Balance Scorecard for Apple Company Essay

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Updated: Apr 2nd, 2024

Table of Contents

Background
Scorecard Areas
Relevance of the Objectives And Timelines
Reference

Background

Strategic objectives are a measure of attaining your vision and mission. They reflect the vision, mission, and values of the business, as well as the outcomes of the internal and external environmental analysis.

Scorecard Areas

Financial Objectives	Measures	Targets: Timeline/ Metrics
Increase market share	Total Revenue	5% increase in the first year
Growth in revenues	Percentage increase in revenues	10% increase in the first year
Wider profit margins	Total company profits	5% increase in the first year
Higher returns on invested capital.	Price in company shares	10% increase in the first year

Customer Objectives	Measures	Targets: Timeline/ Metrics
Increase customer value	Increase profit contribution per customer	5% increase in the first year
Timely development and delivery of solutions	Design quality products on time	10% increase in the first year
Remove potential causes of customer dissatisfaction	Seek customer feedback on the company performance	5% decrease in the first year
Improve customer retention.	Develop products that retain customers	20% increase in the first year

Internal Business Process Objectives	Measures	Targets: Timeline/ Metrics
Decrease lead times for new contract implementation	Project implementation time frames	Decrease time by 3% in the first year
Improve company processes	Streamline the process of approving internal operations	5% increase in the first year
Optimize the quality of company products and services	Reduce wastage of raw materials	3% decrease in the first year
Capacity utilization	Employ technology in supply chain	5% increase in the first year

Learning and Growth Objectives	Measures	Targets: Timeline/ Metrics
Decrease employee turnover	Facilitate regular training and opportunities for development	4% decrease in the first year
Create a robust company culture	Assess employee adaptation to company culture	10% increase in the first year
Attract the best talent in the industry	Test the quality of company products	5% increase in the first year
Improve business productivity	Improve the overall production lead time	Reduce by 10% in the first year

Relevance of the Objectives And Timelines

Successful projects and ventures are based on realistic, actionable, measurable, and variable milestones. In the corporate sector, production, customer satisfaction, retention, financial, and customer objectives are set and actualized within specific timeframes (Qa’dan and Suwaidan, 2018). The objectives listed above act as a stepping stone in the guidelines of running the Apple company across the financial, customer, internal business process, learning, and growth fronts. First, increasing the market share will enable the company to generate more revenue and increase value and profits. The expansion in market share will correspond to increased profit margins and the value of company shares in the equity markets.

The success of any corporation is highly coupled with customer satisfaction. As a result, the customer-centered objectives will help them steer the company in the right direction. The most important goals in this regard will be increasing customer value, reducing factors that inhibit customer satisfaction, delivering products and solutions on time, and improving customer retention. The goals are formulated to be achieved within stipulated times, which will guide the company in achieving success. It is impossible to project the success of a project before its inception, but it is possible and necessary to set achievable goals.

Internal business operations and processes are critical to its success. Apple is not an exception, and the objectives will guide the company in ensuring it grows profitably. First, the times taken to implement new contracts tend to be long, which will be reduced in the first year. This will ensure the company delivers products and solutions on time, leading to earlier payments and revenues. Learning and Growth Objectives will guide the company in developing and implementing learning materials that are geared toward the success of its business goal. Concisely, the timelines will guide the management in tracking the implementation of the goals and objectives. It would be impossible to establish continuity or measure the success of the company’s objectives without revising progress against periods. The stated times are a reference point for the company management to identify the direction in which it is heading for proper evaluation.

Reference

Qa’dan, M. B. A., & Suwaidan, M. S. (2018). Board composition, ownership structure, and corporate social responsibility disclosure: the case of Jordan. Social Responsibility Journal. Web.

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