Miguel works at LoftCo, Inc., and has been asked to help lead the development of the company's new balanced scorecard. He and his multifunctional team developed strategic objectives and performance metrics for each of the four perspectives. This work constitutes the complete set of steps in developing a BSC performance management system.

Question

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Developing strategic objectives and performance metrics for each of the four perspectives (financial, customer, internal process, and learning and growth) is a crucial part of creating a Balanced Scorecard (BSC). However, the complete set of steps also includes translating the vision into operational goals, communicating the vision and linking it to individual performance, business planning, feedback, learning, and adjusting the strategy accordingly.

Miguel Works at LoftCo, Inc