The company has to minimize the operational and unnecessary cost by efficiently complying and contemplating on the stance of cost effectiveness. The company has to allocate its funds somewhere, where it has surety that it will return worthy.
The first three years are very important for the sake of the organization, which can be visualize by the graph increasing year by year (YOY) depicting a positive sign for the long run of the organization.
3) the last strategy is to increase the market value of the company's share. The company has to maintain its incredible growth while enhancing the sales turnover and gross margin which will certainly leave a positive effect on the market value of shares.
Customer Value Perspective
You always listen that customer is always right and without customer there will be no business. The statement is quite true indeed as any thing you manufacture, or any service you wish to render will be ultimately got by the customers.
In my personal view, customer value perspective is the most important perspective for the organization to work on in order to enhance the productivity and efficiency of the organization. Customer value includes the customer retention, customer turnover and customer satisfaction. Likewise the financial value perspective, we have also jotted down three strategies to increase the customer base of Big Dogs are mentioned below,
1) Customers always get satisfied with the quality of the product or service received. In order to enhance the customer base the organization has to establish the customer service department which continuously search customers for the feedbacks. Feedbacks are very important for newly established company.
2) Have you ever thought that, what induce a customer to buy your company's product although he has hundreds of alternatives available in the market? The quality of the product along with its price association is the most important thing in front of a customer. So, as a newly-based company the company has to emphasize on the level of material used in making the end product and must ensure the customers that the product is cheaper then the other products available in the market.
3) Keep informing the customers regarding any promotion or product development. This thing not increases the customer satisfaction but also increase the demand of your product.
Internal Operation Perspective
It's a common saying that if you really want to strengthen your company's overall operations then you have to strengthen your internal environment first and rest will strengthen automatically. Organizations use different strategies to enhance its internal operations and these things are very important to increase the efficiency as well as the production of the organization in the long run. The strategies to enhance the internal operation of the company are mentioned below,
1) Cost effectiveness is the main focus of every organization, so in order to be competitive and efficient our newly established company has to adopt the cost effective strategies. It only has to undertake only those projects which are available at lowest possible cost because of low financial capital at the start of the business.
2) the company has to allocate sufficient funds to back and strengthen the productivity of its research and development (R&D) department because of the continuous product development.
3) the company has to keep a hawk eye over the strategies of its major competitor and should learn some lesson from them.
Learning & Growth Perspective
This particular perspective is also very important as far as an organization is concerned. It includes employee satisfaction, employee retention and training & development of the organization. The strategies associated with this particular perspective are mentioned below,
1) the company has to make its hiring process transparent in order to get the best talent of the country.
2) Training and development of the employees is very important, so in order to have an added advantage all the sufficient knowledge regarding the company as well as regarding the company's products should be implanted in the brain of the employees through proper training.
3) Additional perks should be offer to the best performing employees to make them satisfied.
Balance Score Card Basics, retrieved from, http://www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx, Accessed on 30-Jan-2011
Balance Score Card, retrieved from, http://www.referenceforbusiness.com/management/a-Bud/Balanced-Scorecard.html, Accessed on 30th-Jan-2011
Perspectives of Balance Score Card, retrieved from, http://tutor2u.net/business/strategy/balanced-scorecard-perspectives.html, Accessed on 30th-Jan-2011
Examples of Companies using the Balanced Scorecard, retrieved from, http://www.organizedchange.com/examplesofcompaniesusingthebalancedscorecard.htm, Accessed on 31st-Jan-2011