How good is you company really? Where are your strengths and weaknesses? What are the consequences of current improvement projects?
The basis for any entrepreneurial success is a clear conception of objectives and changes necessary to achieve those in the near future. A common characteristic of successful companies is the focus on the own strengths along with the purposeful handling of the weaknesses, either by means of cooperation or by internal measures. For identifying the own capacities, these capacities have to be measured and analysed. Continuous performance measurement enables you to recognise changes in time and therefore to react appropriately. Thus, it is an essential process for successful business management.
The comparison with competitors is called Benchmarking. It is a reliable method to identify one’s own competitive position as well as to provide fundamental information about “Successful Practices” that are employed by other companies in order to face ongoing challenges.
The Balanced Scorecard on the other hand is a tool to illustrate strategic goals and to set incentives for reaching the goals to a broad number of employees by creating a higher level of transparency. Furthermore, it serves to check and control previously introduced measures.
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