The Balanced Scorecard and Product-Market Fit – can you balance the fit?
The balanced scorecard (BSC) is a strategic planning and management system that organizations use to: Communicate what they are trying to accomplish. Align the day-to-day work that everyone is doing with strategy. Prioritize projects, products, and services.
I thought about the BSC and how it could be used with Product-Market Fit work. Both methods can be practiced in a company at the same time. Do they work together?
2 sections of the BSC ‘fit’ or connect well to PMF and 2 other parts of the BSC connect to a resource allocation framework I have been working on these later two items recently and thought the BSC sits above the two detailed methods of PMF and resource allocation and innovation.
Business planning connects very well to resource allocation. This is certain true if a product. Otherwise, you are guessing. You can only start here if you can establish milestones and align with strategic initiatives and setting targets. This can’t be done for a new business that does not have product success (Product-Market Fit).
Feedback and learning are great place to start. It’s where innovation thrives. Being able to articulate a shared vision between the organization and the customer works if you have an established product. If the right type of innovation framework exist, feedback and learning will work if the organization is focused on the customer’s unmet needs.
Translating the vision Is the ideal place to start when you have a new company and the product is not established. You’re focused on customer, clarifying the vision in determining what the customers on that needs are, and finally, building the Target customer. This informs Product.
Communicating and linking is the logical step for a new company to establish itself, educate the company as well as future customers. This is might be a difficult stage to link rewards to performance as the product is not established but using Stealth Dog Labs technology you can quickly establish what the underserved needs are and inform Product on what to build.
In my opinion, establishing a total addressable audience based on customer underserved needs while budgeting appropriately to meet those needs must be done first for a new organization. the balanced scorecard is a great method but I wonder how technology could be built to better use the balanced scorecards for growth and early-stage companies? Something is not quite right.
