Last week, I was part of the balanced scorecard exercise conducted at my workplace. Since it is a startup so this was the first time such exercise was being done. Here is how the process worked out and things I could grasp:
1. Balanced scorecard had 4 broad heading. - Finance, Process, Customers, Learning
2. Define KRAs [Broad goals in words], Metric [how to measure the progress on those goals], Targets [actual targets].
3. Work with the CEO and define KRAs under each of these broad heading and respective metrics and targets. These KRA are overall company priorities for the year.
4. Now, based on these, understand which other teams in the company will support in achieving each overall company KRA. This way, organizational priorities can trickle down to each team in the company.
We did the exercise till here now, it took us approximately 4 hrs for this work. From here we hope to do this (expected time = 20 hrs):
1. Identify all the teams in the company.
2. See which company goals do these teams contribute to. Apart from this, there will be some others and deeper goals each team will pursue.
3. Assign targets and % weights for each of these.
4. After teams, in a similar manner, this will drill down to each person in the organization.
