Balanced Scorecard and Communication Plan

A balanced scorecard of an organization can be defined is the organized strategic approach that is utilized in analyzing strategic projects (Kaplan, & Norton, 2000).  A scorecard is presented in different sections where every section addresses a particular area in regard to the performance of an organization.   In other words, a balanced organization scorecard comprises four measures sets which are linked directly to the strategy of an organization. This incorporates customer knowledge, financial performance perspective, business internal procedures performance and the performance of both learnings as well as growth.  The four measurement areas are designed to present an analysis of organization sections like consumer needs, satisfaction, development of productivity, profitability and employee’s needs and satisfaction.  These measures act as the central control of the strategic plan in the particular organization.  In order to generate a successfully and a growing business, a well-balanced scorecard is essential. This is the strategic approach that assists in highlighting the objects of a corporation.  It helps in defining the mission, vision as well as presents a description of the SWOT analysis (Kaplan, & Norton, 2000).  This paper will present a balanced Volvo Mobile corporation scorecard, shareholders impact, and a communication plan.

A Balanced Scorecard and Plan of Communication for Volvo Mobile Corporation

While considering the mission and the vision statement of Volvo mobile company it is clear that a balanced strategic plan program will help in the general success of the corporation’s plan.   If the company presents a general focus on particular areas this may result in failure of different sections in the organization. A balanced strategic card that is presented below presents those options that the corporation can take, presents the comparison of the options thus demonstrating the options that will yield more success and benefits (Kaplan, & Norton, 2000).  The goal of the scorecard is to generate maximum positive effects to the four measures that are presented while performing an evaluation of the involved risks.  This strategy will assist Volvo Mobile Corporation to develop a plan that can best handle initiatives unexpected outcomes.  This, therefore, implies that the corporation should be willing to make an adjustment on the four sections to achieve success.

Financial Performance Perspective

Volvo Mobile Corporation’s mission and vision statement will be of assistance as it will help the corporation in achieving all the targeted objectives. According to the Volvo Group, (2015) the corporation holds the plan of being the leading technological advancement globally which can only be achieved through performance development.  It is, therefore, the responsibility of the whole corporation to focus on consumers and employee satisfaction, net revenue development as well as attaining financial growth and stability.  This, therefore, implies that Volvo Corporation is highly necessitated to estimate the general cost of operation, earnings for every generated share, capital and revenue return.

Consumer Knowledge Perspective

Volvo Corporation cannot achieve performance growth without developing consumer’s satisfaction through meeting their expectations and demands effectively.  Consumers play a crucial part in performance growth as revenue development is based on their responses (Niven, 2006).  The corporation should be constantly aware of the trends in the market to ensure that the needs of their   consumers in the market are met.  This can, therefore, be conducted on developing products that suit their wants. In addition information on the company’s operations should be passed to the consumers to ensure that they are updated with the general operations.  The corporation can thus focus on developing their product reputation in their market segments which will help in developing sales as well as consumer’s satisfaction.

Internal Process Perspective

This section will help the corporation in reducing expenses on the basis of production and marketing. In turn, the chain of supply efficiency, revenue generation, and the productivity level will be developed gradually (Niven, 2006). This can thus be accomplished through the implementation of training programs which are mainly focused on productivity and employees satisfaction.

Growth and Learning Performance Perspective

The perspective of development and learning is the section that handles the corporation’s inquiries of innovating, developing and learning in the quest of meeting its stated objectives.  The objective is more based offering increased motivation to the employees who are involved in   initiatives planning in conducting their duties to their best capabilities (Niven, 2006). This, therefore, requires the corporation  to  give the  experts  working in this area compatible salaries which match the market  standards which will  reduce  the turnover level  and increase satisfaction. Providing them with compensation and additional packages will allow them to develop more innovative ideas (Niven, 2006).  The abilities of the employees will be grown in the section of developing accurate and realistic thoughts that will directly benefit the organization.

Table: Balanced Volvo Mobile Scorecard

Perspective	Aim	Measures	Targets and initiatives
Financial	Increase consumer segment	Develop consumer share by 10%	Develop better communication n strategies.
	Develop  competitiveness
Consumer	Focus on consumers’ needs	Increase consumer satisfaction  by 15%	Provide high quality services and brands
	Provide consumer based products
Processes	Reduce  production cost	Increase productivity by 15% and reduce cost by 30%	Develop strategic procedures.
	Increase productivity
Learning And Growth	Increased satisfaction of employees	Increase satisfaction by 25%	Implement benefits and rewarding programs
	Reduce turnover rate

 

Conclusion

            For Volvo mobile developing a well-balanced scorecard will be useful for the business as it will permit it to conduct adequate measures to all the potential threats and openings.  Addressing the four measures of a scorecard will help the corporation in developing performance in a better way as all the sections of performance will be incorporated.  A good communication plan is therefore essential for the organization in increasing processes efficiency.  This will assist in developing profit, satisfaction of employees as well as of the consumers.

 

 

 

 

 

 

 

References

Kaplan, R. S., & Norton, D. P. (2000). The balanced scorecard: Translating strategy into action.             Boston, Mass: Harvard Business School Press.

Niven, P. R. (2006). Balanced scorecard step-by-step: Maximizing performance and maintaining             results. Hoboken, N.J: Wiley.

The Volvo Group. (2015). Annual and Sustainability Report. Retrieved from             http://www3.volvo.com/investors/finrep/ar15/ar_2015_eng.pdf