The knowledge and use of the Balanced Scorecard method in businesses in the Slovak republic

49 4, XX, 2017 Business Adminis a ion and Managemen DOI: 10.15240/ ul/001/2017-4-004 In oduc ion One o he managemen ools ha is gaining popula i y in business p ac ice is he Balanced Sco eca d (BSC). The BSC was de eloped by Robe Kaplan and Da id No on in 1992 as an al e na i e o adi ional pe o mance measu emen app oaches ha ocus solely on i nancial indica o s and a e based pu ely on a business´s pas pe o mance. Du ing he yea s he Balanced Sco eca d has e ol ed om i s ea ly use as a simple pe o mance measu emen amewo k o a ull s a egic planning and managemen sys em. I can be de i ned as a s a egic planning and managemen sys em ha is used o align business ac i i ies o he ision and s a egy o he businesses, o imp o e in e nal and ex e nal communica ions and o moni o o ganiza ion pe o mance agains s a egic goals. The BSC can be unde s ood as a managemen sys em which is s uc u ed acco ding o he logic o he managemen ci cle (“plan-do-check-ac ”) (Kaplan & No on, 2010). 1. Balanced Sco eca d – A S a egic Managemen Tool The Balanced Sco eca d is a managemen sys em (no only measu emen sys em) ha enables businesses o cla i y hei ision and s a egy and ansla e hem in o ac ion. I p o ides eedback a ound he in e nal p ocesses and ex e nal ou comes in o de o con inuously imp o e s a egic pe o mance and esul s. When ully implemen ed, he Balanced Sco eca d ans o ms s a egic planning om an academic exe cise in o he (ne e) cen e o an en e p ise (Kaplan & No on, 2007). The aim o he Balanced Sco eca d is o di ec , help manage and change in suppo o he longe - e m s a egy in o de o manage pe o mance. The sco eca d e l ec s wha he businesses and he s a egies a e all abou . I ac s as a ca alys o b inging he “change” elemen wi hin he businesses. BSC c ea es a comp ehensi e amewo k which conside s he ollowing pe spec i es and ies o ge answe s o he ollowing ques ions: 1. Financial pe spec i e (how do we look a sha eholde s?); 2. Cus ome pe spec i e (how should we appea o ou cus ome s?); 3. In e nal business p ocesses pe spec i e (wha mus we excel a ?); 4. Lea ning and g ow h pe spec i e (can we con inue o imp o e and c ea e alue?). This ool is conside ing no only he i nancial esul s, which a e impo an , bu also hose ac o s which ac ually d i e businesses owa ds u u e success. The Balanced Sco eca d lays s ess also on o he a eas which a e equi ed o “balance” he i nancial pe spec i e in o de o ge a o al iew o he businesses pe o mance and imp o e he same (E ans, 2002). The amewo k ies o b ing a balance and link be ween he i nancial and non- i nancial indica o s, angible and in angible measu es, in e nal and ex e nal aspec s and leading and lagging indica o s. The main bene i o managing wi h a combina ion o i nancial and non- i nancial in o ma ion is ha he use o leading, non- i nancial indica o s acili a es p oac i e con ol and he abili y o ake a p e en i e ac ion (De Waal, 2013). A balanced se o key i nancial and non- i nancial (CSF) c i ical success ac o s and KPIs (key pe o mance indica o s) enables managemen o ocus on he eally impo an issues ha d i e business pe o mance and o moni o he achie emen o s a egic goals mo e closely. Using non- i nancial in o ma ion imp o es he analy ical skills o manage s because hey can iden i y he oo causes o i nancial pe o mance. THE KNOWLEDGE AND USE OF THE BALANCED SCORECARD METHOD IN BUSINESSES IN THE SLOVAK REPUBLIC Ľubica Lesáko á, Ka a ína Dubco á, Pe a Gundo á EM_4_2017.indd 49EM_4_2017.indd 49 13.12.2017 12:53:3113.12.2017 12:53:31 50 2017, XX, 4 Ekonomika a managemen Lesáko á (2004) s