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4. Financial: financial stability. To what degree are you able to fulfill your
financial needs? Again, do you seek financial independence, resources to fund
other endeavors?
The best way to put these suggestions into action is to work on the scorecard in

several sessions, as there is a wide range of factors to consider. Your objective for the
first session should be to develop your personal vision statement and list several areas
of development in learning, internal, customer, and financial facets of the scorecard.
You should be able to fit the scorecard on a single page, for easy and frequent
reference. You can use your next session with the scorecard to refine your
developmental objectives and set relevant measures and near-term objectives. Post
the scorecard where you can refer to it often. And, just as with organizations, if your
circumstances change, then that is the critical time to revalidate or revise your
personal Balanced Scorecard.
KEY TAKEAWAY
You learned about the essential components of the Balanced Scorecard
and saw how, when correctly conceived and implemented, it integrates an
organization’s vision, mission, and strategy with its nonfinancial and financial
controls. As with correctly implemented nonfinancial controls, the components
of the Balanced Scorecard need to be clearly tied to the strategy, and
relationships among nonfinancial and financial controls validated. Appropriate
control performance targets need to be set, and the appropriate indicators of
performance used to gauge nonfinancial and financial performance. This
section concluded by outlining for you the steps you might follow in building a
personal Balanced Scorecard.
EXERCISES
1. What is a Balanced Scorecard? What is the difference between a
Balanced Scorecard and a simple list of nonfinancial and financial controls?
2. What roles do vision, mission, and strategy play in the development
of a Balanced Scorecard?
3. What might be some of the differences between an organization’s
Balanced Scorecard and your personal Balanced Scorecard? What might be
some of the similarities?
4. Under what circumstances should an organization’s or an individual’s
Balanced Scorecard be revised?

Chapter 7
Communication in Organizations

WHAT’S IN IT FOR ME?
Reading this chapter will help you do the following:
1. Define communication and understand the communication process.
2. Understand and overcome barriers to effective communication.
3. Compare and contrast different types of communication.
4. Compare and contrast different communication channels.

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