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Balanced Scorecard is a strategic management and measurement system developed at the beginning of the 1990s by David Norton, co-founder of the consulting company Renaissance Solutions, and Robert Kaplan, the Marvin Bower Professor of Leadership Development at Harvard Business School. The system tries to provide a comprehensive and balanced business view by measuring and analyzing a range of key performance indicators. David Norton and Robert Kaplan made an analogy that compares running a corporation to flying a plane. The pilot must take in consideration and utilize all the information contained in the cockpit, and not relying only on a single dial.
Kaplan an Norton also suggested that four elements need to be balanced:

• The learning and growth perspective, where companies must ask whether they can continue to improve and create value;
• The business process perspective, where companies must ask what it is that they must be great at;
• The customer perspective, where companies must ask how customers perceive them; and
• The financial perspective, where companies must ask how do they look to shareholders.

Focusing attention and measures on these dimensions is crucial for companies to become driven by their long-term vision and mission rather than by short-term financial performance.

Balanced Scorecard is not without any criticism. Although most of these objections are answered and solved, the rise of alternatives and better systems is inevitable. One of the better alternative is Applied Information Economics that seems to be much more sophisticated and yet takes slightly less time to utilize. Balanced Scorecard, however, is still much more widely used.

The following is an Excel Balance Scorecard template which contain of:

• Financial Metrics
• Customer Metrics
• Internal Business Process Metrics
• Learning and Growth Metrics

Download
Very Handy Balanced Scorecard Template (.zip 14kb)

There are many programs that make Excel even more useful, such as a PDF to Excel converter. If you work with documents frequently, a PDF converter would be a good investment. You’ll be able to convert PDF to Word, Doc and Excel with one simple program.

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