Strategic_Plann_Part_Iii

Strategic Plan Part III: Balance Scorecard Carmen Bryant BUS/475 August 20, 2012 Garold Cole Strategic Plan Part III: Balance Scorecard The balance scorecard is a way for a business to see how they are doing performance wise. This paper will help understand the three strategic objectives for each of the four areas on a balance card, which are, financial, customer, internal business process and learning/growth for Sunday’z Best. It will explain three strategies for each objective and show how the staff will control the strategic plan for Sunday’z Best. The financial Perspective is the objective of the business and allows the managers to track all of the finance success and the shareholder value. It also includes the strategic objectives in the area of marketing, revenues, and cost, the profits made and what competitive position the business is in. The first strategic objective for Sunday’z Best is to increase the revenue by 5% of the first fours year of opening, and this will happen by the customers spreading the news of the new restaurant aggressively. The staff members of the restaurant are responsible for providing great customer service. The next is to make sure that we secure at least 50% of the restaurant market segment by 2015, and this can be done by returning customers and offering discounts when they bring in a coupon giving them a percentage off their meal. The managers of the restaurant are responsible for offering the new customers a taste of the food, before they place their order. Financial Scorecard Objective Measurement Target To keep the cost of capital low | The cost should be no less than 4.0% over the next two years | The way to achieve this goal is to get low financing from banks | Keep the food inventory low | Try to reduce inventory to at least 10% over the next two years. | With the reduction we should notice the decrease in the loss of food products | Increase the amount of products sold | Total of products should produce revenue to at least 15% higher. | Vendors who are low in cost but have great products. | The customer perspective has the strategic objectives in the area that will deal with the customer retention, and the turnover as well as the customer satisfaction and the value of the customer. The first is to increase the customer satisfaction 4% every year for the next seven years, and this will happen by having trained and qualified employees which are knowledgeable about the products of the restaurant, and giving the customer the finest customer service possible. The restaurant manager will be responsible for hiring qualified individuals and make sure that he or she are trained properly, by having a training day every month. The employees will be responsible for providing the best service to the customers as well as interact with them by making them believe they are welcome. The next objective is to increase the customer retention by 6% with the use of customer survey cards which will allow the customer to rate the service that was given, and the manager will be responsible for collecting the surveys every month, and this way I will know what need to be changed and how to change it. Customer Scorecard Objective Measurement Target Train the employees for exceptional customer service | Employees should be able to explain the product | Employee should be certified in each station of the restaurant. | Follow-up with the customers | Satisfaction of each customers’ should be high and any disputes should be resolved very quickly | To get the public to prefer out restaurant over the others | Offer discount to keep the customers coming back. | New products should be served before our competitors | Offer products not served in the other restaurants | Internal Business Process The internal business process the strategic objective is the measurement of performance, the productivity, and how to improve the product as well as the operation of the business. One of the objectives is to hire individual who are happy with what they do and understands where I want to go with the company and want the same thing, by doing this, it will decrease errors in the kitchen and on the floor by 2%, and this will only happen with the training that will be provided to the staff. Another objective will be to have at least 70% of the employees know Sunday’z Best strategy plan, and the managers have to implement this by workingg responsible for putting this pan in the training every month. Internal Business Process Objective Measurements Target Put a system in place so we know our loyal customers | We would have to know what the customers like and dislike before conducting surveys | I would have to target what the customers feelings about the restaurant over the next couple of years. | To have short term goals on the sale of food | The short term goals should be at least 20% from what the main competitors are doing. | The restaurant will have to be consistent when it comes to improving the sales | Be able to track the exposure through an online network | With the exposure of the business through the Internet I expect 15% of growth each year | Build a website that will track the customers thoughts about the restaurant | Learning and Growth The learning and growth are the strategic objectives will include employee satisfaction, the employee turnover, how the organization is capable of hanlding the business. The objective will be to have the managers and employees relationships, and allow the employee to talk to the managers and give insight on what he or she believes will help the business. The upper management will be responsible for training and making sure that all employees know the products that are being served. Learning and Growth Objective Measurement Target Managers hiring employees who enjoy coming to work | Training qualified individual on a monthly basis | Employees should be able to advance within the company | Satisfy employees so the turnover ratio is less than 10% for the first 2 years | Allow the employees to talk to the managers, always have an open door policy | Make sure that the new employee are comfortable | Managers are willing to teach employees so they can advance. | Employees are willing to learn so they can advance within | Listen to employees and what they feel can help the business | In conclusion the balance scorecards for Sunday’z Best Restaurant, listed three objectives from the analysis of the SWOT. The first objective is the financial goals that will ensure the business is using the funds effectively and have psotive return on the revenue. The next is the customer value and how we will keep the customers happy as well as improving the customers experience when returning. The learning and growth, which is the internal operations of the business, the employee has to be happy and satisfied with the work environment, and look forward to coming to work. With the internal operations, it plays a huge role in the operations of the business, as it looks for ways to improve within at all levels of the restaurant, and this will develop a successful business. References: Pearce, J. A. II, & Robinson, R. B. (2009). Strategic management: Formulation, implementation, and control (11th ed.). New York, NY: McGraw-Hill.