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Procedía - Social and Behavioral Sciences 230 (2016) 39 - 48
3rd International Conference on New Challenges in Management and Organization: Organization
and Leadership, 2 May 2016, Dubai, UAE
Knowledge and Use of the Balanced Scorecard Method in the Businesses in the Slovak Republic
Ing. Eubica Lesákováa*, Ing. Katarína Dubcováb
aFaculty of Economics, Matej Bel University, Tajovského 10, 975 90 Banská Bystrica, Slovak Republic bFaculty of Economics, Matej Bel University, Tajovského 10, 975 90 Banská Bystrica, Slovak Republic
Abstract
The Balanced Scorecard method (BSC) has emerged since the late 1990s (as proposed by Kaplan and Norton) as one of the most successful concepts in the field of strategic performance management. It has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. Balanced Scorecard is used by many successful businesses all around the world. Main aim of the paper is to present the results of primary research focused on detecting the current state of the knowledge and use of the Balanced Scorecard method in businesses in the Slovak Republic. In the first part of the paper is presented the essence of the BSC method, formulated are the main benefits connected with the Balanced Scorecard implementation into the strategic management of the businesses. These benefits are defined according to the content analysis of domestic and foreign literature. Following the goal of the article next part presents the results of the empirical research based on the questionnaire survey. Results are connected with the evaluation of the six hypothesis defined in regard of the established goal of the paper. Formulated will be presumptions to improve the state of utilizing the BSC method by Slovak businesses. For the fulfillment of settled objectives we have used several scientific methods of examination, namely the method of analysis, synthesis, induction, deduction, abstraction, generalization as well as statistical methods.
© 2016 The Authors.Publishedby ElsevierLtd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.Org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Ardabil Industrial Management Institute
Keywords: Balanced Scorecard; Strategic management; Knowledge and Use of the Balanced Scorecard method; Slovak businesses
* Corresponding author. Tel.: +421-48-446-2716; fax: +98-133-312-7567. E-mail address: lubica.lesakova@umb.sk
1877-0428 © 2016 The Authors. Published by Elsevier Ltd. This is an open access article under the CC BY-NC-ND license (http://creativecommons.Org/licenses/by-nc-nd/4.0/).
Peer-review under responsibility of the Ardabil Industrial Management Institute doi:10.1016/j.sbspro.2016.09.006
1. Introduction
One of the management tools that is gaining high popularity in business practice is the Balanced Scorecard (BSC). The BSC was developed by Robert Kaplan and David Norton in 1992 as an alternative to traditional performance measurement approaches that focus solely on financial indicators and are based purely on a business's past performance. During the years the Balanced Scorecard has evolved from its early use as a simple performance measurement framework to a full strategic planning and management system. It can be defined as a strategic planning and management system that is used to arrange business activities based on the vision and strategy of the businesses, to make effective internal and external communication processes and to monitor and improve organization performance against the overall strategic goals. The Balanced Scorecard can be considered as a management system which is formed based on the logic of the management circle (plan-do-check-act) (Kaplan & Norton, 2010).
2. Balanced Scorecard : A Strategic Management Tool
The Balanced Scorecard is considered as a management system that provides a ground for businesses to clarify their vision and strategic plans and convert them into action. It provides sufficient feedback about both internal processes and external business outcomes to endlessly modify strategic performances. It turns strategic planning which is considered as an academic exercise into the (nerve) centre of an enterprise as soon as it fully implemented (Kaplan & Norton, 2007).
The aim of the Balanced Scorecard is to direct, help manage and change in support of the longer-term strategy in order to manage performance. The scorecard reflects what the businesses and the strategies are all about. It acts as a catalyst for bringing the "change" element within the businesses. BSC creates a comprehensive framework which considers the following perspectives and tries to get answers to the following questions: 1. Financial perspective (how do we look at shareholders?); 2. Customer perspective (how should we appear to our customers?); 3. Internal business processes perspective (what must we excel at?); 4. Learning and growth perspective (can we continue to improve and create value?).This tool is considering not only the financial results which are important, but also those factors which actually drive businesses towards future success. Moreover, the Balanced Scorecard exerts a tension to other areas in order to provide, balance, and improve a total view about the financial performance (Evans, 2002). The framework tries to bring a balance and link between the: financial and the non-financial indicators, tangible and the intangible measures, internal and the external aspects and leading and the lagging indicators.
