Moreover, the Balanced Score Card is used to articulate the strategy of the business, to communicate the strategy of the

business, and to help align individual, organizational, and cross-departmental initiatives to achieve the common goal. Kaplan and Norton suggested the following four key performance indicators: financial, customer, internal processes, learning and growth. The following is a graphical exhibit of the four key performance indicators.

1. Financial (shareholder) perspective Goals increased profitability, growth, increased returns on assets. Measures cash-flows, cost reduction, economic value added, gross margins, profitability, return on capital/equity/investments/sales, revenue growth, working capital, turnover.

2. Customer perspective Goals new customer acquisition, retention, satisfaction Measures market share, customer service, customer satisfaction, number of new/retained/lost customer, customer profitability, number of complaints, delivery of time, quality, performance, response time.

3. Process/Internal perspective Goals improved core competencies, improved critical technologies,

streamlined processes, better employee morale.

Measures efficiency, improvements, development/lead/cycle times, reduced unit costs, reduced waste, amount of recycled waste improved sourcing/supplier delivery, employee morale, internal audit standards, number of employee suggestions, sales per employee.

4. Learning and Growth/Innovation perspective Goals new product development, continuous improvement, training of employees Measures number of new products and percentage of sales from these, number of employees receiving training, training hours per employee, number of strategic skills learned, alignment of personal goals with the scorecard.

Moreover, the framework provides a balance between short and long term objectives, financial and non-financial measures and external and internal performance indicators. Most importantly, the scorecard balances the outcomes that the organization wants to achieve and the drivers of those outcomes. The following diagram displays a graphical representation of the four key performance indicators: