What is a balanced scorecard? Examples and template

A balanced scorecard is a strategic management tool that provides a comprehensive overview of a company's performance by considering financial data, operational processes, customer satisfaction, and employee performance. It helps managers not only focus on financial metrics but also understand the interrelationships between different business aspects, thereby improving communication with senior management and removing control bias. By addressing four key perspectives—financial, customer, internal process, and learning and growth—a balanced scorecard encourages a holistic approach to strategy implementation, improving decision-making and aligning employee actions with the company's strategic vision. The balanced scorecard can enhance a company's financial performance by integrating insights across various domains, thus facilitating better-informed decisions and a more adaptable work environment.