a es ha he BSC me hod is no jus a g ouping o impo an indica o s o pe o mance e alua ion. I s consis en applica ion p o ides a mode n way o managemen , because i helps o align he business ac i i ies wi h he business p ocesses o c ea ing he company´s alue. Synek e al. (2011) look a he BSC as a me hod o s a egic managemen whose ole is o align he in e es s o managemen wi h he in e es s o employees and he s a egic goals wi h he ope a ional managemen . The au ho s suppo exploi abili y o his me hod o linking he s a egy wi h he daily decision making p ocess. A ms ong (2007) compa ed he me hod o a wa e all. The au ho claims ha he BSC me hod passes h ough he businesses as a wa e all o ensu e he measu emen o he ac i i ies ha con ibu e o he achie emen o he o e all businesses s a egy. The idea cap u es he essence o he cu en impo ance o he BSC me hod in he s a egic managemen o he company. The e a e se e al au ho s who deal wi h he BSC me hod in he s a egic business managemen and he p oblems eme ging h ough i s implemen a ion in business (De Waal, 2013; E ans, 2002; Ga u o á, 2012; Ho á h & Pa ne s, 2002; Kaplan & No on, 2007; Lang, 2007; Ka abašo á, 2010; Vi anen, 2009 and o he s). P ope unde s anding and implemen a ion o he Balanced Sco eca d me hod b ings a numbe o bene i s o businesses ha a e p esen ed in li e a u e. The au ho s o he BSC (Kaplan & No on, 2007) see he majo con ibu ion o his me hod mainly in he implemen a ion o he business´s ision and s a egy in o i s objec i es and measu emen s. The me hod connec s he ision and he s a egy wi h he daily decision making p ocess. The BSC me hod acili a es he communica ion and unde s anding o he s a egy ac oss he business and helps o align indi idual goals o he employees wi h he business´s objec i es. These a gumen s a e p esen ed by Kaplan and No on (2007), who s a e ha he measu emen s should be used in a way o he han a classical ool o e ising he beha iou and pas pe o mance. The au ho s a gue ha he measu emen s in he BSC should se e mainly as an aid in o mula ing he co po a e s a egy, communica ing i and aligning indi idual, co po a e and depa men al ini ia i es owa ds he achie emen o he common goal. In he yea 2002 Kaplan and No on o mula ed he main bene i s o he BSC me hod esul ing om he coope a ion o di e en s akeholde s in he business. Fi s , hey s a e ha he me hod p o ides a clea pic u e o he co po a e s a egy which is unde s andable o he employees. Due o ha he s a egy becomes pa o he daily ac i i ies o he employees. As he second bene i hey indica e ha BSC helps companies o de i ne s a egic pa ne ships wi h a ge cus ome s and o ocus a en ion on cus ome s. Thi d, unless he businesses ha e se a s a egy which includes s ong pa ne ships wi h supplie s, he BSC assis s in hei main enance h ough he moni o ing o he pe o mance in he in e nal business p ocesses pe spec i e. And ou h, he au ho s s a e ha o businesses i is usually impo an o main ain good ela ionships wi h he communi y whe e he business is loca ed. De e mina ion o good ela ions is e l ec ed in he pe spec i e o in e nal business p ocesses. Based on he a icle “How a Balanced Sco eca d can help you o ganiza ion” (Balanced Sco eca d Ins i u e, 2012), we can conclude ha he BSC can help businesses pa icula ly in he ollowing a eas:  o inc ease ocus on s a egy and esul s,  o b eak communica ion noises be ween depa men s,  o inc ease unde s anding o cus ome needs and l exibili y o espond o hem,  o imp o e businesses pe o mance by measu ing he impo an a eas,  o assis he managemen in making be e decisions based on analysis o ele an pe o mance indica o s,  o assis he managemen wi h mo e e ec i e