The main benefit of managing with a combination of financial and non-financial information is that the use of leading, non-financial indicators facilitates proactive control and the ability to take preventive action (De Waal, 2013). A balanced set of key financial and non-financial (CSF) critical success factors and KPIs (key performance indicators) enables management to focus on the really important issues that drive business performance and to monitor the achievement of strategic goals more closely. Using non-financial information improves the analysis capabilities of managers because they can identify the root causes of financial performance.
Lesáková (2004) states, that BSC method is not just a grouping of important indicators of performance evaluation. Its consistent application provides a modern way of management, because it helps to align the businesses activities with the business processes of company's value creation. Synek (2011) indicates the BSC to a method of strategic management which role is to align the interests of management with the interests of employees and the strategic goals with the operational management. Author supports exploitability of the method for linking the strategy with the daily decision making process. Armstrong (2007) compared the method to the waterfall. The author claims that the BSC method passes through the businesses as a waterfall to ensure the measurement of the activities that contribute to the achievement of the overall businesses strategy. The idea captures the essence of the current importance of the BSC method in the strategic management of the company.There are several authors that in their work deal with the BSC method in the strategic business management and with identification of problems emerging through its implementation in business (De Waal, 2013; Evans, 2002; Gavurová, 2012; Horváth & Partners, 2002; Kaplan & Norton, 2007; Lang, 2007; Karabasová, 2010; Virtanen, 2009).Properly understood and
implemented Balanced Scorecard method brings businesses a number of benefits presented in the vocational literature. By the authors of the BSC (Kaplan & Norton, 2007) is a major contribution of the method mainly the fact that it helps businesses to implement the vision and strategy into objectives and measurements. The method connects the vision and the strategy with daily decision making process. BSC method facilitates the communication and understanding of the strategy across the businesses and helps to align the individual goals of the employees with the businesses objectives. These arguments are presented in the publication of Kaplan and Norton (2007). It states that the measurements should be used in other way than the classical tool for revising the behaviour and past performance. The authors argue that the measurements in the BSC should serve mainly as an aid in formulating the corporate strategy, its communication and the mutual alignment of individual and corporate initiatives and departmental initiatives towards the achievement of the common goal.
In the year 2002 Kaplan and Norton formulated main benefits of BSC method resulting from the cooperation of different stakeholders in the businesses. First, they state that the method provides a clear picture of corporate strategy which is understandable for employees. Due to that the strategy becomes the part of the daily activities of the employees. As the second benefit they indicated that BSC helps companies to define strategic partnerships with target customers and to focus attention on customers. Third, unless the businesses have set a strategy which includes strong partnerships with suppliers, the BSC assists in their maintenance through the monitoring of the performance in the internal business processes perspective. And fourth, authors state that for businesses is usually important the maintenance of good relationships with the community where the business is located. Determination of good relations is reflected in the perspective of internal business processes. Based on the article "How a Balanced Scorecard can help your organization" (Balanced Scorecard Institute, 2012) can be summarized, that BSC can help to businesses particularly in the following areas:
• to increase focus on strategy and results,
• to break the communication noises between departments,
• to increase understanding of customer needs and flexibility to respond to them,
• to improve businesses performance by measuring the important areas,
• to assist the management in making better decision based on analysis of relevant performance indicators,
• to assist the management with more effective planning of the time and resources,
• to assist the management and employees to concentrate on important tasks.
Gavurová (2011) introduces in her publication that the main benefits of the method lie mainly in a help when implementing strategy into everyday practice, then in simplification of communication and creation of uniform communication platform, in assistance to measure and to enhance the performance and in support of description ability of the traditional performance indicators. Horváthová (2012) adds another benefit of implementing the BSC method, specifically the benefit of increasing the loyalty of customers as well as of employees who are presumption for the growth of its value. There are many benefits and challenges to the Balanced Scorecard. The primary benefit is that it helps businesses translate strategy into action. By defining and communicating performance metrics related to the overall strategy of the businesses, the Balanced Scorecard makes the strategy come alive (De Waal, 2013). It also enables employees at all levels of the businesses to focus on important business drivers. In the article entitled "The Balanced Scorecard" (Balanced Scorecard Institute, 2013) the key benefits of using a Balanced Scorecard include: better strategic planning, improved strategy communication and execution, better management information, improved performance reporting, better strategic alignment and better organizational alignment.
