An organization has to plan for the future in order to guarantee long-term flexibility and sustainability. The balanced scorecard management framework “maps the strategic goals of an organization into performance metrics in four aspects: financial, internal processes, customers, and learning and growth.” It provides an approach to determining where your small company is going, what you need to get there and what you need to measure and manage to accomplish your objectives (Griffin, n.d.). The mission of my company is to become the leading Luxury Vacation Villa in Montego Bay; thus, one of Irie Island Villa’s main strategies to accomplish this is to focus on exemplary service offerings quality.

From a financial perspective, I want to increase bookings each quarter by at least 20%, thus defining the financial objectives by increasing revenues. The focus will be on assessing and improving the booking website’s brand and making sure there is a good and steady social media presence to help us achieve this goal. Since vacationers will provide our main customer base, they need to receive exemplary service with keen attention to detail and services that are modeled by each vacationer’s needs, which can be viewed as the customer objective and can also contribute to improving profitability by simply improving customer value like improving the property and adding services that align with surveyed customer needs. The Villa can achieve these desired strategic targets by utilizing key performance measures. According to Wheelen et al. (2018), “a company could include cash flow, quarterly sales growth, and ROE as measures for success in the financial area. It could include market share (competitive position goal), customer satisfaction, and percent-age of new sales coming from new products (customer acceptance goal) as measures under the customer perspective” (p. 326).

In terms of internal process objectives, the question that needs to be posed is, What has to be done to ensure that vacationers receive their every wish and have complete customer satisfaction? The objective here as a new Villa would be to focus on implementing a customer relationship management system to manage interactions with existing as well as past and potential customers, which will help me understand what level of property renovations or amenities might be needed to take the Villa to the next level. Finally, the Villa’s innovation and learning objectives must include whatever infrastructure changes are required to accomplish our desired strategy, for instance, adding additional services like a Spa collection, improving and possibly adding to the property, and putting together targeted brand campaigns. With this balanced scorecard approach, evaluation of performance and strategic measures will assist the Villa in accomplishing its goals by helping leadership to prioritize projects and measure and monitor progress efficiently. According to “The concept of balanced scorecard has evolved beyond the simple use of perspectives and it is now a holistic system for managing strategy” (BSI, n.d., para. 1).

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In book citation

Wheelmen, T.L., Hoffman, A., Hunger, D. J. & Bamford, C. (2018). Concepts in strategic management and business policy; Globalization, innovation and sustainability (15th ed.). Retrieved from https://vitalsource.com/

• Chapter 12: Evaluation and Control