Casual Chains and Strategy
|Financial||Growth||Return on assets||The corporation|
|Client||Market share||Capacity application||Global market|
|Internal||Improve industrial capability||Employee turnover||Production employees|
|Learning||Developing processing skills||Number of client complaints|
Having a balanced scorecard of a company translates a corporation’s strategy and mission into a very comprehensive set of performance processes. It is a record that outlines understandable and simple details of a company plans as well as ways in which the plans will be implemented.
The balanced record approach is additionally a very useful tool and it is widely used in many organizations for identifying strategic achievement plans. In this relevance, it outlines missions as well as stratagems of the Coca Cola Company (Kaplan, 1996).
A balanced record is also made of different constituents that are very independent to any business. The factors drive forward the organization’s strong establishment and profit making in the market. These factors are additionally the financial factor, that deals with the expectations of stakeholders and finance in the company (Niven, 2010).
Client perspective is the second factor. This is a factor that outlines how a company can prosper and shine in the market by satisfying the needs of clients.
Internal perspective is the third factor. It is a factor where interrelations in the company between the workers and the management are well outlined.
Learning perspective is the third factor where daily upcoming factors are outlined (Kaplan, 1996).
The financial aspect of having a balanced record as clearly outlined above explains actions and expectations of stakeholders. The financial aspect outlines the objectives of the company financially in the first explanation on the Coca Cola Company. In the corporation, price recovery, growth and production diversity are some of its objectives.
One of the Coca Cola’s growth objectives is to expand its operations and branches globally. The company also wishes to fix its prices to favor its clients as well as its production zone. It also wishes to have diverse products to suit the needs of its clients. It therefore, takes actions and hits targets in the objectives as outlined in the balanced scorecard to ensure success of the Coca Cola Company (Kaplan, 1996).
Consumer perspective which is the second factor is a very crucial pillar when it comes to business growth. Consumers bring in income; therefore, their reactions and actions must be set on a platform to ensure success.
In the company, the balanced score card reveals that the main objectives in the given perspective includes having a large market share to ensure that clients are satisfied and for the company to be assured of client retention (Kaplan, 1996). It also wishes create more time to listen to the requests of clients and find ways of fulfilling their needs. This can be achieved successfully by ensuring good relations of relevant departments in the company.
Internal relations factor is additionally a very crucial factor that determines success in the company. Internal relations in any corporation are imperative. They determine working conditions and environment of the staff. It is a factor that also determines workers output in the corporation as outlined in the balanced scorecard (Niven, 2010).
Staff manufacturing capability should be enhanced and delays in delivery to clients should also be reduced. Additionally, delivery date should be clearly specified to alert employees and clients to plan their schedules. By doing so, unifying of workers and client interests helps to promote success of the business (Kaplan, 1996).
In every corporation, there is always development of resources on daily basis. To enhance this kind of development, every company sets up a program to educate and promote its workers based on any beneficial and upcoming program. In the Coca Cola, such perspectives often include developing the power skill, including other efficient and upcoming methods of processing and manufacturing.
Coca Cola also wishes to empower its workforce by equipping them with skills in upcoming developments. Finally, it includes updating its employees of any changes in its information systems program (Kaplan, 1996).
The company’s scoreboard also reveals the company’s history as well as its development. It also analyzes its development factors and its effects. In the scorecard, the company takes it as a clear reference to realize its goals. It communicates the messages to people inside and outside the corporation.
The scorecard also outlines the company’s financial objectives therefore, enhancing its success. The Coca Cola management also takes very crucial initiatives to facilitate the scoreboard and to ensure its viability (Kaplan, 1996).
The scorecard is additionally well associated with platforms and strategies of the Coca Cola Company. The strategies of the company outline its capabilities and opportunities. This becomes a turning point for the company enabling it to steer forward in the market place.
The company also employs the strategies in learning market approaches and in creating a market territory in beverage business. They also open up the company to advances and monetary industry. This helps to promote the corporation’s revenue through shareholding.
Selling its shares to the public also earns the company huge profits. The strategy platform additionally opens up the Coca Cola Company to diverse products thus, enabling the company to promote its sales (Kaplan, 1996).
Kaplan, R. S. (1996). The Balanced Scorecard: Translating Strategy into Action. Cambridge, MA: Harvard Business Press.
Niven, P.R. (2010). Balanced Scorecard Step-by-Step: Maximizing Performance and Maintaining Results. Canada: John Wiley and Sons.