A Balanced Scorecard
HTT/220
A Balanced Scorecard
Co-alignment
The balance scorecard in important for the fact that it helps a business see where they are in the scheme of things. It allows a company to look at see where they are rated amongst the others in their industry and see where they could make improvements to move forward. The scorecard shows what numbers they are at, year to date information, it also gives information about guest stay and how the service was. This helps show areas that may need improvement for the management as well as the owner of a hotel. The balanced scorecard transforms a corporation's strategic plan from an attractive but passive document into the marching orders on a daily basis. Therefore, it makes sense to use this concept in order to identify improvements and management actions for the hospitality industry. The concept provides feedback for both internal business processes and external outcomes in order to continuously improve strategic performance and results. When fully implemented, the balanced scorecard transforms strategic planning from an academic exercise into the internal body (Kaplan & Norton, 2000).
Balance scorecards are used in many departments. The scorecards help in many performance activities for many departments. They are usually divided into two, scorecards that will help measure the performance of the departments. These help measure the performance and are used without a unbiased system.
These departments can include
Finance
Customer care
Procurement
Development and design
A balance scorecard helps to determine the price of a room in many ways. It helps to know what a similar hotel in your areas rates are. A balance scorecard can act as a very vital barometer to measure the traffic flow of the clients in respect to the supply and demand rule. When the set strategies incline with the desire effects in the organization goals, the concerned units involved should share the...