Building a Great Business:

Balanced Wheel

Balanced Business Wheel

Balancing Your Business System Achieving Success Through Balancing Competing Values

By: Vadim Kotelnikov, Founder, Ten3 Business e-Coach Inspiration and Innovation Unlimited, success360.com, 1000ventures.com, 1000advices.com

A business that makes nothing but money is a poor business.

Henry Ford

The Power of Balance

The Power of a Balanced Wheel

SMART Business Architect (Ten3 Mini-course)

 

Balanced Business System The Power of Balance Customer Success 360 Creating Sustainable Profit Growth The Power of a Balanced Wheel Creating Sustainable Business Value Innovation Success 360 Balanced Approach To Business Systems Corporate Strategy Enterprise-wide Business Process Management Vadim Kotelnikov Ten3 Business e-Coach Business Success 360 BALANCED BUSINESS SYSTEM: Business Success 360

Balanced Organization: 5 Basic Elements

 

SMART Business Architect (Ten3 Mini-course)

Achieving Strategy through Balancing Competing Values

The primary goal of any business is to increase stakeholder value. It is achieved through a dynamic balancing of competing values. In order for a business to maximize economic value, it must balance customer satisfaction and competitive market forces with internal cost and growth consideration.

Smart Business Architect

What is Business Systems Approach?

A business is more than finance. Organizations prosper by achieving strategy that is implemented as a result of continuous decision-making at all levels of the business. Performance measures need to be aligned with the organization's strategy. The Business Systems approach considers business as system of interrelated factors of strategy, owners, investors, management, workers, finance, processes, products, suppliers, customers, and competitors.

6Ws of Corporate Growth

Balancing the Four Perspectives

Firms implement strategy through balancing the four major factors or perspectives:

  1. Financial perspective: To succeed financially, how should we look to our shareholders?

  2. Customer perspective: To achieve our vision, how should we appear to our customers?

Customer Success 360

  1. Internal business process perspective: To satisfy our shareholders and customers, what business processes must we excel at?

  2. Learning, innovation, and growth perspective: To achieve our vision, how will we sustain our ability to create value and improve?

Innovation Success 360

The four perspectives permit a balance between short-term and long-term objectives, between outcomes desired and the performance drivers of those outcomes, and between hard objective measures and soft subjective measures.

For each of the above four questions, provide answers in terms of:

  • Objectives

  • Measures

  • Targets, and

  • Initiatives