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SOUTHERN CROSS UNIVERSITY ASSIGNMENT COVER SHEET For use with online submission of assignments Please complete all of the following detailsand then make this sheet thefirst page of each file of your assignment – do not send it as a separate document. Your assignments must be submitted as eitherWord documents, text documents with .rtf extension or as .pdf documents. If you wish tosubmit in any other file format please discuss this with your lecturer well before theassignment submission date. Student Name: Student ID No.: Unit Name: Unit Code: Tutor’s name: Assignment No.: Assignment Title: Due date: Date submitted: Declaration: I have read and understand the Rules Relating to Awards (Rule 3 Section 18 – Academic Misconduct Including Plagiarism) as contained in the SCU Policy Library. I understand the penalties that apply for plagiarism and agree to be bound by these rules. The work I am submitting electronically is entirely my own work. Signed: (please type your name) Date:
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Balanced Scorecard Implementation Date of Report Prepared by: Prepared for: Booktopia Balanced Scorecard implementation Page2
1.Overview of BSC Implementation Project The company selected for this particular assignment is Booktopia Private Limited and this company provides online books to the citizens of Australia. The company has to offer various sorts of products like variety of books, DVDs and maps to the people of the country. The organization is even looked upon to be one of the main competitors of Amazon Ltd and hence it is vital for the company management to construct suitable plans and strategies so that the performance and the activities of the company can be further enhanced(Akkermans and Van Oorschot 2018). It is seen that one of the significant measures that can be undertaken by the management of the company within their process in order to enhance their activities is the approach of Balance Scorecard. The process of Balance Scorecard ideally assists the management to gain significance on the business targets and take essential actions for the intention of attaining the target, which have been founded by the stakeholders and the management of the organization. Balance Scorecard is a tool for the management which is utilized by the management of an organization in order to maintain effective management of performance of the business and constructing objectives for various areas of the business and monitoring their performance. Most of the companies make use of the approach of balance scorecard in order to attain competitive advantage in the market with the help of the most effective practices of strategic management. The aim of balance scorecard is to ideally assess the performance of the company and even supervise the operations of the business in order to make sure that the same is synchronized with the objectives and goals that are long term in nature(Rampersad and Hussain 2014). Furthermore, balance scorecard takes into account four key perspectives based on which the performance of the business can be guided. The balance scorecard process is incorporated by most of the organizations in order to maintain efficient communication which can be maintained among the lower level and the top level management. Balance scorecard is an efficient process in order to maintain proper communication of the plans and the policies of the business among all the departments of the company. 2. Recommended BSC Strategic ObjectivesPerformance Measures Financial Perspective ï‚·Business sales can be increased ï‚·Reduction in the expenses and the cost of the organization ï‚·Growth sales by 20% ï‚·Fall in the operations cost of the organization Customer Perspective ï‚·Enhancing the brand image of the business ï‚·Enhancingtheoverall number of customers Booktopia Balanced Scorecard implementation Page3
ï‚·Enhancingsatisfactionofthe business ï‚·Serviceratingandpositive feedback Internal Business Process Perspective ï‚·Innovation in marketing ï‚·Contributiontowardsthesocial causes ï‚·Makinguseofinnovative marketingstrategiesand social media ï‚·Donatingbooksand compliance with the policies of CSR. Learning and Growth ï‚·Incorporatinginnovative processes ï‚·Development of the skills of the employees ï‚·Development of technology ï‚·Enhance the effectiveness of the business Table 1: Recommended Balanced Scorecard 3. Financial Benefits Performance MeasureHow measure links to improved financial performance Rise in the sales of the businessThe rise in the level of sales of the company will even increase the profits and the revenues of the company. The management of the organization estimates that the sales of the company will be rising by 20% by makinguseofthepoliciesrelatedtostrategic managementoftheorganization(Martello, Watson and Fischer 2016). Thebusinesssalescanbeenhancedbytaking assistance of an extensive sales plan in the business and to maintain the target of sales, which is created by the management personnel of Booktopia Private Ltd. Decrease in costsThe business expenses even has an impact on the business profits directly and hence if the expenses of the company are mitigated in an effective manner, it would lead to rise in business profits and thereby assisting in attaining the financial aim of the company. The management of the organization requires suitably managing the expenses of the organization and thereby taking the required steps for the decline in costs and even avoiding resource wastage of the organization. Furthermore, the company management even needs to make sure that there is no existence of unproductive expenses in the Booktopia Balanced Scorecard implementation Page4
