Ryan Windsor Column: How balanced is your business?
- Credit: Eastern Daily Press © 2015
Often in business we have so much going on that it is hard to retain a comprehensive overview of all necessary tasks, keep track of them and get stuff done.
As a result, we often do not achieve what we set out to do.
This situation is most often encountered in small organisations and businesses in the start-up phase, or a few people are ‘Jack of all trades’ and take care of a variety of responsibilities.
To improve this situation and make sure that all your efforts lead to the continued growth and sustainability of your business, you really have to get organised very early on - that is easier said than done.
However, there are several tools that can support you very efficiently to stay on track.
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One such method, the one I in particular want to introduce you to here, is the Balanced Score Card (BSC).
The BSC is a tool to aid and support your businesses strategies, it is simple to use and focuses on the following four areas; internal business processes, financial, customer, and learning and growing.
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It is important to review, and reflect on these areas on a regular basis.
By doing so you will be able to spot which areas may need tweaking, support or investment. Furthermore the tool reminds you to continuously keep the customers, employers and stakeholders in mind.
Practically, at each stage of business development, BSC encourages you to ask yourself some important questions.
Asking the questions and keeping track of them ensures that you keep focus on what really matters and helps you to formulate targets and initiatives to reach the objectives.
A very important aspect, which is very well implemented in the BSC tool, is defining who in the organisation is taking responsibility for which tasks
Communicating a clear vision on this aspect will both empower your staff and create a sense of trust and ownership.
By planning what should be done, by whom it should be done, and measuring whether objectives are met, you can be sure you will be on task more and on track to a continuously improving company.
Times columnist and entrepreneur Ryan Windsor is the director of Windsor Properties. Email email@example.com with your questions.