The Balanced Scorecard is a framework that can be used to measure and track progress towards organizational goals.

What Are The 4 Perspectives Of The Balanced Scorecard?

There are four main perspectives of the Balanced Scorecard:

• Financial;
• Customer;
• Internal business process; and
• Learning and Growth.
  

In order to be effective, organizations need to find a way to balance all four of these perspectives.

Balanced Scorecard Example

Financial Perspective:

- Revenue

- Profit Margin

- Expenses

Customer Perspective:

- Customer Satisfaction Score

- Net Promoter Score

- Customer Retention Rate

Internal Business Process Perspective:

- Order Fulfillment Cycle Time

- Manufacturing Cycle Time

- Product Quality Score

Learning and Growth Perspective:

- Employee Satisfaction Score

- Training and Development Programs

- Employee Retention Rate

Using the Notion Balanced Scorecard Template

In the template, you'll find a table grouped by the 4 key perspectives described above. This way, you can quickly add your Strategic Objective within the relevant group, then add some detail with the linked properties.

These properties are:

• Owner: Who has been assigned ownership of this objective?
• Current: This is your current value on the defined metric;
• Target: Your target for the given KPI;
• KPI: List (or link to, if you have our Key Metrics Database) the relevant metric(s) for this objective;
• Initiatives: Time to get a bit more practical: list some specific, actionable projects or initiatives that will help you make progress toward the stated objective and target KPI value;
• Budget: If you have a budget set aside to reach this objective, list it here;
• Progress: This is a Notion-native formula that will calculate (and show in a pretty progress circle) your Current / Target values as a percentage; and
• Attachments: For any related research, documentation or links.

Vision & Purpose Statements In The Balanced Scorecard

If you'd like to take an extra step in filling out your Balanced Scorecard, there's also space for a 'summary' vision and purpose statement. Try to pull together a high level vision statement that captures where you hope the achievement of the stated objectives will take you.

Similarly, you can list your Purpose statement, 3 strategic priorities and key Strategic results in the top table, as a high-level reminder as you fill out the 4 perspectives.

Get started with the Balanced Scorecard by duplicating to your Notion account today, or check out our 11 Business Frameworks widget for more strategy frameworks like this.