Formalize Business Mission and Vision Using KPI Scorecard
Mission, Vision and Values serve as a foundation on which the structure of a business enterprise is laid and these are later broken down into straight forward objectives and goals.
With the help of KPIs one can easily judge the appropriateness and relevance of mission, vision and values of the business both in terms of financial and non-financial scale.
Business- Mission/Vision/Values KPIs can be broadly categorized under four perspectives- Strategic Intent, Shareholder Value Perspective, Customer Value Perspective and Other Stakeholder Value Perspective.
Strategic Intent provides the intellectual and emotional energy to the business. It incorporates KPIs such as relevance of sense of direction, relevance of sense of discovery, appropriateness of challenges and empowerment of workforce.
Shareholder Value Perspective takes into consideration such as % growth in dividends, % rise in economic profits, maintenance of market based relations with stakeholders and relevance of self-interest.
Customer Value Perspective talks about KPIs like quality level of products and services, development of core competencies, degree of responsiveness and relationship management.
Other Stakeholder Value Perspective consists of KPIs in the form of fulfillment of joint interests, level of trust with employees, level of trust with external environment and the business, relevance of social responsibility and coordination among the interested parties.
Why do business professionals choose ready-to-use KPIs?
Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
- Can a business professional research KPIs on his own?
- How do I avoid typical problems with KPIs?
- Is ready-to-use KPI applicable in my niche?
- Is KPIs' price affordable?
- Can KPIs can be easily integrated in any business environment?
- How can KPIs make the difference to the business?
How to align these KPIs with a strategy of our organization?
Ideally, you need to have a strategy (in a form of a strategy map) before you start thinking about the ways to measure its execution (KPIs).
Don't have a strategy map yet? Use free Strategy Map Wizard to create a strategy map for your current business challenges. The wizard will:
- Ask you several questions to organize your ideas
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- Build a professional strategy map for you
The whole process takes on average 6 minutes. Give it a try right now - it's free.
What are the benefits of /solutions/business_mission_and_vision_excel.htm metric:
- KPIs in this category will make it possible to measure the relevance of mission and values to current situation in the market.
- Relevance of mission and values is often calculated exactly the way the strategy is assessed, i.e. through assessment of increase in dividends and price per share.
- Relationship management and developing great relations with customers are also part of the vision evaluation.
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More ideas on using /solutions/business_mission_and_vision_excel.htm KPI
Business mission and vision of any organization are often viewed by operational staff as something that is too 'distant' for them. This is to say that those people do not easily relate to the statements stated under these captions. However, several studies have proved that greater is the understandability of the strategic goal to the employees from lower-level, more is the chance of attempts getting coordinated in the group.
Consequently, there exists an obvious need of spelling the goal 'easy-to-grasp' manner to all employees. A business mission and vision scorecard helps in this direction by communicating the objective in clear terms to the deserving people.
One can put down the areas that count in the form of indicators to be tracked and followed. This makes the job much easier as one can just compare the 'desired' and 'actual' state in the shape of numbers and values thereby making the air clear and making it possible to run after 'useful and analytical aims and purposes'.
By collecting the indicators for following a statistical approach, one can leave the job of tracking to this set and heave a sigh of relief, when it comes to mission and vision for the business.
More useful information for Business Management Estimation
Business Mission and Vision Evaluation Balanced Scorecard Screenshots
Metrics for Business Management Estimation
This is the actual scorecard with Business Mission and Vision Indicators and performance indicators.
The performance indicators include: business mission and vision, strategic intent, relevance of sense of direction, relevance of sense of discovery, appropriateness of challenges, empowerment of workforce, shareholder value perspective, % growth in dividends, % rise in economic profits, maintenance of market based relations with stakeholders, relevance of self-interest, customer value perspective, quality level of products and services, development of core competencies, degree of responsiveness, relationship management, other stakeholder value perspective, fulfillment of joint interests, level of trust with employees, level of trust with external environment and the business, relevance of social responsibility, coordination among the interested parties.
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