Business Model and Strategic Plan Part Iii-Balanced Scorecard and Communication Plan

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Business Model and Strategic Plan Part III: Balanced Scorecard and Communication Plan NAME BUS/475 Integrated Business Topics DATE Dr. Steven Verrone The Balanced Scorecard As is highlighted by The Balanced Scorecard Institute (2015) “The balanced scorecard is a strategic planning and management system that is used extensively in business and industry, government, and nonprofit organizations worldwide to align business activities to the vision and strategy of the organization, improve internal and external communications, and monitor organization performance against strategic goals” (Balanced Scorecard Basics, pg). A balanced scorecard takes into account traditional financial measures while also providing guidance to steps necessary to create future value through investments in customers, suppliers, employees, processes, technology, and innovation (The Balanced Scorecard Institute, 2015). Balanced Scorecard for Regions Financial Corporation – All-In-One Mortgage Service | Strategy | | Objectives | Metrics for each objective | Targets for each metric | Initiatives for each target | Financial | * Increase market share * Increase profitability * Increase annual revenue | * Increase in number of clients * Increase the visibility of the branded content * Grow the company’s revenue | * Increase the number of clients by 4% in the next 2 years * Visibility to grow by 12% within the next year * 18% increase in the company’s revenue within the next year | * Increase advertising of the All-In-One Mortgage * Increase the online campaign of All-In-One Mortgage * Lower the fees involved in getting the All-In-One mortgage to increase the client base | Customer | * Satisfy customer needs * Increase customer value * Customer retention | * Engage the customers to understand their needs * Offer the All-In-One Mortgage

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