Looking for a tool to assess the health of your business? A business score card is one such tool. Find out more about this performance measuring tool in this informative article...
One of the best strategic management tools that finds equal acceptance across a wide range of industries is a business score. If you too are keen on getting familiar with this tool and putting it to effective use for your business, you can download a free business score card template from Bright Hub’s Media Gallery and read through the instructions here on how to use it. The fully functional template can also be used by businesses to evaluate the individual performances of the different departments as well as the performance of the business on the whole. The business score card helps in arriving at a single number that denotes the overall performance and health of the business. But before you begin using the template, it’s important to learn how to use it.
Using the Template:
- The first field on the template is meant for the name of the company/business.
- In the next section the user can enter the names of the different teams and departments of the business. Although not necessary, the name of the team or department head can also be mentioned in the adjoining fields. This will come in handy when it comes to responsibility accounting. The column adjoining these fields titled ‘Department Score’ will display the individual performance score for each department.
In the remaining part of the template, information related to each of the five departments can be filled up to calculate individual department scores as well as the overall business score.
For each department the user is required to fill in the following information:
Objective: The objectives or tasks identified for the department can be enlisted under this column.
Responsibility: this field requires the names of the persons who are accountable for the completion of each of the objectives given in the first column.
- Due Date: The due date for completing a particular task or achieving a task can be filled into the corresponding cells of this column.
Importance: In this data field the user is required to furnish the relative importance of each task with respect to the remaining tasks or objectives at hand. While allocating the importance to each task, it should be kept in mind that the total for this column should total up to 100. It’s best to use 10 or its multiples to specify the importance of the objectives.
- Current Achievement: In this field the user has to quantify the current status of the task in terms of percentage. For instance, when half the task has been completed, 50% can be entered against that task.
- After filling in the data about the various objectives the adjoining column titled ‘performance score’ will show the individual score for that activity. The column titled ‘Status’ will show an 'ALERT' if the task has not been completed fully and is past its due date.
The Total Business Score:
The total business score is calculated from the performance across all departments of the business. In this free business score card template, the overall business score will be displayed on the top right hand corner of the scorecard. This score represents the current status of the business on a 100 point scale.
Screen Shot by: Sidharth Thakur