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Oxford Management Centre

Strategic Planning Using the Balanced Scorecard: Turning Strategy Into Reality (Endorsed by ILM Under “essentials of Balanced Scorecard”)

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Next dates

Jul 7—11
5 days
Dubai, United Arab Emirates
USD 4950
USD 990 per day
Nov 3—7
5 days
Dubai, United Arab Emirates
USD 4950
USD 990 per day
Dec 15—19
5 days
Abu Dhabi, United Arab Emirates
USD 4950
USD 990 per day

Description

INTRODUCTION

Too often, organizations fail to turn their strategies into operational reality; this where the Balanced Scorecard comes in. By translating strategy into a balanced set of objectives covering all aspects of operations and setting clear measurements it enables organizations to put strategy at the heart of everything they do. It helps executives and senior managers to steer the ship whilst enabling managers and staff to contribute more fully to the success of the organization. The Balance Scorecard empowers people to drive internal processes that deliver great customer service and ultimately financial success.

The Balanced Scorecard will:

  • Create greater awareness of organizational priorities
  • Demonstrate the effectiveness of changes made
  • Secure increased engagement at all levels
  • Improve communication
  • Energize initiatives and creativity
  • Ensure that changes made are value-added
  • Allow the translation of strategy into tangible results to be measured and monitored

In short, the Balanced Scorecard helps organizations improve performance by aligning its people, process and internal initiatives towards a common goal.

Highlights of the seminar include:

  • Understanding how effective strategic plans are created
  • Turning strategy into improved operational performance
  • Developing a Balanced Scorecard that will become the nerve centre of the organization
  • Building a Balanced Scorecard from scratch
  • Cascading the Balanced Scorecard to the frontline
  • Engaging employees to drive improved performance
  • Aligning your organisation’s energy around commons goals
  • Creating a personal action plan to drive performance improvement within your organisation

ILM CERTIFICATION

Event Management Specialist is a fully endorsed programme and upon completion of the seminar and assessment, successful applicants will also be awarded a Certificate from the ILM.

OBJECTIVES

  • After attending this seminar, delegates will be able to:
  • Help facilitate the creation of a strategic plan in their organization
  • Describe the structure and typical content of a Balanced Business Scorecard
  • Build a Balanced Scorecard from scratch based on their organization’s strategy and objectives
  • Know how to use the Balanced Scorecard to align operational activity with strategy
  • Use best-practice approaches to overcome obstacles and challenges to putting a Balanced Scorecard into practice
  • Understand and meet the challenge of managing a significant change in organizational culture

TRAINING METHODOLOGY

The workshop is based on a combination of interactive activities – group and individual exercises, case studies and discussions – along with formal inputs. Real examples are employed to illustrate how the techniques work in practice and a case study is used to demonstrate the end-to-end process of creating and implementing a Balanced Scorecard. Delegates also create a plan of action for applying the lessons learned within their own organizations.

ORGANIZATIONAL IMPACT

The key benefits to organizations include:

  • Turning the organization’s vision into a practical reality
  • Delivery of improved operational performance
  • Aligning different elements of the organization around a common strategy
  • Development and communication of strategic measures
  • Monitoring ongoing performance improvement
  • Communication of strategy to engage all employees
  • Aligning strategic initiatives to organisation strategy

PERSONAL IMPACT

The key benefits to delegates include:

  • Deeper knowledge and understanding of the link between the Balanced Scorecard and Strategic Planning
  • Building the confidence to facilitate strategic planning and a Balanced Scorecard
  • A systematic methodology for developing and managing a Balanced Scorecard
  • Practical experience in the use of the Balanced Scorecard
  • Greater capability to monitor and drive performance improvement
  • Understanding of how to rollout a Balanced scorecard across an organization
  • A personal action plan for applying learning within their own organization

Day1 - Strategic Planning and the Balanced Scorecard

  • Introduction to the Balanced Scorecard
  • Benefits of the Balanced Scorecard
  • Linking Mission and Vision to operations
  • Application and uses of the Balanced Scorecard
  • The Financial, Customer, Process perspectives in detail
  • Overview of the Balanced Scorecard creation process
  • Strategy Maps and Strategic Themes
  • Strategic Measures and Strategic Targets
  • Lessons learned from Day 1

Day2 - Developing a Balanced Scorecard

  • Create a strategy-centric organisation
  • The Learning & Growth perspective in detail
  • Define strategy, identify strategic themes and build strategic linkages
  • Engage the leadership team
  • Importance of data collection, interviews and focus groups
  • Strategic documentation
  • Work with the Case Study
  • Strategic objectives and strategic themes
  • Lessons learned from Day 2

Day3 - Measuring and Monitoring Strategic Performance

  • Purpose of strategic measures and their relationship with KPIs
  • Lead and lag measures
  • Develop appropriate measures using the Strategy Map
  • Examples of measures for each of the four perspectives
  • How to implement the Balanced Scorecard
  • Lag and lead measures
  • Determine measures and targets
  • Aligning balanced scorecard to the planning and budgeting process
  • Case study activities
  • Lessons learned from Day 3.

Day4 - Implementing the Balanced Scorecard

  • Map strategic initiatives
  • The Strategic Management System and performance management
  • Setting appropriate targets
  • Plan for implementation
  • Build a Balanced Scorecard from scratch
  • Cascade the Balanced Scorecard across the organisation – creating business unit, functional, support and personal scorecards.
  • Aligning incentives to the balanced scorecard – ‘what you measure is what you get’
  • Strategy Review Meetings
  • Case study activities
  • Lessons learned from Day 4.

Day5 - Pulling it all Together

  • Review and enhance the Balanced Scorecards built on Day 4
  • How to make it work in your organisation
  • Communicating the Balanced Scorecard
  • Creating an outline project plan
  • Identify key roles and key players
  • Identify potential pitfalls and barriers to change
  • Top Tips for success
  • Create a personal plan of action
  • Lessons learned from the programme.

Certificates:

  • A Certificate of Completion from Oxford Management Centre will be issued to all participants who attend the programme from the beginning to the end.
  • Upon completion of the optional assessment, successful participants will also receive a certificate from the ILM.

Who should attend

People ranging from those with little or no experience of the Balanced Scorecard approach through to those already implementing such a methodology will benefit from attending this event.

The seminar will benefit:

  • Executives
  • Managers with responsibility for creating or managing a Balanced Scorecard
  • Financial Officers and Controllers
  • Process Managers
  • Strategic Planning Managers
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