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AUTHOR(S): Venelin Terziev, Marin Georgiev
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TITLE Translating Strategy into Action: The Role of the Balanced Scorecard |
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ABSTRACT The Balanced Scorecard (BSC) is an integrated management model that transforms an organization’s strategic goals into measurable criteria covering four main perspectives: finance, customers, internal processes, and organizational learning and development. Unlike traditional models, the BSC provides a link between financial and non-financial indicators through logical and time dependencies, thus facilitating strategic planning and control. The model is based on stakeholder theory and combines elements of value-based management. Its application encourages the introduction of modern methods for measuring intangible assets and creates a basis for developing strategic budgets. The BSC is not a universal template, but an adaptive framework tailored to the specific strategy, market environment, and competitive advantages of the organization. |
KEYWORDS Balanced Scorecard, Strategic management, Performance Measurement, Stakeholders, Non-Financial Indicators, Strategic Budget, Organizational Development |
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Cite this paper Venelin Terziev, Marin Georgiev. (2025) Translating Strategy into Action: The Role of the Balanced Scorecard. International Journal of Economics and Management Systems, 10, 256-258 |
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