The Challenges of the Balanced Score Card as a Strategy Implementation Tool at Family Bank Limited

Abstract

Strategic management is the art, science and craft of formulating, implementing and evaluating cross-functional decisions that will enable an organization to achieve its longterm objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives and then allocating resources to implement these policies, plans, projects and programs.The balanced scored card is designed to give companies the information they need to effectively manage their business strategy tactically. The scorecard is similar to a dashboard in a car. As you drive you can glance at the dashboard to obtain real-time information on how much fuel remains and the speed you are travelling. The study design was a case study aimed at getting detailed information regarding the process of balanced scorecard implementation and challenges that Family Bank had encountered. Primary data was collected from the company staff. This was a case study, therefore content analysis was quite useful. The study found out that Family Bank had used balanced scorecard as strategic management tool, which was implemented by all employees. The study also found that there were key stages used in the implementation of balance scorecard at Family Bank. The study further found the implementation of BSC at Family Bank encountered challenges resistance to change, lack of information and limited resources. Finally recommendations on how to overcome challenges ere proposed and limitations of the study and areas of further research were presented.