By Melissa Raffoni
Ask any CEO, “What is your company's strategy?" and I bet you’ll get a variety of answers depending on that person's definition of the word strategy – ranging from Michael Porter’s classic teachings on the “barriers to entry","differentiation", and "focused trade-offs"...to Webster's basic definition of simply having a plan to achieve a particular goal.
Define it as you will, my intent in this post is to encourage you to go beyond the definition and understand the importance of building a Strategic Scorecard to support your strategy.
What is a Strategic Scorecard? It's a document—a communication tool —that clearly lists carefully articulated strategic goals with associated measures of success and accountable owners.
Ideally, a Strategic Scorecard is:
- On one page
- Built through the collaboration of the company's leadership
- Focused on strategy not the day-to-day business operations or "business as usual" activities
- Clever, unique and grounded in solid strategic principals aimed at helping the company to succeed in the market
- Worked on with regular cadence during a dedicated strategy meeting
What can it do for you? A Strategic Scorecard accomplishes a lot of objectives, but three important ones include:
1) It acts as one of the tools for building alignment and agreement amongst your company's leadership and appropriate level of staff.
2) It provides a basis for communication, reflection and problem solving, inspiring questions like…Did we get the Strategic Goal right? Why are we not on track? What do we need to do differently to get on track? Should we double down?
3) It brings rigor and discipline to teams, helping them to focus on "working on the business" in the midst of their busy day-to-day work lives.
Creating a strong Strategic Scorecard can be a challenge for teams, but it is well worth the effort. It's key to remember that the use of the Scorecard is just one piece of building in an on-going and evolving planning, communication, and accountability process that will help your team to be more effective.
If the effort put in to created your Scorecard is solid, your outcome will be a clearly aligned and motivated team, a higher probability of execution success, and most importantly—stronger business results.
Read my colleague Ed Barrows' article, How to Improve Your Strategic Scorecard, to take the next step.
- Jun 6, 2019 Ready for Next Level Biz Dev? Try Some Positive Psychology Jun 6, 2019
- Jun 5, 2019 7 Things Every New CEO Should Do Out of the Gate Jun 5, 2019
- May 1, 2019 Do You Have Restless CEO Syndrome? May 1, 2019
- May 1, 2019 CEO, How Good is Your Sales Organization? Take this 6-Point Test May 1, 2019
- March 2019
- Feb 28, 2019 Are You An Engaged CEO Champion? Ask Yourself These 3 Questions Feb 28, 2019
- Feb 28, 2019 5 Signs It's Time to Make a Change to Your Exec Team Feb 28, 2019
- Jan 30, 2019 6 Key Practices of Companies with Award-Winning Cultures Jan 30, 2019
- Jan 30, 2019 How to Make Sure Q1 Doesn't Get You Down: Focus First on Yourself, then on Your Company Culture Jan 30, 2019
- December 2018
- Nov 26, 2018 Are You a Graceful CEO? Nov 26, 2018
- Nov 7, 2018 9 Steps for an Eye-Opening Assessment of Your Leadership Team, Strategy, and Strategic Planning Process Nov 7, 2018
- Nov 5, 2018 Are You Tracking Projects or Tracking Results? Tell the Truth. Nov 5, 2018
- Oct 15, 2018 Does Your Leadership Team have High Executive Function? Oct 15, 2018
- Feb 20, 2018 Finding the Sweet Spot Between Inspirational and Operational Leadership Feb 20, 2018
- Jan 8, 2018 Top 7 CEO Personal Development Goals for the New Year Jan 8, 2018
- Nov 21, 2017 Smoother Sailing Ahead for CEOs Who Stay at the Helm of these 5 Core Responsibilities Nov 21, 2017
- Oct 3, 2017 Why You Should STOP Thinking about Cascading Goals to Your Organization Oct 3, 2017
- Jun 19, 2017 5 Essential “To Dos” for Every CEO’s Summer Plan Jun 19, 2017
- Jun 5, 2017 Preparation Makes Perfect: 5 Tips for Preparing for Your Strategic Planning Session Jun 5, 2017
- Jun 1, 2017 Strategic Planning: Why Start with A CEO Presentation? Jun 1, 2017
- Sep 2, 2016 6 Reasons Why Traveling for Pleasure Will Make You a Better CEO Sep 2, 2016
- Jun 29, 2016 The CEO's Role in Managing Culture: Do What You Believe in Most Jun 29, 2016
- Apr 21, 2016 CEOs share the top 15 REASONS they make time for a CEO Peer group Apr 21, 2016
- Nov 10, 2015 2015 CEO Collective Retreat Recap Nov 10, 2015
- Jul 22, 2015 5 Mistakes Even the Best CEOs Make Jul 22, 2015
- May 4, 2015 At the Heart of The Matter: 6 CEOs Share What They Love Most About Their Jobs May 4, 2015
- Mar 24, 2015 How to Improve Your Strategic Scorecard Mar 24, 2015
- Mar 24, 2015 What a Strategic Scorecard Is and Why You Should Care Mar 24, 2015
- Nov 20, 2014 CEOs “Find Their Tribe” at the Raffoni Group’s 9th Annual CEO Collective Retreat Nov 20, 2014