Entrepreneurs Use a Balanced Scorecard to Translate Strategy into Performance Measures

Andra Gumbus and Robert N. Lussier

Journal of Small Business Management, 2006, vol. 44, issue 3, 407-425

Abstract: Although 50 percent of Fortune 1000 companies currently use a balanced scorecard (BSC), few small businesses are using a BSC. A review of the literature finds no BSC papers in leading small business/entrepreneurship journals. This article begins with a discussion of the BSC and why a small business should use it. Three small to medium‐sized enterprise (SME) case studies are presented, with a copy of their BSC, to illustrate how Hyde Park Electronics, Futura Industries, and Southern Gardens Citrus use a BSC to set strategy and align operations to achieve breakthrough results. Implications are, that like large businesses, SMEs can also benefit from using a BSC. Entrepreneurs of SMEs can use the case studies to develop their own BSC to improve performance. Implications for practice and research are discussed.

Date: 2006
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DOI: 10.1111/j.1540-627X.2006.00179.x

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