3. Aim, Material and Methodology
Aim of the paper is to present results of primary research focused on finding current state of the knowledge and use of the Balanced Scorecard method in businesses in the Slovak Republic. On the basis of the research results formulated will be presumptions to improve the state of utilizing the BSC method by Slovak businesses. In the connection to the aim, there were formulated six following hypotheses:
H1: We assume that more than 50 % of Slovak businesses do not know the Balanced Scorecard method.
H2: We assume that less than 50 % of Slovak businesses utilize the Balanced Scorecard method as a strategic management tool.
H3 : We assume that more than 50 % of businesses applying the Balanced Scorecard method in the Slovak Republic are large businesses.
H4: We assume that the Balanced Scorecard method is implemented in the Slovak Republic mainly by businesses with foreign capital participation.
H5: We assume that the main reason for low utilization of the Balanced Scorecard method in practice is difficultness of their construction.
H6: We assume that the main reason for implementing the Balanced Scorecard method is the enrichment of business performance evaluation by non-financial measures.
For the purpose of gaining data we utilized the method of questioning via the tool of a questionnaire. The research was realized in the period from September 2014 to December 2014. We distributed the questionnaire in the electronic form to small, medium and large businesses operating in the territory of Slovak Republic. For the distribution and collection of questionnaires was used the Google Docs. Questionnaire consisted of closed, semi-closed and opened questions.
The sample of businesses was compiled by the random selection. From successfully delivered emails we have got fully filled questionnaires from 290 respondents from which 6 questionnaires were eliminated due to incompleteness of responses. Remaining 284 questionnaires were the subject of statistical processing. We verified the representativeness of research sample by using the criterion of territorial representation of businesses in research.
The research sample consisted mainly from businesses located in the region of Bratislava (27.96 %) what was caused by the highest concentration of businesses in the region of Bratislava. Second most numerous representation had businesses from the region of Banská Bystrica (12.90 %), then businesses from the region of Zilina (11.47 %), Kosice (10.75 %), Trencín (10.39 %), Presov (10.04 %), Trnava (9.32 %) and Nitra (7.17 %).
For verifying the representativeness of a research sample we have used the chi-square test. Based on the level of significance a = 0.05 the p-value accounted for the number of 0.128 what means that the research sample was representative with respect to the location of business unit.
What concerns the distribution of businesses by the size criterion in the research sample, there were represented all kinds of businesses in following composition: small businesses (73.45 %), medium businesses (20.00 %) and large businesses (6.55 %). Regarding the sector representation, the research sample consisted of service businesses (67; 23.59 %), industrial businesses (41; 14.44 %), commercial businesses (34; 11.97 %), construction businesses (24; 8.45 %), public organizations and organizations of public administration (20; 7.04 %), banks and businesses providing financial services (14; 4.93 %) and others (84; 29.58 %). The data obtained via the questionnaire research were processed by using the program of Microsoft Excel and statistical program of SPSS. We provided statistical testing of data on the level of significance of 5 % (a = 0,05). Statistical tests that we have used for evaluating the validity of formulated hypotheses were the Exact Binomial Test (testing the validity of hypothesis H1, H2 and H5) and Spearman Coefficient (verifying the validity of the hypothesis H3 and H4).For the fulfillment of settled objective we have used several scientific methods of examination, namely the method of analysis, synthesis, induction, deduction, abstraction, generalization as well as statistical methods.
4. Results and Discussion
From the results of the questionnaire research it is obvious that not only utilization but also knowledge of Balanced Scorecard method is low among businesses in the Slovak Republic. We found out that only 13.73 % (39) respondents know exactly what is the Balanced Scorecard method about and have implemented the method, 9.15 % (26) respondents know the method but have not implemented the method, 77.11 % (219) respondents do not know the method or do not answer the question (see Table 1).
Most frequently businesses expressed that they do not know what the Balanced Scorecard method is about and even they were not interested in acquiring new knowledge (30.28 % respondents, i.e. 86 businesses). The method is
not known by 77 businesses (27.11 %) that would like to learn more about it. Businesses that expressed the interest in acquiring knowledge about the Balanced Scorecard method are mostly small businesses.
Based on research results we verified the validity of the hypothesis H1 in which we have assumed that more than 50 % of Slovak businesses do not know the Balanced Scorecard method. We verified the validity of the hypothesis H1 by the means of binomial test and found that the p-value (0.00) is lower than our settled level of significance a (0.05). This confirmed the presumption that in Slovak Republic there is low proportion of businesses that know the Balanced Scorecard method.
Table 1. Knowledge of the Balanced Scorecard method by businesses in the SR
Number of Responses
Knowledge of the Balanced Scorecard method
Total %
Yes, we know exactly what the BSC method is about and we have 39 13.73
implemented the method in our business
Yes, but we don't utilize the method 26 9.15
We do not know 56 19.72
No, but we would like to learn more about the method 77 27.11
No, we are even not interested in the method 86 30.28
Total 284 100.00
Source: Processed according to the results of questionnaire research
In respondents who expressed that they exactly know what is the Balanced Scorecard method about we would like to know what the sources they learn about the method are. Question was designed in the way that it provided respondents a possibility to use more options to answer. Our respondents acquired knowledge about the Balanced Scorecard method mainly through various forms of education (80.39 % respondents), then from previous practise and personal experiences (11.76 % respondents) and thanks to references from other businesses (7.84 %).
We wondered how many respondents implemented the Balanced Scorecard method in a business. We found that from 284 respondents there are only 39 respondents (13.73 %) using the Balanced Scorecard method as a strategic management tool, from which 23 of them (58.97 %) are businesses of large size (250 and more employees). For verifying the hypothesis H2 we have used the Binomial Exact Test. On the basis of the p-value (0.012) that is lower than settled level of significance a (0.05) we acknowledge the validity of the hypothesis H2 that says that the Balanced Scorecard method is utilized as a strategic management tool by less than 50 % of Slovak businesses.
The hypothesis H3 was verified by applying the Spearman coefficient. We assumed that there exists dependency among studied features (i.e. the size of a business and utilization of the Balanced Scorecard method). Based on the results of Spearman coefficient verified on the level of significance a (0.05) we conclude that there exists direct medium dependency (r = 0.514) among studied features pointing out the fact that the implementation of the Balanced Scorecard method is proportionally dependent from the size of a business. This means that the lager a business is there exists the higher probability of implementing the Balanced Scorecard method.
For evaluating the hypothesis H4 we have used the Spearman coefficient, too. The sample was compiled of those respondents who have implemented the Balanced Scorecard method. About the respondents who have implemented the Balanced Scorecard method we know that 19 of them (48.72 %) are businesses with exclusively Slovak ownership, in 8 of them (20.51 %) the majority of ownership was Slovak, in 5 business (12.82 %) there was 50 % proportion of foreign owners, in 5 business (12.82 %) the majority of share has foreign owner and 2 business (5.13 %) was wholly owned by foreign owner.
To evaluate the hypothesis H4 we examined the dependency between business ownership and implementation of the Balanced Scorecard method. Based on the results of Spearman coefficient, the level of p-value (0.634) is higher that settled level of significance a (0.05) what means that implementing the Balanced Scorecard method does not depend on the proportion of domestic and foreign owners of a business.
Evaluated hypotheses related to the size of businesses and structure of owners. Separate group of businesses represented businesses that know the method but do not implement it. To this group belong seven businesses considering the implementation of the Balanced Scorecard method in the near future, two businesses having past experiences with implementing the method and eighteen businesses knowing the method but not having interest in its implementation.
Businesses not having an interest in implementing the method introduced reasons that were important for evaluating the hypothesis H5 (Table 2).
