The balanced scorecard refers to a strategic and management system that a firm uses to:
• Communicate with stakeholders about what they are trying to achieve
• Make sure that the daily work is aligned with the strategy of the business
• Prioritize services and projects
• Continuously measure and keep track of progress towards strategic goals
Being the team consultant of Foleo Fones, we created its balanced scorecard to transform its vision and strategy into four major sets of performance measures.
The view of the financial perspective includes the main four areas which is important to the shareholders. Improvement of shareholders’ return and maximizing profit will attract more investors which will boost up the funding of Foleo Fone scapps firm to reduce uncertainty of performance. The financial plan of our app services is as follows:
Providing free app building platform to Foleo Fones users will encourage more people to use our phones to create apps which also they can earn money through advertising them and the platform supported expands, we will charge a fee which increases based on the additional services seek. By doing so, we will get more revenues which will eventually link to the points mentioned on the balanced scorecard.
Furthermore, on the customer perspective, introducing such type off app platform especially free for Foleo Fones users, this will trigger a rise in the usage of the app as some people will want to try it for fun or for curiosity.
Hence, we illustrated what Foleo Fones phone and app users will look like during a period of 5 years.