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Download balanced scorecard template in Microsoft Excel format.
How to Plan a Personal Balanced Scorecard
The measurement of a person’s important life areas is done by a personal balanced scorecard. It takes into account all the traditional, financial and non-financial aspects of the life of an individual. It helps you in finding your goal and thus understanding it. It lets you know your weaknesses so that you can make any necessary changes and achieve your goal easily.
To develop a personal balanced scorecard first you should list down the areas that hold importance for you. There might be financial or non-financial but should be those aspects that have a great emotional influence on you. You can use emotional words like “passion” or “freedom”. Thus, after studying these emotional aspects you should choose the areas that need work. Then you should analyze your position for each of the areas. You should admit your actual position, as the aim of a personal balanced scorecard is basically to help you out in the area you are lacking.
Then you should decide how would you like to see yourself in actual, what do you want exactly. After this you should study your measures and make strategies which can help you in reaching your goal. Knowing your separate objectives for each of the areas is very important. Then the major focus has to be picked out and a specific timeframe should be decided at the same.
A balanced scorecard has a great resemblance to a business scorecard as it is based upon plans and strategies which when followed can lead us to the desired goal, but the definition for each of the areas differs as compared to a business scorecard.
Major areas of it are financial, social, internal and growth. Financial aspect in a balanced scorecard takes into account the financial status of an individual. This is related to saving and earning. This tells if the person is stable financially and at the same time is he able to spend time with his family or not. The social aspect, however takes into account the social status he has and the relationships he shares with the society as a whole. Under social head it is seen if the person is able to give proper time to his friends individually and how does the same affect his lifestyle. It also sees that all is balanced and the relationships are constructive and not destructive to his well-being. Then there is the internal aspect which tells what a person is doing to take care of the weak areas in his life. This concerns various kinds of emotional, physical and spiritual aspects.
The last and the most important area is the "Growth" key indicator. This is the real basis in case your "internal" strategy is going well and if it’s taking you directly to your goal. This area specifies how things are actually changing and how are you growing towards your aim day by day. It studies how fast or how slow the growth is taking place and guides you if the results are not good. Following a personal balanced scorecard can bring great changes to your life. Thus a personal balanced scorecard is the key to success in one’s personal life.