Business leaders have learnt at their expense that focusing individually on revenues, costs or market share will not achieve the desired results. Success in doing business is not just a matter of making profits, reducing costs, gaining market share or expanding geographical markets. In a fast-changing world, the key in the business game lies in one's ability to effectively manage performance in a comprehensive and holistic manner.

The stakes have never been higher and yet many a business has either adopted the wrong approach or is simply overwhelmed and unable to cope. The importance of the objective-setting and strategy formulation processes cannot be overemphasised. However, research has shown that the real issue is not so much about bad strategy, as one may tend to believe, but is rather the failure to translate strategy into reality.

Balanced scorecard
The balanced scorecard is the management approach, which purports to close the gap between strategy and its execution. The information maze fuelled by information technology on one hand and the profusion of management practices on the other hand, renders the tasks of business leaders a very tall order indeed. Building on the existing strength of traditional financial measures, which provide valuable information on past performance, the balanced scorecard also targets leading indicators on the customer, internal and organisational perspectives, which are the drivers of future profitability. This approach is forward-looking and promotes the communication of corporate vision throughout the organisation towards ensuring strategic alignment.

Our approach
Since the balanced scorecard is a top-down process, we shall, first of all, secure top management's commitment to champion and drive the process. The close involvement of key personnel at all stages of the project execution is the cornerstone of our approach.

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Though balanced scorecards will, for obvious reasons, vary from one organisation to the other, the key steps in its implementation are:

Obtain commitment from top management;
Define and refine corporate strategy;
Establish performance metrics;
Promote enterprise-wide communication and monitor the metrics.

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