Organizational performance of a family business evaluated by the strategic performance balanced scorecard

Abstract

The balanced scorecard is a modern strategic model of organizational performance that seeks to translate the company mission, vision and strategy into objectives and measures organized to focus on - finance, customers, internal procedures, learning and growth. This model provides structure and language to communicate business strategy and directs efforts, abilities and specific knowledge to achieve long term objectives. The strategic vision of this second generation family business is "to be the answer for hydraulic pump needs in the Latin American residential, industrial, agricultural and building management markets" oriented by an overall objective of offering solutions and services to satisfy customer needs. Based upon these considerations, performance of this family business was evaluated during the first four months of 2005 using the strategic performance balanced scorecard.