Balance Scorecard Assignment A Balanced Scorecard can be defined as a "performance management tool that began as a concept for measuring whether a company's small-scale operational activities are aligned with its larger-scale goals” in terms of vision and strategy” (Wikipedia 2009, ¶ 1). Scents & Things will need to develop a Balanced Scorecard that will help meet and help define the company's values, mission, vision and SWOT analysis. The Balanced Scorecard consists of four perspectives; financial, customer, learning and growth, and internal process. This document will define each of the four forward-looking objectives, performance measures, goals and initiatives. The document will also show how the perspectives relate to Scents & Things' vision, mission, values ​​and SWOTT analysis. Financial Perspective The main objective in defining the financial perspective was to answer the following question: “If we are successful, how will we look at our stakeholders” (BSI 2009, ¶5). Scents & Things is a new company in the area and will have to look from near the competition to increase the company's market share. The company may have to initiate a process to find a competitor since the original location is in the heart of a small city. Additional areas that the company needs to pay attention to are satisfaction customer experience, asset utilization, increased net revenue, minimized store production costs, decreased unit costs, increased operating cash flow compared to the prior year, and ultimately , achieving financial sustainability. The way to measure the above objectives is to monitor revenue growth, operating costs, earnings per share, return on capital, interest return and the number of items returned so as to help management direct the c...... middle of paper...... and growth perspectiveStrategic objectives• Hire and retain a highly skilled workforce• Increase employee satisfaction and retention• Improve organizational trust and teamwork• Improve the use of technologyPerformance measures• Ensure adequate organizational learning based on data, results and experience• Adequate monitoring, training and employee happiness• Customer satisfaction• Decrease employee turnover rateObjectives• Engagement of 100% by all employees Initiatives • Staff optimization analysis • Online billing update • Service training References Wikipedia (May 2009) Balanced scorecard. Retrieved from URL: http://en.wikipedia.org/wiki/Balanced_scorecardBalanced Scorecard Institute (2009) Balanced Scorecard Basics. Retrieved from URL: http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx