{"id":69357,"date":"2024-01-18T11:16:54","date_gmt":"2024-01-18T17:16:54","guid":{"rendered":"https:\/\/www.projectmanager.com\/?post_type=templates&p=69357"},"modified":"2026-04-20T15:11:35","modified_gmt":"2026-04-20T20:11:35","slug":"balanced-scorecard-template","status":"publish","type":"templates","link":"https:\/\/www.projectmanager.com\/templates\/balanced-scorecard-template","title":{"rendered":"Balanced Scorecard Template"},"content":{"rendered":"

Use our free balanced scorecard template for Excel to aid your organizational strategic planning<\/a> and management of long-term goals. It\u2019s a great tool to communicate what you want to accomplish and align those goals with your day-to-day work. Get started with prioritizing projects, programs and services by downloading our free balanced scorecard template now.<\/p>\n

The balanced scorecard is used to define, set goals and determine how to meet those goals, but project management software is what fulfills the promise of the balanced scorecard. ProjectManager<\/a> is award-winning software with the project portfolio management features you\u2019ll need to plan, manage and track your organization’s initiatives. Our portfolio roadmap lets you build a strategic plan on a visual project timeline, link dependencies to understand relationships and filter by program, manager or team for in-depth insights. Get started with ProjectManager today for free.<\/p>\n

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ProjectManager’s roadmap feature helps with strategic planning. Learn more<\/a><\/figcaption><\/figure>\n

What Is a Balanced Scorecard?<\/h2>\n

A balanced scorecard is a document that gets its name by looking at strategic measures and more traditional financial measures. That provides the balance in this scorecard. It started as a way to provide perspective and has evolved into a holistic approach to managing strategy. Therefore, a balanced scorecard is a strategic management performance metric that’s used by companies to improve their internal operations and improve external outcomes.<\/p>\n

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ProjectManager’s free balanced scorecard template for Excel.<\/figcaption><\/figure>\n

The balanced scorecard is divided into four perspectives: the financial, customer, internal process and learning or growth perspectives. The financial perspective is to increase a company\u2019s revenue and profit. The customer perspective focuses on customer value, satisfaction or retention. The internal business process perspective deals with efficiency and quality. And the learning perspective is more about the culture of the company.<\/p>\n

Why Use This Balanced Scorecard Template for Excel?<\/h2>\n

Our free balanced scorecard template makes it easier to develop your strategic goals<\/a>, the key performance indicators to measure them and the projects that will deliver those goals. It helps by having the balanced scorecard already mapped out and all that’s required for you is to fill in the blanks. Of course, those blanks are the hardest part, but at least you have a consistent document that’s pointing you in the right direction.<\/p>\n

Beyond the ease provided by the free balanced scorecard template, the use of a balanced scorecard is that it integrates the external and internal measures and looks towards the future, where financial measures report on what occurred in the past or the last quarter recorded. The balanced scorecard also defines and communicates priorities to managers, employees, investors and even the company\u2019s customers. It’s the benchmark against which new projects are measured<\/a>.<\/p>\n

The balanced scorecard is also useful across many businesses and industries. It can be adapted to different market situations, product strategies and other competitive environments. By customizing the balanced scorecard template to fit a company\u2019s mission<\/a>, strategy, technology and culture, the competitive strategy should be clear and quickly communicated to all those who read it.<\/p>\n

Who Is This Balanced Scorecard Template For?<\/h2>\n

The balanced scorecard is used by professionals in many industries. They can be found in all types of businesses and industries, but also government and nonprofit organizations use a balanced scorecard to define and achieve their strategic objectives. The balanced scorecard is used in all major companies across the globe, from ExxonMobil and Fannie Mae to the Bank of Tokyo-Mitsubishi and British Telecommunications Worldwide.<\/p>\n

When Should You Use This Balanced Scorecard Template?<\/h2>\n

A balanced scorecard should be used when a business or organization is planning to rank its products, projects or services. This planning stage<\/a> will be followed by using the balanced scorecard to communicate the targets and goals of the business or organization and then inform their day-to-day operations.<\/p>\n

However, the balanced scorecard isn’t merely a planning tool or a means of communicating that plan to the business or organization. It can also track and assess the effectiveness of the plan and monitor how well it performed. The balanced scorecard has KPIs<\/a> to report on management\u2019s contribution to performance and success.<\/p>\n

By using the stated goals and objectives as a benchmark, the balanced scorecard can be used when the business or organization wants to gauge its progress and compare it with the progress of its competitors. This also helps to demonstrate how management\u2019s actions contributed to the company\u2019s success and can be used when evaluating job promotions and salary reviews.<\/p>\n

How to Use This Balanced Scorecard Template for Excel<\/h2>\n

Our free balanced scorecard template will help your company or organization measure its intellectual capital and financial data to identify successes and failures in its internal business processes<\/a>. To use our free balanced scorecard template for Excel, follow these five steps.<\/p>\n

1. Set Strategic Objectives for Your Organization<\/h3>\n

First, define the strategic objectives for your business or organization. You can start by taking your mission and vision statements and developing long-term goals from them. These strategic objectives should be SMART<\/a>, which is specific, measurable, achievable, relevant and time-bound.<\/p>\n

2. Plan the Initiatives That Your Organization Will Take to Reach Its Strategic Objectives<\/h3>\n

At this point, you have a strategic objective and now you must create the steps to take you from where you currently are as an organization or business to where you want to be. That means developing a comprehensive plan.<\/p>\n

3. Establish Key Performance Indicators to Track the Progress and Success Rate of Strategic Objectives<\/h3>\n

KPIs ensure you’re progressing as planned and meeting your strategic goals within the timeline<\/a> you scheduled. That is, you want to have a quantifiable measure of performance over time for your specific objectives.<\/p>\n

4. Set the Expected KPI Targets<\/h3>\n

Once you have KPIs, such as budget, costs, time, etc., you\u2019ll want to set the expected KPI targets. These will be how much of the established KPIs you want to achieve in a period. This will allow you to track how well you\u2019re meeting the objectives of your plan and if you\u2019re on track to meet your strategic goals within the timeframe you established.<\/p>\n

5. Group Strategic Objectives Using the Four Balanced Scorecard Perspectives<\/h3>\n

As mentioned above, there are four balanced scorecard perspectives. Again, those four perspectives are as follows:<\/p>\n