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Bsc englisch verkürzt-sofia 1104
 

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    Bsc englisch verkürzt-sofia 1104 Bsc englisch verkürzt-sofia 1104 Presentation Transcript

    • How to improveFuture with the BSCStrategy development and implementation with the Balanced Scorecard [BSC] © Friedag 2011 1
    • They must often change who would be constant in happiness or wisdom. ___________________ Confucius © Friedag 2011 2
    • Dr. Herwig R. Friedag Born in 1950, graduate economistindependent consultant specialising in: Implementation of the Balanced Scorecard in companies Practice-orientated Balanced Scorecard workshops Member of the public relations board of the ICV Lecturer at the Humboldt University BerlinHobbies: moving in nature, volleyball, sailing Dr. Herwig R. Friedag Friedag Consult Beskidenstr. 33, D 14129 Berlin Fon +49 30 80 40 40 00 Fax +49 30 80 40 40 01 consult@friedag.com www.friedag.com © Friedag 2011 3
    • Publications 2003 2004 20011999, 2000, 2002 2009 2000, 2002, 2004 2002, 2003, 2005, 2011 Total number of copies > 75.000 in CZ, D, FIN, PL, RUS 2005 © Friedag 2011 4
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 5
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 6
    • We want, we have to prepare for our future, even though it is not a 100% controllable !„Whatever will be, will be“;nonetheless, we can, we have to do something today for the future.Therefore, we should at least meet the requirements of the future or better: set standards or even: try to influence the changes in society © Friedag 2011 7
    • Why could a BSC make sense for your company? We achieve joint objectives We translate strategies into action By communication we achieve thinking, responsibility, objective- orientated action of our employees and partners We assure sustainability of our company © Friedag 2011 8
    • Is the BSC sensible for our company ?52% of the Germans have secluded with their employer.Responding to the question in a representative study, whether they wouldpresumably be working at their current company next year, theyanswered:„No way - as soon as I find a job in a different company, I will be leavingthe firm!"Source: Financial Times Germany, June 02 2004, page 2 © Friedag 2011 9
    • Requirements to start the process of strategyimplementation Willingness for change Reduce Blame-Culture – learning to learn from mistakes: “no mistake is the biggest mistake” Willingness of management to work out and discuss strategic objectives A strategy ! © Friedag 2011 10
    • The future has many names.For the weak, it is the unreachable.For the fearsome, it is the unknown. For the brave, it is the chance. ___________________ Victor Hugo © Friedag 2011 11
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 12
    • StrategyWhat is the strategic objective of a company/an organisation? The basic strategic objective is that of securing the sustainability of a company/organisation. Sustainability can be achieved only on the condition that all relevant stakeholders can benefit from it.This includes antithetic interests and conflicts which contribute to the dynamic development of an organisation. Consequently the objective of a strategy is that of generating a dynamic equilibrium of the benefits which can accepted by all the relevant stakeholders. © Friedag Friedag 2011 2008 © / Lewandowska 13
    • Strategy as part of a holistic management Strategy Result Finance Assets . liabilities D FA Equ G P WC Dbt Logic of the decision Logic of the tools Potential planning Profit planning Finance planning with e.g. with e.g. with e.g. Balanced Scorecard Contribution margin Free Cash Flow- etc. accounting etc. accounting etc. Controller as a Strategy Controller as a mediator Controller as a manager of the moderator / consultant between internal and stakeholder interests external accountingStrategic potentialities as input-parameters for results and finance/liquidity;the Balanced Scorecard as tool to work out and implement the company„sstrategy. 14
    • What is strategic, what is operational ? short-term ? to do ? long-term ? Expenditures strategic operationalto do nothing ? develop Potentials exploit Possibilities Marketing + Orders / Sales Develop capacities competencies Use capacities Quality potential Quality assurance HR competences Employee engagement Investor Relations Safeguarding liquidity Partnership Partner engagement Accrual of potentials Accrual of money © Friedag 2011 15
    • Aspects of the development of potential financial orientation by motivation for x x x time resources resources objectives implementation economic force © Friedag 2011 16
    • Kaplan/Norton Balanced Scorecard: translate strategy into action!Only the one who possesses a strategy, can implement it.Therefore: The one who wants a Balanced Scorecard has to start with the strategy! © Friedag 2011 17
