Balanced Scorecard for coffee/tea retailing business
Part A:
Develop the strategic objectives for your business in the format of a Balanced Scorecard. The strategic objectives are measures of attaining your vision and mission. As you develop them, consider the vision, mission, and values for your business and the outcomes of your SWOTT analysis. Be sure to consider all of the following four quadrants of the Balanced Scorecard when developing your strategic objectives:
My fictitious business's Coffee/tea business (Starbucks like):
Our focus of the coffee and tea business is to offer customers a new experience of fresh brewed coffee along with various choices of healthy tea. We also offer different kinds of organic tea/quality coffee at our retail store.
1. Shareholder Value or Financial Perspective, includes strategic objectives in areas such as:
a. Market share
b. Revenues and costs
c. Profitability
d. Competitive position
2. Customer Value Perspective, includes strategic objectives in areas such as:
e. Customer retention or turnover
f. Customer satisfaction
g. Customer value
3. Process or Internal Operations Perspective, includes strategic objectives in areas such as:
h. Measure of process performance
i. Productivity or productivity improvement
j. Operations metrics
4. Learning and Growth (Employee) Perspective, includes strategic objectives in areas such as:
k. Employee satisfaction
l. Employee turnover or retention
m. Level of organization capability
n. Nature of organization culture or climate
o. Technological innovation
Develop at least three strategic objectives for each of the following four Balanced Scorecard areas identified above (Financial, Customer, Process, Learning & Growth). For each strategic objective, develop a metric and target using a Balanced Scorecard format.
(For example a strategic objective in the shareholder or Financial Perspective is "Increase in Market Share". A metric to actually measure this strategic objective of market share increase is "The percentage of increase in market share." The target is the specific number to be achieved in a particular time period. The target for the metric of "Increase in Market share" could be "Increase market share by 2% for each of the next three years" of an increase of 2% per year for 3 years.)
Part B: summary that explains your critical thinking on how you derived your objectives from your vision, mission, values, and SWOTT analysis.