planning o ime and esou ces,  o assis he managemen and employees o concen a e on impo an asks. Ga u o á (2011) poin s ou ha he main bene i s o he me hod lie mainly in helping o implemen he s a egy in o e e yday p ac ice, hen in simpli ying communica ion and c ea ing a uni o m communica ion pla o m, in assis ing o measu e and enhance he pe o mance and in suppo ing he explana o y powe o he adi ional pe o mance indica o s. Ho á ho á (2012) adds ano he bene i o implemen ing he BSC me hod, speci i cally he bene i o EM_4_2017.indd 50EM_4_2017.indd 50 13.12.2017 12:53:3213.12.2017 12:53:32 51 4, XX, 2017 Business Adminis a ion and Managemen inc easing he loyal y o cus ome s as well as employees who a e a p esump ion o he g ow h o i s alue. The e a e many bene i s and challenges o he Balanced Sco eca d. The p ima y bene i is ha i helps businesses ansla e s a egy in o ac ion. By de i ning and communica ing pe o mance me ics ela ed o he o e all s a egy o he businesses, he Balanced Sco eca d makes he s a egy come ali e (De Waal, 2013). I also enables employees a all le els o he businesses o ocus on impo an business d i e s. In he a icle en i led “The Balanced Sco eca d” (Balanced Sco eca d Ins i u e, 2013) he key bene i s o using a Balanced Sco eca d include: be e s a egic planning, imp o ed s a egy communica ion and execu ion, be e managemen in o ma ion, imp o ed pe o mance epo ing, be e s a egic alignmen and be e o ganisa ional alignmen . 2. Aim, Ma e ial and Me hodology The aim o he pape is o p esen he esul s o p ima y esea ch ocused on i nding he cu en s a e o he knowledge and use o he Balanced Sco eca d me hod in businesses in he Slo ak Republic. On he basis o he esea ch esul s will be o mula ed p esump ions o imp o e he s a e o u ilizing he BSC me hod by Slo ak businesses. Wi h ega d o he aim, he e we e o mula ed he ollowing six hypo heses: H1: We assume ha mo e han 50% o Slo ak businesses do no know he Balanced Sco eca d me hod. H2: We assume ha less han 50% o Slo ak businesses u ilize he Balanced Sco eca d me hod as a s a egic managemen ool. H3: We assume ha mo e han 50% o businesses applying he Balanced Sco eca d me hod in he Slo ak Republic a e la ge businesses. H4: We assume ha he Balanced Sco eca d me hod is implemen ed in he Slo ak Republic mainly by businesses wi h o eign capi al pa icipa ion. H5: We assume ha he main eason o low u iliza ion o he Balanced Sco eca d me hod in p ac ice is i s di i cul cons uc ion. H6: We assume ha he main eason o implemen ing he Balanced Sco eca d me hod is he en ichmen o business pe o mance e alua ion by non- i nancial measu es. The esea ch was ealized in he pe iod om Sep embe 2014 o Decembe 2014. We used he me hod o ques ioning wi h a ques ionnai e o ob ain da a. We dis ibu ed he ques ionnai e in he elec onic o m o small, medium and la ge businesses ope a ing in he e i o y o he Slo ak Republic. Fo he dis ibu ion and collec ion o ques ionnai es was used he Google Docs. Ques ionnai e which consis ed o closed, semi-closed and opened ques ions. The sample o businesses was compiled by andom selec ion. We ecei ed ully i lled ques ionnai es om 290 esponden s, om which 6 ques ionnai es we e elimina ed due o incomple eness o esponses. The emaining 284 ques ionnai es we e subjec o s a is ical p ocessing. We e i i ed he ep esen a i eness o he esea ch sample by using he c i e ion o e i o ial ep esen a ion o businesses in esea ch. The esea ch sample consis ed mainly o businesses loca ed in he egion o B a isla a (27.96%), which was caused by he highes concen a ion o businesses in he egion o B a isla a. The second mos nume ous ep esen a ion had businesses om he egion