Any search for business scorecards will bring up the balanced scorecard. However for many small businesses, the methodology may seem a little overwhelming and not particularly practical for a business with just a few employees. That’s why I advocate a simple balanced scorecard alternative to get you up and running with performance tracking.
When I came on board at SoYoung, it was clear that, other than the fact that sales seemed to be growing, there was a lot we didn’t know about how the business was doing. So, one of the first things I did was implement a balanced scorecard alternative – essentially a weekly reporting of major metrics – and a weekly review meeting.
A year and a half later, the scorecard is now one of our most valuable management tools, allowing us to identify issues in advance of them becoming crisis and solve them as a team. Over time this has created a momentum that has transformed the way we run the business, helping us to move from a reactive approach to proactively planning our growth.
Here’s a step by step of how you can get started with a business scorecard – including a free template to work from: