Balanced Scorecard. Linking Objectives to Meaningful Measures.
When setting goals and creating plans for your practice, how do you do it?
Do you set a washed out goals and hope for the best Or do you have a fantastic plan without a clear goal to achieve?
These are common mistakes made by business and practice owners alike, and the power of proper goal setting, planning and tracking is greatly underestimated.
To effectively keep score within your practice we need to look at a few different things. Starting with what it is we are trying to measure and how we are to track it. This essentially is a goal for driving your business forward.
It is important to set your goals based on the four perspectives of your business.
The Four Perspectives of Balance in a Business.
Financial Perspective. How we look at our business in terms of promoting our business for financial growth, cash flow, return on investment and the mitigation of risk. This is fueled by the business owner or shareholder.
Customer Perspective.How customers see us. We need to look at strategies that link creating things like product value, market differentiation and customer satisfaction, to our main business goal.
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