IMPLEMENTATION OF BALANCED SCORE CARD IN CHINA

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IMPLEMENTATION OF BALANCED SCORE CARD IN CHINA

IMPLEMENTATION OF BALANCED SCORE CARD IN CHINA

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As the business landscape keeps on changing, it is no longer enough for business to only look at the long term-profits and hence pursues strategies that will lead to long-term profits. In most instances, this strategy has flopped when the targets are not met or when business strategies drift  and most business have been left with nothing to hang on  to, thereby orchestrating their demise from the market (Lawson, Mukankusi, & Miller, 2008: 80). Modern business environment demands that business have to focus on their long-term competitive advantages with an aim of ensuring that there is sustained financial performance to survive in an ever changing business environment. Therefore, it  is generally accepted that the traditional methods that focused on long term financial performance of the business are no longer valid in modern business environment  and business have to embrace and implement new methodologies that will lead them to higher financial performance (Neely, Adams, & Kennerley, 2002: 82; Andersen, 2001: 9). Traditional business methods involved financial measures that act as “lag indicators” only reporting on the outcomes of the past actions (Martinsons, Davidson, & Tse, 1999: