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it will give more than just a financial perspective, incorporating learning and internal processes

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Mission and Vision aspire to improve quality, to deliver value, and there are several areas for improvement beyond just financial which using a balanced scorecard will help keep front of mind and focussed for employees and leadership at CCC.

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The balance score card will help breakdown the areas into easier targets and objectives. Making it easier and clear to the staff to achieve them over time

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It can be time consuming, requiring time to identify appropriate objectives

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Objective: Deliver training to all members of staff

Measure: Set deadlines for when staff need to complete the training.

A target: set a target score for staff to reach on the training questions

Initiative: Staff can be rewarded the more training they complete via promotions and career progression within the company

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1. Too much focus on one perspective and less on others

2. Admin time spent on the perspective without any action. Too much time planning and facilitating but no results

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The balanced score card can allow for smaller sections of objectives to be communicated with staff and focuses on the important non financial measures as well as the obvious financial ones. CCC appear to have thought out a mission and vision statements which can be allocated to a section and then investigated in more detail to produce targets and ways of measuring them.

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Sometimes there is confliction on the perspectives on the balanced score card, e.g. improve shareholder wealth (financial perspective) & Best value for customer (Customer perspective)

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As CCCs mission is to continually grow through its commitment to quality and delivering value to its customers, it shows that it needs to look at all factors not just financial, so the balanced score card would be an ideal place to start. "value" to customers may not just be financial and the cost of the insurance, "value" would also be related to the quality of service they receive.

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Objective: increase revenue growth rate

Target: double revenue by 20X7

Initiative: Train salespeople and improve communication within team to avoid loss of customers and attract new customers

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Objective: Reduce custoemr complaints by 20% or Increase customer satisfaction and experience by 20%

Measure: Customer experience questionnaire

Target: customer score out of 10 on several factors, target 8/10

Initiative: Customers gain a reward/discount when questionnaire is completed, plus staff members gain reward/day off for the most customer questionnaires completed by their own sales

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Objective: reduce customer loss

Measure: non-renewals

target < 5%

Develop loyalty program and ensure sales team communicates any discounts available to customers upon renewal

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Objective - upgrade all the personal computers

Measure - % upgraded over time and whether it's on track to meet that date

Target - an achievable date by which all personal computers should be upgraded, depending on available IT resource, number of computers to upgrade, supply chain availability. Also target productivity improvements once upgrade complete.

An initiative - consider wiping and donating old pcs to a local school or charity.

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carry out replacement initiative to reduce average age of computers to 2 years.

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Objective: Replace all computers that are more than 5 years old

Measure: IT Department to log how many computers are left to change via a IT tracking system

Target: Aim to replace 5 computers a week (depending on size / quantity of computers to replace)

Initiative: Staff satisfaction will increase with better working equipment

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Objective: Reduce customer loss rate

Measure: Monitor the percentage of customers who move to a new insurance provider after their policy comes to an end across all types of insurance types.

Target: based on 23/24 customer loss rate being 15%, a realistic target for the following financial year may be 7.5% (50% reduction based on historic)

Initiative: another discount could be applied for returning customers but this time emphasis on advertising this to the consumer would need to be more prominent and direct as well as improved internal communication to the staff members show will be able to apply this to the customer

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Objective: "Delight our customers" - too vague. Change to create a loyal customer base

Measure - increase returning customer from 2x03

Target - retail 50% of customers from previous year

Initiative - Better use of discount scheme

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May take longer to achieve the financial goal in the strategy if attention is divided, as balanced scorecard prioritise's long term success and sustainability over short term financial gain.

Costly to implement all these initiatives, which may also detract from the financial objective.

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Objective: Increase revenue by realistic amounts every 2 years

Measure: Measure revenues in each department monthly & quarterly to then analyse the weaker areas that need support

Target: set realistic targets for each year, quarter and month. then analyse to see which months and quarters of the year have higher revenues and find the drivers behind this

Initiative: Reward / discounts / day off for employees or departments who provide more revenue and revenue support for lower revenue areas

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target: NRR = or > 100%

initiative: Upsell to existing customers and prevent customer loss .

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Objective: deliver training to staff across all departments to reduce the level of errors detected in audit process.

Measure: for a bespoke training course created for CCC which all staff would be required to complete, a pass score would need to be set and then a measurement of percentage of passes could be monitored. Those that did not achieve a pass would be required to do a refresher training and then the retake pass rate could also be measured

Target: 80% pass rate on first attempt of training questions, 100% pass rate of retake of training questions

Initiative: a voucher could be awarded for all first time passes of the training, special recognition could be given to the team member who achieves the highest score

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Objective - allow all members of staff access to training, to enhance their educational qualifications. Measure - number of staff attending the offered training courses. Target - % of staff completed training course by 20X4. Initiative - allow staff time away from their day job to complete training, look into qualifications that can be useful in other roles for career development.

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Objective: Continually improve our business processes

Measure: Qualifications staff posses

Target: Improve current qualifications in staff with additional training annually & improve recruitment so all new staff have at least the minimum acceptable amount

Initiative: Staff development & they have improved prospective for promotion.

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1) Different perspectives can cause conflicts between stakeholders. For example more investment in staff training to reduce errors during the audit will have a significant cost to the business and potentially reduce profits. Shareholders who have been critical of dividend yields and may not be satisfied with another year at this low level.

2) The scope of the BSC is vast and can be time consuming and costly to explore and maintain across the whole business. Often many staff will be required to input and this could take their focus and time away from other activities in the business that immediately generate and sustain value

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One disadvantage of using a balanced scorecard is that it can be difficult to find a suitable course of action to deal with the wide range of areas tracked under this and it can e overwhelming after some time.

Another is that it can force management to spend time evaluating all areas, even if in some situations they should be focused on a specific issue over the whole rest of the balanced scorecard

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Objective: Provide superior returns to our shareholders

Measure: Increase dividends paid out annually

Target: Increase dividends from 5% from last year

Initiative: Bonuses for staff that meet sales targets

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Objective: Ensure staff possess the necessary qualifications to perform their roles effectively

Measure: Staff Qualification Rate (% of employees meeting job qualification standards)

Target: Achieve a minimum of 90% of employees meeting or exceeding role-specific qualification requirements

Initiative: Implement a Staff Development Program

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Objective - improve customer loss %, Measure - % of customer loss 20X4/20X5 Target - customer loss % rate of 5% by 20X5 Initiative - communicate the discount initiative with the sales team to ensure that this is offered to every customer if they are looking to leave. Give recognition/reward to staff on the number of renewals they are generating.