‘ Strategy without action planning is a daydream
Action planning without Strategy is a nightmare’
Old Japanese saying.
Most recently, Kaplan and Norton have built on the original, four-perspective model of the Balanced Scorecard, and they link it with the time-based dynamics of strategy in their latest book, Strategy Maps: Converting Intangible Assets into Tangible Outcomes
This book gives you a much better idea of how to implement and use Balanced Scorecards as a tool for strategy implementation.
A few illuminating statements from an interview with Mr. Kaplan in the Harvard Business School website:
- ‘A strategy map provides a visual representation of the organization’s strategy. This is truly an example of how one picture is more powerful than 1,000 words’
- ‘Once created, the strategy map is a powerful communication tool that enables all employees to understand the strategy, and translate it into actions they can take to help the organization succeed’
- ‘A strategy map also provides the structure for meetings where managers can quickly see which aspects of their strategy are succeeding and where they are falling short’
- ‘The strategy map framework allows companies to identify and link together the critical internal processes and human, information, and organization capital that deliver the value proposition differently or better’
Template Strategy Map: strategy_map_kaplan_norton.pdf (rotate after opening).
More on Business Strategy:
- 10 Favorite Books on Business Strategy
- Favorite books on Management Consultancy – LinkedIn Question
- Business Model Innovation
- Alignment: ‘everybody needs to understand the value of their role’
- Summary of the article ‘Partnering and the Balanced Scorecard’ by Robert Kaplan
- Strategy articles in the Harvard Business School website