Learn How to Create a Balanced Scorecard Using Excel

The balanced scorecard is a tool that has helped a lot of companies for two decades now. Until at the present time, this is utilized by several firms worldwide. Over time, it has developed and evolved to further assist the businesses when it comes to monitoring the health or the status of their projects, tasks or even the entire company itself. This is being exploited by the organizations because this makes it simple for them to keep track of the condition of their business in the market. However, there are responsibilities that are attached to the creation of the BSC. First is that there is a need to make sure that your scorecard is fully updated. This is because there are shifts in the trends and the movement of the market. The second one is to make sure that it is well represented visually. You can make use of tools that allow you to design the corporate BSC but one of the easiest is through Excel. This application will help you learn how to create balanced scorecard without much trouble because you can take advantage of the extra features provided by it.

When you learn how to create balanced scorecard with Excel, you can utilize its helpful facilities including the capacity to convert ratings into symbols. The first thing that you have to do is to format your Excel balanced scorecard. Before you decide about the color or the appearance of your BSC, you must format the title, the columns, rows and the headers. After that, you can continue with the other adjustments like for the style, the color and the fonts to be used. So if you want to learn how to create balanced scorecard using Excel, follow the steps given here. First, open a new workbook. Go to the File menu where you can find Page Layout or Page Setup depending on the version you are using. Click on Landscape afterwards. You can then select the font style that you want.

After that, you will need to provide a title for your BSC. This is typically written at cell A1. Then, you can now label and stylize your columns. This is where you put labels for them including the Objectives, the Measures, Targets and Actual percentage. You can also choose to format the cells that you have edited by filling them with a background color and by changing the font and its color. Next is to do the same with the rows. Most want to alternate the formatting of every row in their scorecard. If you would also like to do this, you will need to highlight all the rows that you will be using for your BSC and then select Conditional Formatting from the Format menu. Select "Formula is" from the Condition 1. At the second box, type "=MOD(ROW(),2)=0" without the quotes. If done, click on OK or you can click on Format to select the other options for the rows.

Write in the four perspectives and later, you can convert the numeric ratings scale or percentage ratings to symbol ratings. This is possible with Excel. You can check some BSC examples so that you will know how to have a well designed scorecard for your company.