Table 2. Reasons of disinterest to implement the BSC method by Slovak businesses
Reasons for disinterest in implementing the BSC method Number of Responses Percentages
Business apply intuitive management 3 4.62
We use other tool/tools 11 16.92
Lack of financial means 0 0.00
Difficulty with the construction of BSC 2 3.08
Lack of time 4 6.15
Unfamiliarity of the method 15 23.08
We do not perform strategic management, we manage a business according to current situation on market 9 13.85
Other 21 32.31
Total 65 100.00
Source: Processed according to the results of questionnaire research
To the group of most common reasons for disinterest in implementing the Balanced Scorecard method belong unfamiliarity with the method, using of other strategic management tools, not performing strategic management (strategic planning), as well as "other" reasons: size of business (they stated that it comes to small businesses), scope of the business (branch in which a business operates, pointless use of new methods and ways of managing the business; some businesses stated that they utilize BSC mostly as a performance measurement tool.
By the means of SPSS program we have examined difference between frequencies of two main reasons concerning the disinterest in implementing the BSC method. To evaluate the significance of difference we used binomial test which confirmed that there is no significant difference between these two reasons (the level of significance a = 0.05 is lower than the p-value = 0.405). Businesses make decision about non-implementation of the Balanced Scorecard method most frequently because of unfamiliarity with the method as well as on the basis of other reasons. This means that it is not possible to accept the hypothesis H5.
As the most frequent reason to implement the BSC method was identified (by the businesses that know the method) the complexity of measuring business performance (10 respondents, i.e. 20.73 % of answers). Reasons for implementing the BSC method are presented in the Graph 1.
Other: introduction of the BSC in parent concern Better employee involvement in business processes Intensification of customer orientation of a business
Improving effectiveness of internal business processes ..Linking a strategy to operational decision-making in ..Extending the evaluation of busienss performance by
(Improved internal communication (within a business Positive references from cooperating businesses ..Complexity of measuring business performance now and
0 2 4 6 8 10 12
Graph 1. Reasons for implementing the Balanced Scorecard in a business Source: Processed according to the results of questionnaire research
One of other most frequently introduced reasons for implementing the Balanced Scorecard method is linking a strategy to operational decision making in everyday practice (7 respondents; 14.51 %), improving effectiveness of internal business processes (5 respondents; 10.36 %), attempt to eliminate barriers between strategy formulation and its implementation (5 respondents; 10.36 %), intensification of customer orientation of a business (4 respondents; 8.29 %) and other (13 respondents; 26.95 %). As "other" reasons for implementation of BSC respondents specified that the method was implemented in parent concern. Based on the research results the presumption formulated in the Hypothesis 6 was not confirmed. Separate part of empirical research was aimed at identifying the main benefits and main problems associated with implementation of the BSC by Slovak businesses. To the question on main benefits of implementing the BSC method businesses could choose more answers (maximum number of choices to answer the question was limited to 3 options).
Table 3. Benefits of implementing the BSC method from the viewpoint of Slovak businesses Benefits of the Method % of answers
Improving performance measurement and evaluation of business processes Supporting strategic objectives through operational and short-term objectives Introducing effective system of periodical evaluation of strategic objectives Improving the knowledge of customer needs and overall knowledge of the market
Increasing employee's motivation towards achieving personal performance contributing to fulfilling strategic objectives
Source: Processed according to the results of questionnaire research
Resulting from the research it was found that the main benefits of implementing the BSC method by businesses in the Slovak Republic were identified the improved performance measurement and evaluation of business processes
30.00 20.00
17.70 16.15 16.15
(30.00 %), supporting strategic objectives through operational and short-term objectives (20.00 %) and introduction of periodical evaluation of strategic objectives (16.67 %).
Separate question was focused on recognizing the most problematic phases of implementing the BSC method (Table 4).
Table 4. Problematic Phases of Implementing the BSC method from the viewpoint of Slovak businesses
Problematic Phases of Implementing the BSC_% of answers
Linking the strategic objectives to the objectives of departments, teams and individuals 8.33
Identification of critical success factors 8.33
Integration of the method into existing management system 25.00
Transformation of the departmental objectives into objectives of individuals 8.33
Linking the implementation of the method with the stimulation and motivation of employees 16.67
Selection of key performance indicators (measures) 16.67
Utilization of results and information from implemented method for corrective and preventive 16 67
actions in the business ' Source: Processed according to the results of questionnaire research
Respondents stated the integration of the method into existing management system (25.00 % of answers), identification of key performance indicators (16.67 % of answers) and linking the implementation of the method with the stimulation and motivation of employees (16.67 % of answers) as the most problematic phases of implementing the BSC method. The research confirmed that a lack of interest in implementing the BSC arises from absenteeism of knowledge about the method. Information gained via questionnaire survey point to paradigm in managing Slovak businesses. Accustomed strong resistance to changes is noticeable. Managers incline to known and verified methods.