    • How do we proceed ? Vision* Closeness => Bearing business idea Corporate Policy Orientation Mission* Strategy- Tasks - strategic challenge development Business model Reporting Scorecard Strategic House Strategy- Balanced Scorecard Strategic implemen- projects tation running business middle term planning / Budget / Strategy- Profit / Liquidity Use (Integration in the 18 management cycle)* long-time
    • Example: Vision & Corporate Policy Orientation Company producing rear-view mirrors for cars the “vision” of this company: the leading car-manufacturers are our clients the “Corporate Policy Orientation”: target-year: 2020 Turnover: from 750 Mio € to 2.500 Mio € profit-margin: 7% 19
    • Exercise: decisions to be made Please decide which company could be the “target” of our work What could be the (long-time) “vision” of this company? What is the “Corporate Policy Orientation”: target-year Turnover profit-margin  You have 30 minutes time ! 20
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 21
    • What is a Balanced Scorecard ? objective: subjective: What objectives and What are we ready to tasks do we want to do and will we take commit ourselves to? over the responsibility? The Balanced Scorecard is a universal tool to align the acting of a group of people toward a joint objective. © Friedag 2011 22
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) VII. Organize II. Develop strategic learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 23
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 24
    • I. Identification of objectivesStrategic starting point: our business model Who is our customer ? Target persons What are the needs of our customer? Core need How can we find a cost-covering solution for that? Core competence How can we be better than the competitors? Uniqueness © Friedag Friedag 2011 2008 © / Lewandowska 25
    • Example: business model & strategic challenge Our business model Target-customer: the three technical-leading car-producer Core need: distinctive rear-view mirrors Core competence: specific mirrors in all quantities/specifications Uniqueness: innovation on highest performance And then: Our strategic challenge: to have the most innovative developments 26
    • Exercise:business model & strategic challenge Please name in a few words the four aspects of the business model for our example-company What will be the strategic challenge to be achieved  You have 30 minutes time ! 27
    • goals we want to realise in the next future What we focus on the implementation of the strategy ? What will be our strategic period? Vision* What do we want to achieve in this period ? (a “milestone“ of the vision) Mission Statement Strategic message: How do we want to be seen after this period ? Key indicator How can we recognise that we are successful? * “Vision” from now on will be the main goal for the next two or three years 28
    • VisionWhat do we want to achieve ? The vision is destined for our company„s employees. It matches our values that are exemplified through our own life. We are becoming technological market leader © Friedag 2011 29
    • Mission statementWhy shall people be our customers ? The mission statement aims at the memory of our potential customers / partner. With the mission statement we raise expectations that we have to meet. We are worldwide leading innovative supplier of rear-view mirrors. © Friedag 2011 30
    • Leading indicatorOne key figure for the company What shall be the most important criteria that subordinates all strategic decisions? How do we want to measure that ? With the leading indicator, we concretize our joint orientation Leading indicator: number of jointly (with customers) developed innovations © Friedag 2011 31
    • Agreement on objectives vision mission statement worldwide leading innovative supplier of rear-view mirrors We are becoming technological market leader number of jointly (with customers) developed innovations leading indicator © Friedag 2011 32
    • Exercise: goals for the next future What could be for our company the 1. strategic period 2. mission, 3. vision and the leading indicator  You have 30 minutes time ! 33
    • When there is no agreement in principle, then it is senseless to scheme. ___________________ Confucius © Friedag 2011 34
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 35
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 36
    • II. Developing the strategic action frame Vision: We will become technological market leader Mission statement: Worldwide leading innovative supplier of rear-view mirror Leading indicator: Number of jointly (with customers) developed innovations Which potentials do we have to jointly develop so we are able to face the imponderables of the future better than the competitors can do it?  Which tasks do we have to fulfil, in order to achieve our vision?  strategic topics  Which potentials do we have to develop in order to achieve our vision?  development areas (perspectives) © Friedag Friedag 2011 2008 © / Lewandowska 37