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organization. Enhancementinthebrandimageofthe company Brand image has a significant role to play in the development of sales and even battle the competitive pressure within the business environment. Brand image can assist the company to maintain their existing customers and this assists the management of the organization in the creation of a suitable amount of profit for the business. Brand image of an organization is related closely with the statusof the organization and therefore the management has to undertake essential actions in order to make sure that the brand name of the company is maintained. Enhancing the level of customer satisfactionFor the purpose of maintaining effective image of the company by looking after the perspectives of the customers, the management of the organization requires to understand the level of satisfaction of the customers. This even has an impact on the income of the company. Innovation in MarketingBooktopic Private Limited and their management require making sure that there exists a focus on the activities of marketing of the company which can assist the company to attain their financial goals. The management of the business looks to make use of social media as mode of contact in order to go out and reach more customers with the help of which the customer base can be enhanced. Contribution towards the social causeThe management of the business even needs to undertake investments in the society and this would explain that the company is accountable towards the demands of the society and this would more develop the company status. The management of the organization(Reefke and Trocchi 2013). The management of the business even looks to provide books to various schools and libraries so that there is no impact on the education of the students. This will even attain the requirements of CSR of the company. Incorporating Innovative ProcessesThe management of the organization requires to incorporate innovations within the company in order to attain technological developments within the enterprise and extensive level of effectiveness can be advocated within the business. Furthermore, these approaches can assist the management to attain competitive edge within the market which is a positive symbol for the company. The innovative approaches in the business and this would assist the management to attain increased profits from the operational activities of the business. Development of Skills for the EmployeesThe business employees are taken to be the nervous system of a company and hence suitable actions requires to be taken by the management in order to develop the skills that would be helpful to the employees. The management has to take the Booktopia Balanced Scorecard implementation Page5
additional expenses related to the training program so that adequate skills are crated for the employees with the help of which they can perform their activities in Booktopia Private Limited. This will not only develop the effectiveness of the company but would even increase the profit of the business. Table 2: Benefits of the Balanced Scorecard 4. Implementation Plan and Considerations By looking into the business activities of Booktopia Private Limited, it is seen that the company has not incorporated the approach of Balance Scorecard and hence it would be a suitable action for the company management to incorporate the process within the business activities so that effective performance can be attained for the business(Cooper, Ezzamel and Qu 2017). The management personnel of Booktopia Private Limited can incorporate the balanced scorecard method by taking advice from the various departments, which are operating the business and even discusses with the measures of performance which are being taken into account for the business associated to the various areas of performance of the company. The management of personnel of Booktopia Private Limited can even construct targets for the company by looking into account the market scenario and the performance of company for the previous five years. In order to incorporate the approach of balance scorecard within the company, several meetings needs to be undertaken and explicit discussion has to be given with the help of which effective strategies are constructed by looking into the long term aims of the company. After the incorporation of the plan is completed the management requires to monitor the same in order to gain more efficient results. Booktopia Balanced Scorecard implementation Page6
Reference Akkermans, H.A. and Van Oorschot, K.E., 2018. Relevance assumed: a case study of balanced scorecard development using system dynamics. InSystem Dynamics(pp. 107-132). Palgrave Macmillan, London. Cooper, D.J., Ezzamel, M. and Qu, S.Q., 2017. Popularizing a management accounting idea: The case of the balanced scorecard.Contemporary Accounting Research,34(2), pp.991-1025. Martello, M., Watson, J.G. and Fischer, M.J., 2016. Implementing a balanced scorecard in a not-for-profit organization.Journal of Business & Economics Research (Online),14(3), p.61. Rampersad, H. and Hussain, S., 2014. Personal balanced scorecard. InAuthentic Governance(pp. 29-38). Springer, Cham. Reefke, H. and Trocchi, M., 2013. Balanced scorecard for sustainable supply chains: design and development guidelines.International Journal of Productivity and Performance Management,62(8), pp.805-826. Booktopia Balanced Scorecard implementation Page7