The Balanced Scorecard: A Business Report for SSL Directors


Added on  2019-09-26

2 Pages664 Words306 Views
Accounting Information for BusinessREFERRAL COURSEWORK- ASSESSMENT BRIEFAssessment InstructionsTopic: The Balanced ScorecardPart 1:Sheffield Surgical Ltd (SSL) is a SME which manufactures high quality stainless-steel and titaniumsurgical instruments for use in general surgery, dental surgery and veterinary surgery. The companystarted manufacturing high quality surgical instruments back in Sheffield, in 1967, the home of qualitystainless steel and engineering in the UK. The company originally started manufacturing instrumentsfor the National Health Service (NHS) in the UK. The business gradually expanded and widened theirmarkets with the move into dental and veterinary surgical instruments. Due to their reputation ofmanufacturing high quality surgical instruments and accessories for use within the modern operatingtheatre environment, the company has expanded significantly in the last ten years and are now aglobal supplier. In the past ten years turnover has increased from just over £2 million to £10 million inthe last financial year, also staff numbers have grown from 27 in 2005 up to 112 in 2017. However inthe last 2 years sales have stagnated whilst operating costs have continued to increase. It is now April 2017 and you have recently joined the company after achieving your first class degreein Business and Management. During your interview you discussed your interest in a number ofmanagement theories including the Balanced Scorecard (BSC). The interview panel, which includedthe Managing Director found your discussions both relevant and engaging. This is why the ManagingDirector has called you to his office to discuss possible significant future developments for theorganisation.At the meeting the Managing Director explains that he feels the current performance indicators usedby the company do not meet the requirements of the modern day business environment and areentirely finance focused. He goes on to explain that he recently attended a conference whereperformance measurement systems were discussed, and one of the theories discussed was the BSC,He then explains the reason for the meeting, he understands that the business needs to adapt andintroduce a new performance measurement system which is relevant to all areas of the businessoperations. He feels that a significant part of this process could be achieved through the concept of‘The Balanced Scorecard’. He therefore tasks you with writing a report which will be presented to thedirectors at the next board meeting.

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