    • Strategic topics we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective higher revenue image extension of local presence strategic topic extension of sales jointly developed entry into chinese dept. innovations market Indicator sale potential # of projects trade volume customer retention Customers new contracts dedication Perspectives Perspectives employees CIP-Groups reliability what shall we do now? processes error ratio (ppm) reliability partners audits cost consciousness fin. & controlling Cash Flow © Friedag 2011 38
    • Perspectives for the stakeholder we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective extension of local higher revenue CIP = continuous extension of sales image presence strategic topic jointly dev. innov. entry into chinese improvement dept. sale potential # of projects market Indicator trade volume Customer retention process Customers New contracts dedication Perspectives Perspectives employees CIP-Groups With whom and for whom do we intend to do it ? reliability Partners Audits Cost consciousness fin. & controlling Cash Flow © Friedag 2011 39
    • Our strategic frame we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective higher revenue image extension of local presence Strategic topic extension of sales jointly developed entry into chinese dept. innovations market Indicator sale potential # of projects trade volume Customer retention Customers New contracts dedication Perspectives Perspectives employees CIP-Groups Reliability Partners Audits Cost consciousness fin. & controlling Cash Flow © Friedag 2011 40
    • Exercise group 1: Strategic topics What are the two main tasks (services, products, changes) that we have to devote ourselves to in order to achieve the vision in the near future ? For each topic, define an objective and an indicator with which we can measure the achievement Less is more ! Recommendation: less than 5 strategies  You have 30 minutes time ! 41
    • Exercise group 2: Perspectives of the stakeholder Who are the relevant stakeholders ? How can we motivate our stakeholders to aim at our strategic topics? Define for each perspective an objective and an indicator, which measures the degree of achievement Less is more ! Recommendation: maximum of 6 perspectives  You have 30 minutes time ! 42
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 43
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 44
    • Kaplan/Norton Translate strategy into action!It is only through the concrete, daily actions of all the employees in acompany that potentials can be developed . © Friedag Friedag 2011 2008 © / Lewandowska 45
    • III. Objective-oriented actions - the OAI-principle Strategic topics Development areas (perspectives) Objective Action IndicatorCheck if every action matches the strategic topics and the development areas (perspectives)! © Friedag Friedag 2011 2008 © / Lewandowska 46
    • Define objective-orientated actions we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective higher revenue image extension of local presence Strategic topic extension of sales jointly developed entry into chinese dept. innovations market Indicator sale potential # of projects trade volume Customer retention Customers Objective: create enthusiasm at the customers New contracts dedication Action: customer visits approx. 8 weeks after first Perspectives Perspectives employees delivery: „Any problems ?" CIP-Groups Indicator: number of visited customers reliability Partners Audits Cost consciousness fin. & controlling Cash Flow © Friedag 2011 47
    • Create objective-orientated actions we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective higher revenue image extension of local presence Strategic topic extension of sales jointly developed entry into chinese dept. innovations market Indicator sale potential # of projects trade volume Customer retention Objective Objective Customers Action Objective Action Objective Objective New contracts Action Indicator Indicator Action Action Objective Objective Indicator dedication Objective Indicator Objective Indicator Action Action Action Action Perspectives Perspectives employees Indicator Indicator Indicator Objective Objective Indicator Action CIP-Groups Action Objective Objective Indicator Indicator Action Action Objective Objective Indicator Indicator Action Action Objective Indicator Objective Indicator Objective Action Action Reliability Objective Action Indicator Indicator Objective Partners Action Indicator Action Indicator Audits Objective Objective Indicator Objective Action Action Objective Objective Action Cost consciousness Indicator ActionObjective IndicatorAction Objective Objective Indicator fin. & controlling Indicator Objective Action Action Indicator Action Action Cash Flow Indicator Indicator Indicator Indicator © Friedag 2011 48
