Heritage Mississauga

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The financial aspect would be the funding that organization receives. Whether the funds are received from sponsors, government, other donations through charity event. The budget would determine the amount to cover their expenses for the current year and following year. The extra cash remaining at the end of year to mean manager was cost efficient.

Recommendations:

After reviewing the alternatives, the best option would be to build a balanced scorecard. The balanced scorecard would develop key competencies to measure the organization’s progress towards their long-term goal. Which is to be a well-known organization that intends on preserving the wonderful heritage of Mississauga. Their operations need to be cost efficient in order for them to be resourceful, since their funding is limited. These services are the “bread & butter” of making sure people appreciate the rich history of Mississauga. The scorecard would provide accountability within the company’s structure. The cash budget would only provide the financial measurement but that is not what Heritage Mississauga need, since they are a non-profit organization. Heritage Mississauga would need both financial and non-financial targets, which a balance scorecard would provide.

Implementation:

To successfully implement a balanced scorecard requires commitment and leadership from the management. Heritage Mississauga would conduct interviews with the senior managers, question members, volunteers, and sought proposals for balanced scorecard objective across the four perspective. They would need to be in direct communication with the company’s senior managers as they develop the budget’s performance targets. The targets would be divided in four groups (Financial, Internal Process, Customers and Learning & Growth), and then appointing which senior manager and their team is responsible for which target. Then the next level of management will identify measures for each objective and the sources of information for each measure. The group will then meet to finalize scorecard objectives, measures, targets, and the initiative to achieve the targets. Once the balanced scorecard is finalized, the budget is communicated to all employees and managers made sure that employees understand the scorecard.