Strategic Plan, Part III: Balanced Scorecard
A balanced scoreboard is a strategically planned tool that associates select objectives within a few fields to that of a company’s vision and mission (Balanced Scorecard Institute, 1998-2010). The scorecard exposes financial, customer, employee learning and growth, and internal business process objectives crucial to attaining goals of the vision and mission statements. When establishing such objectives, an evaluation of the company’s vision statement, mission statement, and furthermore, core values is necessary. A SWOTT analysis can illuminate further objectives a company should address for success. Once a company establishes objectives on a balanced scorecard, the company can begin moving forward with a sound strategy. Regarding Tuppeny Payroll & Benefits, a balanced scorecard is viewable below. A brief explanation of the critical thinking involved in each objective’s creation through an evaluation of Tuppeny’s vision statement, mission statement, core values, and SWOTT analysis will show why each objective is an ideal factor to act upon for Tuppeny to attain success.

Financial Objectives
Obtaining proof of at least a 10% market share is a crucial foundation in determining whether or not the business even has any room to compete. Tuppeny acknowledges competition but is confident of its vision to become the best payroll and benefit services provider. However, Tuppeny also knows to attain such a vision, an opportunity must exist. With at least a 10% market share at startup, the company is confident it can capture more.
From the SWOTT analysis, a determined weakness is resources. The funds necessary to start such a business will not be light. A loan will be necessary, and $250,000.00 may be just enough to start turning the gears.
Tuppeny’s mission is to offer superior payroll services and benefit packages. Tuppeny cannot do this unless it has the objective to meet all payroll processing requirements and to offer at least a couple quality benefit packages.
Customer Objectives
In addition to offering superior payroll services and benefit packages, the second half of Tuppeny’s mission statement is to offer such at affordable prices. One way to accomplish this is to analyze competitor pricing and mark Tuppeny’s prices down by at least 1%.
Furthermore, superior payroll services and benefit packages are only so superior based on the value customers place on Tuppeny’s services and offerings. Therefore, to uphold the company’s mission of superiority and its value of integrity, Tuppeny desires to know what customers want in such a product.
Service also extends beyond payroll. Superior customer service is necessary. Understanding how it handles its processes and systems, Tuppeny is confident that an evaluation of desirable service traits can only confirm this area as a strength of Tuppeny’s.
Learning and Growth Objectives
Tuppeny is also confident in its employee morale system. Therefore, evaluating morale building traits can only confirm this area to be a strength of Tuppeny’s as well. Furthermore, as a value of Tuppeny’s, joy is something the company strives to instill in its employees. Thus, Tuppeny places much care into making its employees happy.
To prove Tuppeny cares about its employees, the company incorporates a recruiting bonus. Tuppeny acknowledges that business will initially exist based on how hard employees work to establish such. Therefore, the company desires to reward hard work considerably. For Tuppeny to gain an advantage against its competitors, an opportunity exists for the company if it concentrates on rewarding competitive success.
“Performance evaluation is a necessary and beneficial process, which provides…feedback to staff members about job effectiveness” (The University of Tennessee, n.d., p. 1). As accuracy is another value of Tuppeny’s a performance evaluation every six months is crucial in ensuring Tuppeny’s employees are not only enjoying their careers but also are performing up to the company’s standards.
Internal Business Process Objectives
Continuing on the subject of accuracy, because Tuppeny places its value of integrity on its other value of accuracy, the company’s places a firm belief on accuracy staying above 98%. Tuppeny understands that mistakes happen. However, the company believes 98% should increase in the following years to 99%.
As the economy has become a threat to many companies, Tuppeny acknowledges that business may be slower than average. The company understands to meet the demands of customers, yet also to meet the demands of the company’s financial needs, limited staff may be necessary. Therefore, productivity is critical to Tuppeny’s survival. Realizing productivity may begin slow as the company originates its business, Tupenny also expects as employees learn the processes, productivity should increase by at least 1% every month for the first year.
Finally, Tuppeny believes innovation to be a strong value of the company. In assisting with the company’s increase in productivity and accuracy, Tuppeny expects the company to incorporate innovation. Therefore, the company desires to achieve adding at least one new efficient process with the first year of business. By evaluating trends, this may be a possibility. For example, Tuppeny believes environmental trends to be something many businesses are incorporating today.
Conclusion
In summary, a balanced scorecard is a superior tool that can establish objectives critical to a company’s survival. Regarding Tuppeny Payroll & Benefits, such a scorecard is nothing less than a superior tool in assisting in the company’s goals to provide superior services. A balanced scorecard not only emphasizes financial measures but also reviews such measures as “new-product development, market share, and safety” (Pearce & Robinson, 2009, p. 1). From the use of this tool, Tuppeny created a set of objectives that may lead to its success.