Balanced Scorecard is among popular performance evaluation frameworks that are used by various organizations. This platform was developed by prominent scholars Norton and Kaplan, who introduced it in 1990s. Today, the BSC is used in various companies and non-profit organizations. That is why lots of managers are looking for ways to balanced scorecard implementation

Often, companies start implementation of Balanced Scorecard without having a strategy. Unfortunately, this is a typical mistake. Lots of companies have the wrong concept of strategy. BSC is effective at evaluation of company performance in terms of strategy implementation. If there’s no strategy, nothing is measured. That is why, the first stage of implementing this framework is developing a good strategy. If you face difficulties in this regard, make sure you hire a competent consultant who will offer his/her knowledge and experience. However, bear in mind that company managers and sometimes employees should also participate in strategy discussion.

Secondly, it is imperative to choose a reliable application to create the BSC. Today, there are lots of apps which you can find on the net. Moreover, it is possible to find a free balanced scorecard solution. Of course, such software will have limited functionality, however, this is an excellent opportunity to learn the ropes of the Balanced Scorecard and start creating own scorecard projects from scratch. When looking for BSC software it is imperative to ask for a trial. Luckily, the majority of software providers offer trial apps for potential customers. As a rule, you will have 30 days to evaluate the application and decide whether or not this is the software you are looking for. Nowadays, web based apps gain popularity. So, this might be a good option for a company with lots of users. However, traditionally, desktop apps have more helpful features.

Thirdly, some companies fail to choose effective KPIs. Even the best BSC will fail to deliver excellent results unless it has informative and measurable KPIs. It is possible to create KPIs by yourself, or look for KPIs packages on the net. Bear in mind that choosing the wrong metrics is among the worst mistakes in BSC implementation.

Finally, lack of knowledge and experience with BSC causes many mistakes, especially at the initial implementation stages. Therefore, it is imperative to look for trainings, case studies and balanced scorecard template packages. This will help in learning the basics of Balanced Scorecard. Besides, it will be easier to design own projects and KPIs.