It is a simple step to adopt the use of EFQM models for a Balanced Business Scorecard. A Balanced Business Scorecard will help you monitor how your different activities are contributing to the bottom line.
Large corporates use this all the time – and so should the rest of us. Why invent a business monitoring process when there is a perfectly usable and acceptable model already available to us?
If in our coaching strategy we are encouraging the use of psychometric profiling to offer coaching based on evidential feedback, then why not put in place a system that produces performance evidence?
Now lets first go back to where we started. This coaching thing is a two-way street and it concentrates the minds of everyone.
Sticking to our focus of either using the Investors in People model for structuring a strategy for Training and Development or just simply using the model to give you a well trodden path, you will soon realise that you have a coherent structure that others can share.
In fact, share it with the UK Commission for Employment and Skills and start your journey to achieving IIP status via www.investorsinpeople.co.uk
Be careful & be aware that by following this blog, you are inexorably walking deep into the world of corporate strategy. Off putting as that might sound puts into perspective how by adopting and adapting such methodologies you gain an even tighter grip on the growth in your bottom line.
Outlined above was an example of a Balanced Business Scorecard. The four headlined titles are indeed for example only, you put in place what works for you.
Anyhow, whatever titles you give the boxes, they need to be populated with measures that are business sensible. Lets not put too much brain power into this and do what we have blatantly done so far – borrow from a methodology that is already out there – in this case the European Quality Foundation Model.
This is formed by nine factor boxes :
- Partnership & Resources
- Processes, Products and Services
- Customer Results
- Society Results
- Key Performance Results
- People Results
Pick and mix those boxes to design and develop your Balanced Business Scorecard.
Background and content of the EFQM factors listed above can be found at www.efqm.org
Now, noticed anything? We have already filled in two of those boxes – People and People Results. So lets cheat the system and not ourselves – ensure those two ‘factors’ are part of your balanced business scorecard.
Oh! – lets use the term ‘adapt’ in place of ‘cheat’ – sounds so much more business centric, don’t it?
Dizzy by now? You should be, because all this started from using the evidential feedback that workplace observation gives, along with the use of a psychometric behavioural profiling system to coach others and ourselves.
Finally, just have a look at some of these formal methodologies and consider how they will SERVE you and your organisation – not the other way around…n the other hand, just somewhere in the background with nobody watching, just practise walking up to the podium and raising the IIP or EFQM trophy above your head and acknowledging the thunderous applause !