Florals Inc. is a specialty fabric store that services customers in the market for unique fabrics and patterns. They have an online presence and do not have any intention of opening a brick-and-mortar location, but they would like to increase sales over the next year. They have a small group of shareholders and are compiling information together so that they can set goals for the next fiscal year. Management would like to formulate a comprehensive plan within the next month. They have enlisted the assistance of department heads from across the organization. Please answer the following questions.
a. What are the four perspectives of a balanced scorecard? Describe the general rationale for each.
b. Provide one objective, initiative, measure, and target for each perspective in this scenario, and explain whether or not these perspectives must all be linked?
c. What advice could you give to management about the goals and objectives you provided in part b, and are there any additional tools management could use to augment their balanced scorecard when setting company strategy?

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The Answer of Florals Inc. is a specialty fabric store that services customers in the market for unique fabrics and patterns. They have an online presence and do not have any intention of opening a brick-and-mortar location, but they would like to increase sales over the next year. They have a small group of shareholders and are compiling information together so that they can set goals for the next fiscal year. Management would like to formulate a comprehensive plan within the next month. They have enlisted the assistance of department heads from across the organization. Please answer the following questions.
a. What are the four perspectives of a balanced scorecard? Describe the general rationale for each.
b. Provide one objective, initiative, measure, and target for each perspective in this scenario, and explain whether or not these perspectives must all be linked?
c. What advice could you give to management about the goals and objectives you provided in part b, and are there any additional tools management could use to augment their balanced scorecard when setting company strategy?