USE A BALANCED SCORECARD (BSC) TO MEASURE PERFORMANCE INDICATORS (KPI) IN CONTINUOUS IMPROVEMENT ACHIEVING SMART & STRATEGIC GOALS & FUNDAMENTALS OF FINANCE
Course Code: FA99
Course Objective
- Explain the benefits and importance of a Strategy Focused Organization (SFO)
- Develop a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis, vision and mission statements and strategic goals for their organization or department
- Use 'SMART' objectives and key performance indicators to track the performance and productivity at all levels in their organizations
- Apply the approach of best-in-class benchmarking technique to set targets for each KPI
- Design a balanced scorecard based on the Kaplan and Norton model
- Read and interpret financial data
- Analyse business performance
- Utilise financing techniques to improve decision-making
Target Audience
- All managers and supervisors involved in strategic planning and performance management.
- The course is also very helpful to those involved in improving performance and measuring results.
- Financial professionals wishing to brush up their knowledge and skills
- Junior personnel seeking career progression
Course Outline
Benefits of strategic management and planning
- The strategy focused organization
- Why implement the balanced scorecard
- Strategic planning needs and benefits
- A strategic planning model
- The importance of the balanced scorecard
- Balanced scorecard steps and timeline
'SWOT' analysis, vision and mission statements
- The purpose of a 'SWOT' analysis
- 'SWOT' in brief
- Linking the results of the 'SWOT' findings to future objectives and initiatives
- Definition of a vision statement
- Importance of a structured mission statement
Developing performance measures and control systems
- Goals, objectives, and targets
- 'SMART' objectives
- Key performance indicators and Units of Measures (UOMs)
- Aligning KPIs to company strategy
- Obstacles to measurement
- Developing strategies and initiatives that will assist in achieving the targets
- Developing strategies
The balanced scorecard as a strategic management system
- Strategic planning and strategy execution
- Reasons behind failures of well-formulated strategies
- Translating the vision into everyday actions
- Importance and history of the balanced scorecard
- The premise behind the balanced scorecard
- Principles of the strategy focused organization
- Measuring business strategy from the financial, customer, internal, business or process and learning and growth perspectives
- Strategic alignment and goal setting
- Linking the balanced scorecard's KPIs to strategy
- Strategy map: specifying relationships and making them testable
- The importance of initiatives
- Evaluating initiatives
- Managing initiatives
- Soft and hard KPIs
- Leading and lagging KPIs
- Reporting and evaluating results
- Cascading the balanced scorecard
- Implementing a balanced scorecard program
Finance Basics
- Accounting Terminology and Policies
- Accounting as an information system
- The accounting equation- what does it mean
- Generally Accepted Accounting Principles
- Differentiating between cash and accrual basis accounting
- Basic cash flow statements
- Walking through an Annual Report
- The annual report package
- Financial & Non-financial analysis
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