How to create a BSC in profit.co?

Category: BSC

In Profit.co, you can create a Balanced Scorecard (BSC) to align organizational activities with strategic goals and provide a comprehensive view of performance across multiple perspectives.

What is a Balanced Scorecard in Profit.co?

A Balanced Scorecard is a strategic management framework that helps organizations translate their vision and strategy into actionable objectives across multiple perspectives. It provides a comprehensive view of organizational performance by balancing financial and non-financial measures.

Who can create and access a Balanced Scorecard?

Only specific roles have permission to create and access Balanced Scorecards in Profit.co:

Role Access Level
Balanced Scorecard Admin Users with this role can create, view, and manage all scorecards
Department Head Users with this role can create, view, and manage their own scorecards
OKR Champions Can create and manage BSCs within their scope

How do I enable the Balanced Scorecard in Profit.co?

Before creating a Balanced Scorecard, you must first enable the feature in your settings:

Step 1

Go to Settings from the left navigation panel.

Select General, then click on Apps.

On the Apps page, locate the Balanced Scorecard toggle.

Enable the toggle to activate the Balanced Scorecard feature.

Once enabled, you can access the Balanced Scorecard from the left navigation menu.

How do I create a new Balanced Scorecard?

After enabling the Balanced Scorecard feature, follow these steps to create your first scorecard:

Step 1

  • Navigate to Balanced Scorecard from the left navigation menu.
  • Choose the required Department from the dropdown menu.
  • Click on the + Create button in the top right corner of the page.

Your new Balanced Scorecard overview page will be created and ready for configuration.

How do I add Vision and Mission to my Balanced Scorecard?

The Vision and Mission provide strategic context for your Balanced Scorecard:

Step 1

Click on the More Options icon (three dots) in the top right corner.

Select Edit from the dropdown menu.

  • In the Update Balanced Scorecard side panel, enter your Vision statement.
  • Enter your Mission statement.
  • Select the Period for which this scorecard applies.
  • Click Update to save your Vision and Mission.

Your Vision and Mission will now appear at the top of your Balanced Scorecard overview page.

How do I create Strategic Objectives in a Balanced Scorecard?

Strategic Objectives define what you want to achieve within each perspective:

Step 1

Hover over the Strategic Objectives box for the desired perspective.

Click + Create Strategic Objective, or click the Create button at the top of the page.

Select a Strategic Objective and choose the perspective to create it.

  • In the Create Strategic Objective side panel, enter the name of the strategic objective.
  • Select the period for this objective.
  • Choose the visibility level (who can view this objective).
  • Assign an owner responsible for this objective.
  • Click Create to save the strategic objective.

The newly created strategic objective will appear in the selected perspective on your overview page.

How do I create Measures/KPIs in a Balanced Scorecard?

Measures/KPIs track progress toward your Strategic Objectives:

  • Hover over the Measures/KPIs box for the desired perspective.
  • Click on + Create Measures/KPIs.

  • Enter all required information for the measure or KPI.
  • Configure targets, units, and tracking parameters as needed.
  • Click Create to save the measure or KPI.

The newly created Measure/KPI will appear linked to the appropriate strategic objective on your overview page.

How do I create Projects/Initiatives in a Balanced Scorecard?

Projects/Initiatives are the action plans that drive your strategic objectives:

  • Hover over the Projects/Initiatives box for the desired perspective.
  • Click on + Create Projects/Initiatives.
  • In the side panel, fill in all required details for the project or initiative.
  • Define scope, timeline, resources, and deliverables as needed.
  • Click Create to save the project or initiative.

The newly created Project/Initiative will appear linked to the appropriate measures and objectives on your overview page.

What additional actions can I perform on Balanced Scorecard elements?

Profit.co provides several advanced actions for managing your Balanced Scorecard elements. You can access these options by clicking the three dots (More Options) menu on any Strategic Objective, Measure/KPI, or Project/Initiative:

Best practices for uploading profile pictures in Profit.co

  • Start with a clear Vision and Mission statement to provide strategic context for all scorecard elements.
  • Create Strategic Objectives that directly support your Vision and Mission across all four perspectives.
  • Ensure each Strategic Objective has at least one measurable KPI to track progress effectively.
  • Link Projects/Initiatives to specific Measures/KPIs to show how actions drive performance.
  • Assign clear ownership for each strategic objective to ensure accountability.
  • Use the cloning feature to quickly replicate similar objectives, measures, or projects across perspectives.
  • Choose appropriate periods that align with your organization's planning and review cycles.
  • Regularly review and update your Balanced Scorecard to reflect changing strategic priorities.
  • Use the PDF export feature to share scorecard views with stakeholders who don't have system access.
  • Balance the number of objectives across perspectives to maintain a holistic strategic view.

Related Questions

To learn more about the use of the BSC Cockpit Dashboard in Profit.co, Click Here

Frequently Asked Questions

Q1. Can I create multiple Balanced Scorecards for different departments?

Yes, you can create separate Balanced Scorecards for different departments by selecting the appropriate department from the dropdown before creating each scorecard.

Q2. Can I move Strategic Objectives between perspectives after creating them?

Yes, you can move strategic objectives between perspectives using the Move option in the More Options menu for each objective.

Q3. How many Strategic Objectives should I create for each perspective?

While there's no strict limit, best practice suggests creating 2-5 strategic objectives per perspective to maintain focus and clarity without overwhelming your team.

Related Questions