personal goals for each professional.
Make the entire organization aware of the implementation of the BSC, the reasons for this change and how the company's performance will be evaluated so that everyone can get into the mood and contribute to improving the company's performance. KPIs.
Download our educational material on Performance Indicators!
Link actions to results
Every action taken by the company's departments must be aligned with the strategic objectives of the organization. The acquisition of a management systemfor example, brings agility to processes, improves productivity and, consequently, results, so it is in tune with what the company expects for the future.
In the same way, hiring a marketing consultancy can bring better business opportunities, as it is also an investment that is aligned with strategic planning and will bring a financial return.
These are some examples of actions that can be part of a solution that the company is looking for and that are in line with the most common objectives in the corporate world, such as increasing sales, market positioning and competitiveness.
Monitor your performance
The Balanced Scorecard is a management methodology, so it's flexible enough for you to make the necessary changes over time. However, if you don't measure the results of your actions, you have no way of knowing whether you need to change course, maintain or discard any strategy.
See also: Which management model is right for your business?
In this sense, monitoring the company's results is essential if you want to know your business environment and make decisions based on facts and reliable data. If you don't have a monitoring indicatorsA complete business management system can be very useful, because in addition to storing, processing and analyzing data, it provides reports that help with decision-making.
Implement improvements
Just as the market is dynamic, so should your company be. Through BSC you have a complete overview of your business environment and can act proactively to meet new market demands, anticipate trends in products and services and thus constantly improve your company's performance.
This cycle of planning, execution, monitoring and adjustments never ends, unless you want to see your company stop growing. So focus on your objectives, develop your strategy and keep an eye out for possible changes. The BSC will continue to support all your decisions!
Read more: Can Google's OKR methodology replace the BSC?
