Strategically aligning family and business systems using the Balanced Scorecard
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We take an integrated approach to align issues that influence the family and business, systems. Using innovation action research (Kaplan, 1998) we illustrate how the Balanced Scorecard, that includes reference to family business challenges can be introduced and used to assist family, members, board members and management in a third-generation Australian family-owned business. The process of scorecard development is discussed and the development of the core essence, vision, and mission statements, strategic objectives, measures and targets, which can be scrutinized by family, business stakeholders to ascertain consistency with the vision of the company, is outlined. We suggest, that, in the family domain, the BSC assists in the education of, and communication among, family, members. From a business system perspective, the BSC is a useful tool to link and align the family with, the business, and this too has benefits in communication and education terms. A conceptual mapping, framework is introduced and propositions that will guide future projects are detailed.
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