    • So many OAI´s © Friedag Friedag 2011 2008 © / Lewandowska 49
    • For each development field of the company there have tobe developed actions supporting the achievement of thegoals.Example: customers Objective: awake enthusiasm among customers S 1 Action: customer visits approx. 8 weeks after first delivery: „Any problems ?" Indicator: number of visited customers © Friedag Friedag 2011 2008 © / Lewandowska 50
    • Exercise: Objective-Action-Indicator What exactly do we have now to do to achieve our our strategical goals in 2010: 1. Objective 2. Action 3. Indicator All three points please on one moderation-card – readable written  You have 30 minutes time ! © Friedag Friedag 2011 2008 © / Lewandowska 51
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 52
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 53
    • IV Implement strategic projects we are becoming technological market leader worldwide leading innovative supplier number of jointly developed innovations objective higher revenue image extension of local presence Strategic topic extension of sales jointly developed entry into chinese dept. innovations market Indicator sale potential # of projects trade volume Customer retention Objective Objective Objective Customers Action Objective Action Project Objective Objective New contracts Action Indicator Indicator Indicator Action Action Objective Objective IndicatorObjective Objective dedication Objective Indicator Objective Indicator Action Action Action Project Action Project Perspectives Perspectives employees Indicator Indicator Indicator Objective Indicator Objective Indicator Action CIP-Groups Indicator Action Objective Objective Indicator Indicator Action Action Objective Objective Project Objective Indicator Indicator Action Action Indicator Objective Indicator Indicator Objective Objective Action Objective Objective Objective Action Reliability Indicator Project Objective Project Action Indicator Partners Action Indicator Indicator Action Indicator Indicator Audits Objective Objective Indicator Objective Objective Action Objective Action Objective Cost consciousness Action Indicator Action Indicator Project ActionObjective Objective Objective Indicator fin. & controlling Indicator Objective Action Action Indicator Indicator Action Action Cash Flow Indicator Indicator Indicator Indicator © Friedag 2011 54
    • Projects supporting the implementation of BSCThe most important things: Don„t look for perfect solutions! Delegate responsibilities and competences, demand and support consequence! Organise the things that can be already done. The sooner the first success appear, the greater the acceptance of Balanced Scorecard will be. Let us start, there‘s a lot of work ahead of us! © Friedag 2011 55
    • … and organize active doing having objectives only is not enough – we have to want to do it ! assign clear responsibilities achieve early wins develop adjuvant rituals train consequent leader behaviour pay attention: time is a critical resource - time cannot be stored - each process needs sufficient timing - point in time as important as the period of time © Friedag 2011 56
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 57
    • V. Reporting components of the BSC Leadership-Scorecard Reporting-Scorecard strategic and strategic and operational operational Indicators of indicators indicators Project- the BSC- for internal for external indicators house control reporting © Friedag 2011 58
    • Reporting with the Leadership-Scorecard– what do we do ? © Friedag 2011 59
    • Reporting - ScorecardMain corporate indicators(Development and exploitation of potentialities) Development of potentialities Exploitation of potentialities © Friedag 2011 60
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) II. Develop strategic VII. Organize learning process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 61
    • VI Arrange the BSC into the process of leading Sustainable success of the organization Acting Team objectives Reporting- Scorecard Operational objectives Leading- Scorecard Strategy Transparency © Friedag 2011 62
    • Arrange the BSC into the leading processLive the Balanced Scorecard ! Integrate all employees - What divisions are relevant strategically ? - Where are different approaches needed in order to achieve the vision ? - Set a main focus - Develop and integrate a communication concept - Use indicators to control - Establish the Balanced Scorecard in the reporting - What can be dispensed in the reporting ? © Friedag 2011 63