o Banská Bys ica (12.90%), hen businesses om he egion o Žilina (11.47%), Košice (10.75%), T enčín (10.39%), P ešo (10.04%), T na a (9.32%) and Ni a (7.17%). We e i i ed he ep esen a i eness o he esea ch sample by a chi-squa e es . Based on he le el o signi i cance α = 0.05, he p- alue accoun ed o 0.128, which means ha he esea ch sample was ep esen a i e wi h espec o he loca ion o he business uni . Wha conce ns he dis ibu ion o businesses by size in he esea ch sample, he e we e ep esen ed all kinds o businesses: small businesses (73.45%), medium businesses (20.00%) and la ge businesses (6.55%). Rega ding he sec o ep esen a ion, he esea ch sample consis ed o se ice bu si- nes ses (67; 23.59%), manu ac u ing bu sines - ses (41; 14.44%), comme cial businesses (34; 11.97%), cons uc ion businesses (24; 8.45%), public o ganiza ions and o gani- za ions o public adminis a ion (20; 7.04%), banks and businesses p o iding i nancial se ices (14; 4.93%) and o he s (84; 29.58%). The da a ob ained ia he ques ionnai e esea ch we e p ocessed by using he MS Excel p og am and SPSS s a is ical p og am. We p o ided he s a is ical es ing o da a EM_4_2017.indd 51EM_4_2017.indd 51 13.12.2017 12:53:3213.12.2017 12:53:32 52 2017, XX, 4 Ekonomika a managemen on he le el o signi i cance o 5% (α = 0.05). The alidi y o he o mula ed hypo heses was e alua ed by an exac binomial es ( es ing he alidi y o H1, H2 and H5) and he Spea man Coe i cien ( e i ying he alidi y o hypo heses H3 and H4). In o de o achie e ou main objec i e, we used also o he esea ch me hods, namely he me hod o analysis, syn hesis, induc ion, deduc ion, abs ac ion, gene aliza ion as well as s a is ical me hods. 3. Resul s and Discussion The esul s o he ques ionnai e esea ch poin ed o a low amilia i y wi h and usage o he Balanced Sco eca d me hod in Slo ak businesses. We ound ou ha only 13.73% (39) esponden s know exac ly wha he Balanced Sco eca d me hod is and ha e implemen ed he me hod, 9.15% (26) esponden s know he me hod, bu ha e no implemen ed i ye , 77.11% (219) esponden s do no know he me hod o did no answe he ques ion (see Tab. 1). Mos businesses esponded ha hey did no know wha he Balanced Sco eca d me hod is and e en hey we e no in e es ed o lea n abou i (30.28% esponden s, i.e. 86 businesses). 77 businesses (27.11%) did no know he me hod, bu would like o lea n mo e abou i . These businesses we e mos ly small businesses. Based on he esea ch esul s, we e i i ed he alidi y o H1, in which we assumed ha mo e han 50% o Slo ak businesses do no know he Balanced Sco eca d me hod. We e i i ed he alidi y o his hypo hesis by a binomial es and ound ou ha he p- alue (0.00) is lowe han he le el o signi i cance α (0.05). This con i med he p esump ion ha in he Slo ak Republic he e is a low numbe o businesses ha know he Balanced Sco eca d me hod. In esponden s who exp essed ha hey exac ly know wha he Balanced Sco eca d me hod is, we wan ed o know om wha sou ces hey lea ned abou he me hod. The ques ion was designed in a way ha p o ided esponden s mo e op ions o answe . Ou esponden s acqui ed he knowledge abou he Balanced Sco eca d me hod mainly om a ious o ms o educa ion (80.39% esponden s), hen om p e ious p ac ical and pe sonal expe ience (11.76% esponden s) and om e e ences om o he businesses (7.84%). We wonde ed how many esponden s implemen ed he Balanced Sco eca d me hod in he business. We ound ou ha om 284 esponden s he e a e only 39 esponden s (13.73%) using he Balanced Sco eca d me hod as a s a egic managemen ool, ou o which 23 (58.97%) a e businesses o la ge size (250 and mo e employees). In o de o e i y H2 we used a binomial exac es . On he basis o p- alue (0.012), which is lowe han he le el o signi i cance α (0.05), we acknowledge he alidi y o H2, which says ha he Balanced Sco eca d me hod is u ilized as a s a egic managemen ool by less han 50% o Slo ak businesses. H3 was e i i ed h ough he Spea man coe i cien . We assumed ha he e exis s Knowledge o he Balanced Sco eca d me hod Numbe o Responses To al Pe cen age Yes, we know exac ly wha he BSC me hod is and we ha e implemen ed he me hod in ou business 39 13.73 Yes, bu we do no u ilize he me hod 26 9.15 We do no know i 56 19.72 No, bu we would like o lea n mo e abou he me hod 77 27.11 No, we a e e en no in e es ed in he me hod 86 30.28 To al 284 100.00 Sou ce: p ocessed acco ding o he esul s o ques ionnai e esea ch Tab. 1: Knowledge o he Balanced Sco eca d me hod by businesses in he SR EM_4_2017.indd 52EM_4_2017.indd 52 13.12.2017 12:53:3213.12.2017 12:53:32 53 4, XX, 2017 Business Adminis a ion and Managemen a dependence among he s udied ea u es (i.e. he size o business and u iliza ion o he Balanced Sco eca d me hod). Based on he esul s o he Spea man coe i cien e i i ed on he le el o signi i cance α (0.05), we can conclude ha he e exis s a di ec medium dependence ( = 0.514) among he s udied ea u es. This suppo s he ac ha he implemen a ion o he Balanced Sco eca d me hod is p opo ionally dependen on he size o business. This means ha he la ge a business is, he highe he p obabili y o implemen ing he Balanced Sco eca d me hod in i is. H4 was e i i ed h ough he Spea man Coe i cien as well. The sample was c ea ed om he esponden s who ha e implemen ed he Balanced Sco eca d me hod: 19 o hem (48.72%) we e businesses wi h exclusi ely Slo ak owne ship, in 8 o hem (20.51%) a majo i y o owne ship was Slo ak, in 5 businesses (12.82%) he e was 50% o o eign owne ship, in 5 businesses (12.82%) a majo i y o s ake was owned by a o eign owne and 2 businesses (5.13%) we e ully owned by a o eign owne . Wi h his hypo hesis we examined he dependence be ween business owne ship and implemen a ion o he Balanced Sco eca d me hod. Based on he esul s o he Spea man Coe i cien , he le el o p- alue (0.634) is highe ha he le el o signi i cance α (0.05), which means ha implemen ing he Balanced Sco eca d me hod does no depend on he p opo ion o domes ic and o eign owne s o a business. The e alua ed hypo heses ela ed o he size o businesses and s uc u e o owne s. A sepa a e g oup o businesses is ep esen ed businesses ha know he me hod, bu do no implemen i . This g oup comp ises 7 businesses conside ing he implemen a ion o he Balanced Sco eca d me hod in he nea u u e, 2 businesses ha ing pas expe ience wi h implemen ing he me hod and 18 businesses knowing he me hod bu no ha ing in e es o implemen i . The easons o businesses o lack o in e es o implemen he me hod we e examined wi hin H5 and hey a e p esen ed in Tab. 2 below. Among he mos common easons o disin e es in implemen ing he Balanced Sco eca d me hod a e lack o amilia i y wi h he me hod, use o o he s a egic managemen ools, no pe o ming s a egic managemen (s a egic planning) and o he easons like he size o business (applies mos ly o small businesses), scope o business (indus y in which a business ope a es, poin less use o new me hods and ways o managing he business; some businesses s a ed ha hey u ilize BSC mos ly as a pe o mance measu emen ool. We examined he di e ence be ween he equencies o wo main easons conce ning he disin e es in implemen ing he BSC me hod by he means o SPSS p og am. To e alua e he signi i cance o di e ence we used a binomial es which con i med ha he e is no signi i can Reasons o disin e es in implemen ing he BSC me hod Numbe o Responses To al Pe cen age The business applies in ui i e managemen 3 4.62 The business uses o he ool/ ools 11 16.92 Lack o i nancial means 0 0.00 Di i cul y wi h he cons uc ion o BSC 2 3.08 Lack o ime 4 6.15 Lack o amilia i y wi h he me hod 15 23.08 We do no pe o m s a egic managemen , we manage a business acco ding o he cu en si ua ion on he ma ke 9 13.85 O he 21 32.31 To al 65 100.00 Sou ce: p ocessed acco ding o he esul s o ques ionnai e esea ch Tab. 2: Reasons o disin e es o implemen he BSC me hod by Slo ak businesses EM_4_2017.indd 53EM_4_2017.indd 53 13.12.2017 12:53:3213.12.2017 12:53:32 54 2017, XX, 4 Ekonomika a managemen di e ence be ween hese wo easons ( he le el o signi i cance α = 0.05 is lowe han he p- alue = 0.405). The mos equen eason why businesses decide no o implemen he Balanced Sco eca d me hod is lack o amilia i y wi h he me hod; howe e , he e a e also o he easons. This means ha i is no possible o accep H5. On he o he hand, he mos equen eason o implemen he BSC me hod (wi h businesses ha know he me hod) was he complexi y o measu ing business pe o mance (10 esponden s, i.e. 20.73% o answe s). The easons o implemen ing he BSC me hod a e p esen ed in Fig. 1. Among he mos equen ly in oduced easons o implemen ing he Balanced Sco eca d me hod is linking he s a egy o ope a ional decision making in e e yday p ac ice (7 esponden s; 14.51%), imp o ing he e ec i eness o in e nal business p ocesses (5 esponden s; 10.36%), a emp ing o elimina e ba ie s be ween he s a egy o mula ion and i s implemen a ion (5 esponden s; 10.36 %) and in ensi ying cus ome o ien a ion o he business (4 esponden s; 8.29%) and o he (13 esponden s; 26.95%). One o he o he easons o implemen a ion o he BSC was ha he me hod was implemen ed in he pa en conce n. Based on he esea ch esul s, he p esump ion o mula ed in H6 was no con i med. A sepa a e pa o empi ical esea ch was aimed a iden i ying he main bene i s and main p oblems associa ed wi h he implemen a ion o he BSC in Slo ak businesses. The businesses had a choice o mo e op ions (maximum was limi ed o 3 op ions) o answe he ques ion on he main bene i s o implemen ing he BSC me hod. The esul s o he esea ch showed ha he main bene i s o implemen ing he BSC me hod in businesses in he Slo ak Republic we e imp o ed pe o mance measu emen and e alua ion o business p ocesses (30.00%), suppo o s a egic objec i es h ough ope a ional and sho - e m objec i es (20.00%) and in oduc ion o pe iodical e alua ion o s a egic objec i es (16.67%). Ano he ques ion was ocused on ecognizing he mos p oblema ic phases o imple men ing he BSC me hod (Tab. 4). The mos p oblema ic phases o implemen ing he BSC me hod he esponden s men ioned we e he in eg a ion o he me hod in o exis ing managemen sys em (25.00% o Fig. 1: Reasons o implemen ing he Balanced Sco eca d in a business Sou ce: p ocessed acco ding o he esul s o ques ionnai e esea ch EM_4_2017.indd 54EM_4_2017.indd 54 13.12.2017 12:53:3213.12.2017 12:53:32 55 4, XX, 2017 Business Adminis a ion and Managemen answe s), iden i i ca ion o key pe o mance indica o s (16.67% o answe s) and linking he implemen a ion o he me hod wi h he s imula ion and mo i a ion o employees (16.67% o answe s). The esea ch con i med ha he lack o in e es o implemen he BSC a ises om he missing knowledge o he me hod. The in o ma ion gained om he ques ionnai e su ey poin s o a pa adigm in managing Slo ak businesses: an ing ained s ong esis ance o change is no iceable and manage s a e mo e inclined o known and e i i ed me hods. Conclusions The p ope unde s anding and implemen a ion o he Balanced Sco eca d me hod b ings a numbe o bene i s o businesses. The me hod se es as a suppo o implemen ing he business s a egy, i s eng hens coope a ion be ween business uni s, business depa men s, human esou ces o he business and se es as a communica ion ool in he business. Ano he impo an bene i is o ien a ion o manage s on key cus ome s and pa ne s and imp o emen o ela ions wi h he business s akeholde s. The me hod makes business mo e anspa en ; i o e s mo e ele an and complex in o ma ion abou he business ha is help ul in ea ly de ec ion o possible bad di ec ion o he business in u u e. I he me hod is p ope ly implemen ed, i p o ides manage s wi h eedback, o e s hem a space o sel - e l ec ion and leads o an imp o emen o in e nal p ocesses by he means o communica ing s a egic objec i es h ough all business le els. The esul s o ou esea ch ca ied ou on a sample o 284 businesses con i med he p esump ion ha he Balance Sco eca d me hod is no only li le used, bu also he knowledge Bene i s o he me hod % o answe s Imp o ing pe o mance measu emen and e alua ion o business p ocesses 30.00 Suppo ing s a egic objec i es h ough ope a ional and sho - e m objec i es 20.00 In oducing an e ec i e sys em o pe iodical e alua ion o s a egic objec i es 17.70 Imp o ing he knowledge o cus ome needs and o e all knowledge o he ma ke 16.15 Inc easing employee´s mo i a ion owa ds achie ing pe sonal pe o mance con ibu ing o ul i lling s a egic objec i es 16.15 Sou ce: p ocessed acco ding o he esul s o ques ionnai e esea ch P oblema ic phases o implemen ing he BSC % o answe s Linking he s a egic objec i es o he objec i es o depa men s, eams and indi iduals 8.33 Iden i i ca ion o c i ical success ac o s 8.33 In eg a ion o he me hod in o exis ing managemen sys em 25.00 T ans o ma ion o he depa men al objec i es in o objec i es o indi iduals 8.33 Linking he implemen a ion o he me hod wi h he s imula ion and mo i a ion o employees 16.67 Selec ion o key pe o mance indica o s (measu es) 16.67 U iliza ion o he esul s and in o ma ion om he implemen ed me hod o co ec i e and p e en i e ac ions in he business 16.67 Sou ce: p ocessed acco ding o he esul s o ques ionnai e esea ch Tab. 3: Bene i s o implemen ing he BSC me hod om he iewpoin o Slo ak businesses Tab. 4: P oblema ic phases o implemen ing he BSC me hod om he iewpoin o Slo ak businesses EM_4_2017.indd 55EM_4_2017.indd 55 13.12.2017 12:53:3313.12.2017 12:53:33 56 2017, XX, 4 Ekonomika a managemen abou i is e y low in Slo ak businesses. The low in e es o businesses o implemen he me hod in o p ac ice can be iewed c i ically. The mos common easons o disin e es in implemen ing he BSC a e lack o amilia i y wi h he me hod, use o o he s a egic managemen ools, pe o ming he BSC only as a pe o mance managemen ool as well as no pe o ming he s a egic business managemen . The esea ch esul s con i med ha he la ge he business is, he highe he p obabili y o implemen ing he BSC is. The bene i s o he Balanced Sco eca d me hod co espond o he mos equen easons o i s implemen a ion in businesses in he Slo ak Republic, which a e he complexi y o measu ing business pe o mance a p esen and in u u e, linking he s a egy o ope a ional decision-making in e e yday p ac ice, imp o ing he e ec i eness o in e nal business p ocesses, a emp ing o elimina e ba ie s be ween he s a egy o mula ion and i s implemen a ion and in ensi i ca ion o cus ome o ien a ion. Con e sely, one o he mos equen ly ci ed easons o low in e es in implemen ing he me hod is lack o amilia i y wi h i . On he basis o he p esen ed bene i s and he esul s o he ques ionnai e esea ch, we conside he Balanced Sco eca d me hod a s a egic managemen ool ha should be p esen ed mo e o Slo ak businesses. Be e knowledge