This article outlines the steps to apply a balanced scorecard strategy management in the art industry (or any sector that you are engaged in), including identifying key performance areas, setting specific goals and objectives, developing performance measures, assigning responsibilities, developing an action plan, monitoring progress, adjusting the strategy based on results, communicating results to stakeholders, and continuously evaluating the strategy. In this way, your business in the creative sector is progressive and sustainable.
1. Identify the key performance areas: In the art industry, the key performance areas could include sales revenue, customer satisfaction, employee satisfaction, artist satisfaction, and production efficiency.
2. Identify goals and quantify your objectives: For example, a goal for employee satisfaction could be to reduce turnover rate by 10% within the next year.
3. Develop performance measures: To track progress toward these goals and objectives, specific performance measures should be developed. For example, a performance measure for customer satisfaction could be the number of repeat customers or customer feedback ratings.
4. Assign responsibilities: Assigning responsibilities is essential for ensuring that each component of the balanced scorecard is addressed. Specific individuals or teams should be responsible for achieving each goal.
5. Take action.
6. Monitor progress: Monitoring progress regularly is essential to determine whether the action plan is working, or whether it needs to be modified to achieve the desired outcome.
7. Adjust the strategy: based on the results of the monitoring process, necessary adjustments can be made to the strategy, goals and objectives.
8. Communicate results: Share results of the balanced scorecard with stakeholders such as employees, artists, and customers. This helps keep all stakeholders informed about progress and developments in the company.
9. Always improve your process.
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