    • Diffusion of the BSC into the company Wir steigen in die Liga auf Identifikations-Verein für die Region Wir steigen in die Liga auf Tabellenplatz Identifikations-Verein für die Region Tabellenplatz Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Strategische Nachwuchs- Mitglieder- Merchandising / Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Themen förderung Wachstum Branding Strategische Nachwuchs- Mitglieder- Merchandising / Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Themen förderung Wachstum Branding Engagement Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Spieler Engagement Trainingspunkte Spieler Entwicklungsgebiete Trainingspunkte Entwicklungsgebiete Image Fans Image Fanclubs Fans (Perspektiven) Fanclubs strategic (Perspektiven) Qualifikation operational Mitarbeiter Qualifikation Fortbildungsquote Mitarbeiter Kontakte Fortbildungsquote Region Kontakte Treffen Region Bonität Treffen Investoren Bonität Innenfinanzkraft Investoren Innenfinanzkraft contribution Wir steigen in die Liga auf Identifikations-Verein für die Region Wir steigen in die Liga auf Tabellenplatz Identifikations-Verein für die Region Tabellenplatz Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Strategische Nachwuchs- Mitglieder- Merchandising / Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Themen förderung Wachstum Branding Strategische Nachwuchs- Mitglieder- Merchandising / Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Themen förderung Wachstum Branding Engagement Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Spieler Engagement Trainingspunkte SpielerEntwicklungsgebiete Trainingspunkte Entwicklungsgebiete Image Fans Image Fanclubs Fans (Perspektiven) Fanclubs strategic (Perspektiven) Qualifikation operational Mitarbeiter Qualifikation Fortbildungsquote Mitarbeiter Kontakte Fortbildungsquote Region Kontakte Treffen Region Bonität Treffen Investoren Bonität Innenfinanzkraft Investoren Innenfinanzkraft contribution Wir steigen in die Liga auf Identifikations-Verein für die Region Wir steigen in die Liga auf Tabellenplatz Identifikations-Verein für die Region Tabellenplatz Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Strategische Nachwuchs- Mitglieder- Merchandising / Ziel mehr Zuwendung mehr Mitglieder mehr Einnahmen Themen förderung Wachstum Branding Strategische Nachwuchs- Mitglieder- Merchandising / Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Themen förderung Wachstum Branding Engagement Kennzahl Trainerquote Mitglieder i. Verein Umsatzpotenzial Spieler Engagement Trainingspunkte SpielerEntwicklungsgebiete Trainingspunkte Entwicklungsgebiete Image Fans Image Fanclubs Fans (Perspektiven) Fanclubs strategic (Perspektiven) Qualifikation operational Mitarbeiter Qualifikation Fortbildungsquote Mitarbeiter Kontakte Fortbildungsquote Region Kontakte Treffen Region Bonität Treffen Investoren Bonität Innenfinanzkraft Investoren Innenfinanzkraft © Friedag 2011 64
    • Steps to a BSC-development and -implementation I. Identification of objectives (Mission, vision, leading indicators) VII. Organize learning II. Develop strategic process action frame Communication VI. Arrange the BSC into the III. Complete action frame process of leading with actions (collect ideas) V. Reporting with the IV. Bundle actions into Balanced Scorecard strategic projects © Friedag 2011 65
    • VII Organize learning process assign specific authority and responsibilites to the indicators learn from the cause-effect-chain permit, that strategic objectives may be changed keep on going to discuss the strategic objectives © Friedag 2011 66
    • The balanced scorecard puts strategy – not control – at the center ___________________ Kaplan / Norton (1992) © Friedag 2011 67
    • Strategy development and implementation withthe Balanced ScorecardAgenda01 Introduction02 The bases of securing the company‟s future03 What is a BSC ?04 Approach for an objective system05 OAI– strategic actions06 Organising the work07 Conclusions © Friedag Friedag 2011 2008 © / Lewandowska 68
    • Benefits of safeguarding the company with thehelp of the Balanced Scorecard Everyone in the company knows his future All stakeholder aim jointly in one direction Limitation on less, on the fundamental things for the future Better rating (Basel II) Better results in the EFQM-Process better operating profits as a base of sustainability © Friedag 2011 69
    • Conclusionmore successful because of strategy developemt andimplementation with the help of Balanced Scorecard ? Leading with joint and clearly defined operative and strategic objectives By communication we achieve thinking, responsibility, objective- orientated action of all of our employees and partners Better transparency creates confidence at internal and external partners Strategy is the first task of leaders ! © Friedag 2011 70
    • Fazit "Balanced Scorecard is more than a performance measurement system” Friedag / Schmidt "Balanced scorecard is management, not measurement" Kaplan / Norton balanced scorecard transforms strategy into action © Friedag 2011 71
    • Welcome to the Future!Strategydevelopment and -implementation with the Balanced Scorecard [BSC] © Friedag 2011 72