o he Balanced Sco eca d me hod can lead o a wide use o he BSC in Slo ak businesses and hus aking an ad an age o he bene i s ha he BSC o e s. When o mula ing p oposals o inc ease he le el o knowledge o he Balanced Sco eca d me hod in Slo ak businesses we come ou om he p e e ed me hods o ob aining in o ma ion in businesses. Manage s acqui e new knowledge mos ly h ough school educa ion (educa ional ac i i ies) o p ac ical aining. A numbe o businesses gain new knowledge also om he expe ience o o he businesses (coope a ing businesses, compe i ion) and also om specialized jou nals and magazines. Inno a ion is nowadays a key ac o o en ep eneu ial ac i i y (Šipikal, Pisá , & U amo á, 2010). Wi h ega d o hese ways o ob aining in o ma ion in Slo ak businesses, he mos sui able way o p o iding in o ma ion abou he BSC me hod appea s o be educa ional ac i i ies as well as in-company aining. Likewise, businesses ha e a possibili y o use he se ices o special consul ing agencies. The Balanced Sco eca d me hod can be implemen ed in di e en ways. The business can decide o implemen he me hod by i sel (in-house), wi h he help o consul ing agencies o ano he expe who is a specialis in he BSC me hod. Synek e al. (2011) a gue ha in he p ocess o designing (cons uc ion) and implemen a ion o he BSC me hod in o he business, he whole eam o specialis s should wo k oge he . Based on he heo e ical knowledge and p ac ical expe ience o Slo ak and o eign businesses, i is clea ha o he p ope implemen a ion o he BSC me hod, he commi men o he op managemen is essen ial. We conside ull suppo and ac i e pa icipa ion o he senio managemen an impo an p econdi ion o success ul implemen a ion o he BSC. Full suppo and ac i e pa icipa ion o he senio managemen is equi ed due o compe encies and au ho i y needed. Simila ly, manage s a lowe le els also ha e o be iden i i ed wi h he implemen a ion o he BSC me hod. An essen ial poin he e is ha manage s ha e clea ly de i ned compe encies. Employees canno be le ou ei he – hey should also ha e basic in o ma ion abou he me hod. App op ia e awa eness educes esis ance o change as i minimizes he ea o he new and unknown. In gene al, businesses ha e o mee ce ain p e equisi es o success ul implemen a ion o he BSC me hod in o hei business p ac ice. Se e al au ho s deal wi h his kind o esea ch and de i ne he assump ions ha businesses should mee be o e he ac ual implemen a ion o he BSC me hod. Acco ding o Ka abašo á (2010), he main p e equisi es o success ul implemen a ion o he Balanced Sco eca d a e as ollows: ull suppo and ac i e pa icipa ion o he senio managemen , adap a ion o all ac i i ies o he business o ma ch he new go e nance, he business has o clea ly de i ne he esponsibili ies o achie ing he measu emen s o he BSC and o connec hem wi h he e alua ion and emune a ion o employees; a key ac o he e is he communica ion o he new sys em and in ol emen o all employees in i s implemen a ion. I is e iden ha he Balanced Sco eca d me hod could help ou businesses no only measu e he pe o mance, bu also manage he EM_4_2017.indd 56EM_4_2017.indd 56 13.12.2017 12:53:3313.12.2017 12:53:33 57 4, XX, 2017 Business Adminis a ion and Managemen s a egies which ha e o be adop ed so ha he long- e m goals a e achie ed. In o he wo ds, he applica ion o his ool could help ensu e he consis ency o ision and ac ion which is he i s s ep owa ds he de elopmen o success ul businesses. 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Ma ej Bel Uni e si y in Banská Bys ica Facul y o Economics Depa men o Co po a e Economics and Managemen [email p o ec ed] EM_4_2017.indd 57EM_4_2017.indd 57 13.12.2017 12:53:3313.12.2017 12:53:33