As a business consultant we work to align business activities with the vision and mission statement of the organization by implementing a strategic planning and management system called a balanced scorecard.

Hume Management and Consulting will work with the management team to analyze the business from four standpoints:

the financial perspective,
the customer perspective,
business process perspectives, 
the learning and growth perspective.
 

Description - A Balanced Scorecard defines what management means by "performance" and measures whether management is achieving desired results. The Balanced Scorecard translates Mission and Vision Statements into a comprehensive set of objectives and performance measures that can be quantified and appraised. These measures typically include the following categories of performance:

• Financial performance (revenues, earnings, return on capital, cash flow);
• Customer value performance (market share, customer satisfaction measures, customer loyalty);
• Internal business process performance (productivity rates, quality measures, timeliness);
• Innovation performance (percent of revenue from new products, employee suggestions, rate of improvement index);
• Employee performance (morale, knowledge, turnover, use of best demonstrated practices).

Methodology - To construct and implement a Balanced Scorecard, managers should:

• Articulate the business's vision and strategy;
• Identify the performance categories that best link the business's vision and strategy to its results (e.g., financial performance, operations, innovation, employee performance);
• Establish objectives that support the business's vision and strategy;
• Develop effective measures and meaningful standards, establishing both short-term milestones and long-term targets;
• Ensure companywide acceptance of the measures;
• Create appropriate budgeting, tracking, communication, and reward systems;
• Collect and analyze performance data and compare actual results with desired performance;
• Take action to close unfavorable gaps.

Common Uses

Hume Management and Consulting uses the Balanced Scorecard  to:

• Clarify or update a business's strategy;
• Link strategic objectives to long-term targets and annual budgets;
• Track the key elements of the business strategy;
• Incorporate strategic objectives into resource allocation processes;
• Facilitate organizational change;
• Compare performance of geographically diverse business units;
• Increase companywide understanding of the corporate vision and strategy.