Kaplan and Norton Essay Example | Topics and Well Written Essays - 500 words

Kaplan and Norton - Essay Example Their scorecard requires managers to answer the basic question for accounting: "How do we look at shareholders" The Kaplan and Norton describe the innovation of the balance scorecard as follows: "The balanced scorecard retains traditional financial measures. But financial measures tell the story of past events, an adequate story for industrial age companies for which investments in long-term capabilities and customer relationships were not critical for success. These financial measures are inadequate, however, for guiding and evaluating the journey that information age companies must make to create future value through investment in customers, suppliers, employees, processes, technology, and innovation." (Kaplan, Norton, 1996). So, the process of the Balance Scorecard planning helps to identify specific procedure and processes required at different levels of the organization. The organization's strategic, tactical, and operational goals and plans must be consistent and mutually supportive. There are four primary cells in the Balance Scorecard: financial, customer, process, and people/learning. In each cell, company should identify the key drivers that help translate strategic goals to operational accounting issues. Each of those goals would also have a set of metrics. For example, under customer metrics, a company might look at growth rate. (b) Using the balanced scorecard system allows the food retailer industry

Business Legal Plan Assignment Research Paper Example | Topics and Well Written Essays - 500 words

Business Legal Plan Assignment - Research Paper Example In terms of the legal form of ownership that I want for this business, I would choose that of a limited liability company or LLC. This is because in this form of business ownership, the liability of an owner is limited to the extent of his capital investment in the business. Furthermore, the limited liability company is a business enterprise that is itself a legal entity, separate and distinct from the owners. A limited liability company can sue and be sued under its own name. Under normal circumstances, the personal assets of the business owners need not be attached to meet the obligations of the limited liability company. I find this aspect very appealing and sensible, compared to a sole proprietorship or a partnership, where the creditors can even lay claims against the personal assets of the owner or partners in order to satisfy their outstanding sums. In a limited liability company, a Court of Law may consider attaching the personal assets of the owner only in cases of proven fr aud and misrepresentation (Keatinge et al, 383-384). The level of protection and support to a limited liability company varies from State to State. If the owners choose to classify the business as an ‘S Corporation’ for taxation purposes, they can save on the double taxation aspect.