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Why can a balanced scorecard help you determine your strengths and weaknesses?

Why can a balanced scorecard help you determine your strengths and weaknesses?

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Answer #1

A balanced scorecard has predefined goals in the four quadrants. They clearly state that what all needs to be achieved under Financial, Customer, Learning and Growth and Internal Processes along with benchmark for the measurement of success. When the goal and the benchmark to achievement are known it is easy to determine whether the same can be achieved by the present competencies or more skills needs to be acquired.

Hence, they help in analyzing our strengths and weaknesses in the long run and the key areas where we need to improve. It helps the company realize at well in which of the four quadrants it needs to improve.

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