Balanced Scorecard

BALANCED SCORECARD

(BSC)

CONTENT

BALANCED SCORECARD

Balance d

Scorecar d

BALANCED

 A way of looking at your

organization, or your property, or your dept, in a WHOLISTIC way

FINANCIAL

To succeed financially, how should we appear to our shareholders?

CUSTOMER

To achieve our vision, how should we appear to our customers so

that we achieve our Financial goals?

INTERNAL BUSINESS PROCESSES

To satisfy our shareholders & our customers, what business processes must we excel in so that we are able

to achieve Customer & Financial goals?

ORGANIZATIONAL CAPABILITY

To achieve our vision, what competencies & attitudes must our people have so we can

improve our processes, deliver on our

service promise to our guests & achieve our financial goals?

BALANCED

SCORECARD

1 SCORECARD PER

PERSPECTIVE

Objectives Goals Initiatives Measure Champion Timeline

Financial Customer Int Business Process Org Capabiliti es

OBJECTIVES

 Your 1 – 3 year action statement  Always start with “To ... “

 Should be the significant differentiator that will make you different from competition

 This will set the tone for the clarity of your entire BSC

SAMPLE OBJECTIVES

 To be the preferred hotel for LSG’s (property level)

GOALS

 Your targets in numbers --- it clarifies your

objective

 Should be measurable

 Start it with a verb, i.e. “increase”, “decrease”,

“reduce”

 Using the word “maintain” means you’re not

SAMPLE GOALS

OBJECTIVE GOALS

To be the preferred hotel for

LSG’s Increase LSG’s by 10%

To retain high potential employees

Retain 90% of high potential employees

TIP ON GOALS

 How does it go from the big picture to the

small picture

 Be specific when you communicate the goals  Is the goal: Specific, Measurable, Actionable,

INITIATIVES

 HOW will we get there and where do

we focus our resources (people,

assets) in order to achieve our goals?

 What programs or action steps can you

OBJECTIVE GOALS INITIATIVES To be the preferred

hotel for LSG’s Increase LSG’s by 10% Create LSG programs To retain high potential

employees

Retain 90% of high potential employees

Create developmental plan for high potentials

MEASURES

 Where will you track/monitor the achievement of your goals?

 What reports will show this?

 You may use existing reports &

channels, i.e. P&L, TripAdvisor, or create new ones

OBJECTIVE GOALS INITIATIVES MEASURES To be the

preferred hotel for LSG’s

Increase LSG’s

by 10% Create LSG programs P&l

To retain high potential employees Retain 90% of high potential employees Create developmental plan for high potentials

CHAMPIONS

 Must be a position title

 Cannot use a Department or Unit  May use multiple positions of the

same title, i.e. Sales Managers, or different positions

OBJECTIVE GOALS INITIATIVE S MEASURES CHAMP To be the preferred hotel for LSG’s Increase

LSG’s by 10% Create LSG programs P&l DOSM

To retain high potential employees Retain 90% of high potential employees Create development al plan for high potentials HR Report HR Head

TIMELINE

 When expected to start

 If time Initiative is for a limited time, include start & end

OBJ GOALS INITIATI

VE MEASURE CHAMP TIME To be the preferred hotel for LSG’s Increase LSG’s by 10% Create LSG

programs P&l DOSM Q1

To retain high potential employees Retain 90% of high potential employees Create & discuss ind dev plan with high potentials HR Report HR Head Q2

SUMMARY

BALANCED

Look at your property or your

BALANCED

SUMMARY

SCORECARD

Look at your property or your

1 SCORECARD PER

PERSPECTIVE

Objectives Goals Initiatives Measure Champion Timeline

Financial Customer Int Business Process Org Capabiliti es

SUMMARY

 OBJECTIVES: what you want to be in 3 years

 GOALS: breakdown your

objectives into what is to be

achieved in 2016 & state this in measurable terms

A NOTE ON GOALS

 By breaking down this ambitious goal, we’re

making sure that everyone has a piece of that goal that they need to accomplish.

 It is important to show how your people are

going to help you in getting this goal accomplished

SUMMARY

 INITATIVES: Specific programs or

actions (“Cost Buster” Incentive

Program) that will help achieve your goal

 MEASURE: Which report will show the

SUMMARY

 Financial – how do you want to appear to your shareholders?

 Customer – to achieve your Financials, how should you appear to your (external &

SUMMARY

 Internal Business Processes – what business processes

should you excel in so that you can best serve your Customers & achieve your Financial objectives?

 Organizational Capabilities – what competencies & attitudes

must our people have so we can improve our processes, deliver on our service promise to our guests & achieve our financial goals?