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There is also the need to make sure the funds are actually leading to the socially-driven and philanthropic goals being achieved as well. Where for-profit organizations commonly use balanced Scorecards for measuring their effectiveness relative to financial and operational goals, not-for-profit organizations need them even more to measure and report back on the progress to attaining greater social good (Weinstein, Bukovinsky, 2009). Arguably the increased pressure on not-for-profits to show not just a return on their investment in terms of social welfare but also show the funds were spent judiciously and without waste accentuates, intensifies the need for tighter reporting. As a result, there is the need to ensure a very high level of transparency and accountability in now the funds and resources of a not-for-profit are used. For all of these factors and the need for auditability of not-for-profit organizations' financial statements and ongoing activities, balanced scorecards are indispensible. The KPIs used by not-for-profits...
Between not-for-profit organizations and ongoing enterprises, the former is held to a higher level of reporting and therefore needs to have balanced scorecards to report back progress on how funds are used.
References
Fabien De Geuser, Stella Mooraj, & Daniel Oyon. (2009). Does the Balanced Scorecard Add Value? Empirical Evidence on its Effect on Performance.
European Accounting Review, 18(1), 93-122.
Hubbard, G.. (2009). Measuring organizational performance: beyond the triple bottom line. Business Strategy and the Environment, 18(3), 177.
Weinstein, L., & Bukovinsky, D.. (2009). Use of the Balanced Scorecard and Performance Metrics to Achieve Operational and Strategic Alignment in Arts and Culture Not-for-Profits. International Journal of Arts Management, 11(2), 42-55,94.
However, none was found that centered on small hotels in China. This research add to the existing body of research by providing an assessment of the balanced scorecard method in this special business setting. The information obtained by this study will help to make small hotels in China more competitive and able to compete well into the future. This research will play an important role in the development of the
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Strategy implementation can also be severely affected by the lack of commitment of employees of all levels. "The resistance from some employees who not yet see the big picture" can have detrimental affects on the successful implementation of strategies derived from the Balanced Scoreboard process (Berger 2009). Moreover, there are long durations between creation, implementation, and results. Long pauses in implementation can drastically lower the momentum of the entire project,
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