Assignment:
Students will have the opportunity to develop a Balanced Scorecard. This, in turn, will allow them to create effective strategic objectives to be included as part of their overall strategic plan. They will also be presented with the task of creating a brief communication plan (consider some contingency options) that will be used by the SDCC organization to efficiently/effectively distribute information with regard to their strategic initiatives.
Steps
Resources: Strategic Planning Outline and Week 4 textbook readings
Create up to a1,000-word strategic objectives summary.
Include your balanced scorecard and its impact on all stakeholders, and the communication plan.
Identify key trends, assumptions, and risks in the context of your final business model.
Develop the strategic objectives for the SDCC in a balanced scorecard format in the context of key trends, assumptions, and risks. 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.
Consider the following four quadrants of the balanced scorecard when developing your strategic objectives:
Financial Perspective, which includes strategic objectives in areas such as:
Market share-Active vs Registered members
Revenues and costs
Profitability
Fund raising opportunities.
Customer Value Perspective, which includes strategic objectives in areas such as:
Member retention or turnover
Member satisfaction/Compared to expectations
Member value-After joining.
Process or Internal Operations Perspective, which includes strategic objectives in areas such as:
Measure of process performance
Productivity or productivity improvement
Operations metrics-efficiency/effectiveness
Impact of change on the organization
Learning and Growth (Member) Perspective, which includes strategic objectives in areas such as:
Member satisfaction
Member turnover or retention
Level of organizational capability
Nature of organizational culture or climate
Technological innovation-Utilizing technology to maximize organizational effectiveness.
Evaluate potential alternatives to the issues and/or opportunities identified in the SWOTT Analysis assignment and table
Create up to three strategic objectives for each of the four balanced scorecard areas. Base your solutions on a ranking of alternative solutions including the following:
Identify potential risks and mitigation plans.
Analyze a stakeholder and include mitigation and contingency strategies.
Incorporate ethical implications.
Develop a specific metric and target for each strategic objective using a balanced scorecard format.
Example: a strategic objective in the shareholder or financial perspective is to increase market share. A metric to actually measure this strategic objective of market share increase is, "The percentage of increase in membership." The target is the specific number to be achieved in a particular time period. The target for the metric of "Increase membership" could be "Increase membership by 20-30 members each of the next 3 years, or an increase of 10% per year for 3 years."
Outline a brief communication plan (up to 100-200 words) discussing how you will communicate the company's strategic objectives including the following:
Define the purpose.
Define the audience.
Identify the channel(s) of communication and why you selected that channel.
Format your assignment consistent with APA guidelines.