Essay Sample on Internal Business, Financial, Customers and Innovative Learning

Introduction

Mission: to educate men and women that will make outstanding contributions to their workplaces and communities follow their chosen vocations as callings to glorify God and fulfill the great commission.

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Vision: Liberty University maintains the vision of its founder, Dr. Jerry Falwell; it develops

Christ-centered men and women with their values, skills, and knowledge essential to impact the world.

Financial Perspective

Institutions top objective is all about financial perspectives. This enhances institutional performance and financial health. These financial perspectives include, cost saving, profit margins and revenue resources (Rothaermel, 2017). The financial perspective of Liberty University is outlined below.

Financial Perspective

How can the School of business be financially responsible and create value regarding University mission? Objectives Measures Targets Initiatives

Reducing the amount of money spent each year on training Amount spent on business instructors, tutors, and educators Reduce the amount spent by $25,000 within the first two years to enhance the financial benefits of >$10,000 every year Hire internal resources to teach external educators and tutors

The school to improve retention Attrition of department staff, educators, tutors, and instructors. Reduce the department attrition by 4% Enhance career development for departmental staff as well as workers through review event, resume and career development goals.

Customer Perspective

Customer satisfaction is essential for any strategic business success (Jackson, 2019). Customers, in this case, are the students as well as their parents and guardians at Liberty University. The University provides safe learning environments with a unique classroom environment that encourages a specialized approach to learning and teaching characters.

Customer Perspective

To achieve our mission statement, how best should we appear to external and internal customers? Objectives Measures Targets Initiatives

Meet the development and learning needs of students in each business course that is taught Evaluate scores and merit Achieve a high graduation rate of over 70% with higher average scores for each student Create an integrated class system where educators, instructors, and students come together to share and achieve greater goals

Increase student and educator collaboration on student challenges Student class attendance and other training sessions Engage in active participation with all shareholders including students' parents, management and the community Create educator collaboration where they can chat and share common challenges, learn and collaborate to best solutions in the School.

Internal Business Perspective

Internal business perspective refers to the various processes that allows management to know how well the business or institution is running (Balanced Scorecard Institute, n.d.). Whether what is offered at the institution conforms to customer demands and expectations as well as the institution mission statement. The key elements in the Liberty University School of business on shareholder perspective are outlined in the scorecard below.

To make the Liberty School of business satisfy students, shareholders and the public.

How the Shareholders Will View Us? Objectives Measures Targets Initiatives

Become more sustainable in our learning materials Amount of learning resources in every class Increase materials from outside vendors as well as eliminating handouts in class Evaluations done to be more post unique and qualtrics for students by the use of complete evaluations

Establish formal learning process for career development at Liberty Of education and learning agreements done Obtain total collaboration from students and shareholders Communicate new learning alternatives via our website to ensure total agreement by all shareholders.

Learning and Growth

The learning and growth perspective offers concrete process and tangible drivers that enhance performance. It covers a broad spectrum which includes human capital, information and organization capital (Marr, 2018). The scorecard below shows the key element of learning and growth perspective in the school of business at Liberty University.

• To achieve our mission statement we will sustain abilities to improve and change?
• What core competencies do we need? Objectives Measures Targets Initiatives

Increase number of department staff, educators and resources Asses all the school of business departments Every member of the staff meet to discuss various development plans Increasing external advertising; classes, positions merits and other achievements.

Grow the number of instructors and competent educators who help in student career development The number of instructors and educators in each department of the school of business Ensure 95% of eduators and staff participate in essential trainings every year Create a roadmap to share special information, material and learning resources

Conclusion

The concept of having a balanced scorecard in any organization is to help balance its set objectives to meet its respective expectations. An organization sets its short and long-term goals and objectives while working on its operations to achieve the set outcomes. A company chooses among the perspectives it requires and applies on it (Kinicki & Williams, 2014). All these perspectives; internal business, financial, customers and innovative learning are meant to achieve specific goals of business improvement in either customer retention, daily business operations, technology or innovations practices and finance productivity

References

Balanced Scorecard institute. (n.d.). Strategy Management Group: Process Perspective. Retrieved from https://www.balancedscorecard.org/Process-Perspective

Jackson, T. (2019). The Balanced Scorecard Customer Perspective. Retrieved from https://www.clearpointstrategy.com/balanced-scorecard-customer-perspective/Kinicki, A., & Williams, B. (2014). Bureau of Labor Statistics. Encyclopedia of World Poverty. doi:10.4135/9781412939607.n73

Marr, B. (2018). The Four Perspectives in a Balanced Scorecard. Retrieved from https://www.bernardmarr.com/default.asp?contentID=968Rothaermel, F. T. (2017). Strategic management concepts (Custom 3 rd ed.) New York, NY:McGraw-Hill.