DESIGNING A STRATEGY MAP AND BALANCED SCORECARD

The initial steps for building the strategy map are primarily performed by the executive team. The first step is to agree on the vision, mission and strategic intent of the enterprise. The second is defining the strategic objectives. A strategy map defines corporate direction and aligns internal processes, strategic objectives, initiatives, key performance indicator (KPI) measures and target scores. The third step is mapping the interrelated strategic objectives with their cause and effect linkages by identifying the strengths, weaknesses, opportunities and threats [SWOT]. The fourth concerns defining initiatives to close the performance gap for each strategic objective and scale back non-supportive projects. Selecting appropriate strategic measures and cascading them to relevant parts of the organization is the fifth step. Actual KPI measures are collected and inserted into the scorecard. Identifying performance deficiency gaps, analyzing actual KPIs, and revising the actions plans are some other steps.