5. Conclusion
Correctly understood and implemented Balanced Scorecard method brings to businesses a number of benefits. The method serves as a support for implementing business strategy, it strengthens cooperation between business units, business departments, human resources of a businesses and it serves as a communication tool in a business. Another important benefit is orientation of managers on key customers and partners and improvement of relations with business stakeholders. The method makes business to be more transparent; it offers more relevant and complex information about business that is helpful in early detection of possible bad direction of a business in a future. Is the method correctly implemented it provides managers with feedback, offers them a space for self-reflection and leads to the improvement of internal processes by the means of communicating strategic objectives through all business levels. Results of our research, provided on the sample of 284 businesses, confirmed a presumption that not only the utilization but also the knowledge about the Balance Scorecard method is very low in Slovak businesses. Critical may be viewed the low interest of businesses to implement the method into the practice. To the most common reasons for disinterest in implementing the BSC belongs unfamiliarity with the method, using of other strategic management tools, performing the BSC only as a performance management tool as well as not performing the strategic business management. The research results confirmed that the larger a business is there is a higher probability of implementing the BSC. As the most frequent reason for implementing the BSC method by Slovak businesses were identified the complexity of measuring business performance in the presence and in the future, linking a strategy to operational decision making in everyday practice and improving effectiveness of internal business processes. Benefits of the Balanced Scorecard method correspond to most frequent reasons for its implementation among businesses in the Slovak Republic, which is the complexity of measuring business performance in the presence and in the future, linkage of a strategy to operational decision-making in everyday practise, improving the effectiveness of internal business processes, attempt to eliminate barriers between strategy formulation and its implementation and intensification of customer orientation. Conversely, one of most frequently cited reason for disinterest in implementing the method is its unfamiliarity.
On the basis of presented benefits as well as of presented results of questionnaire research we consider the Balanced Scorecard method as a strategic management tool that should be more presented to Slovak businesses.
Increasing the knowledge about the Balanced Scorecard method may result in the increase of BSC implementation by Slovak businesses and to help them to utilize the benefits which the application of BSC offers.
When formulating proposals for increasing the level of knowledge of the Balanced Scorecard method by businesses in the Slovak Republic we come out from preferred methods of obtaining information among businesses. Managers acquire new knowledge mostly by the means of school education (educational activities) respectively via the education through vocational trainings. Significant proportion of businesses gains new knowledge also from experiences from other businesses (cooperating businesses, competition) and also from special journals. With respect to identifying the ways of gaining information by Slovak businesses, the most suitable way of providing information about the BSC method appears to be educational activities as well as vocational trainings. Likewise, businesses have a possibility to use the services of special consulting agencies. Balanced Scorecard method can be implemented in various ways. Businesses may decide to implement the method itself (in-house), with the help of consulting agencies or another expert who is a specialist in the BSC method. Synek argues (2011) that in the process of designing (construction) and implementation of BSC method into the business the whole team of specialists should work together. Based on the theoretical knowledge and practical experience of Slovak and foreign businesses it is clear that for the correct implementation of BSC method the commitment of top management is essential. We consider the full support and active participation of senior management as an important precondition for successful implementation of the BSC. Full support and active participation of the senior management is required due to competencies and authority needed. Also managers of lower managerial levels have to be identified with the implementation of the BSC method. It is also essential for managers to have clearly defined competencies. Employees should also have basic information about the method. Appropriate awareness reduces resistance to changes as it minimizes the fear of the new and unknown. In general, for successful implementation of the BSC method into the business praxis, the businesses have to meet certain prerequisites. Several authors are devoted to the research and definition of assumptions that businesses should meet before the actual implementation of the BSC method. According to Karabasova (2010) the main prerequisites for the successful implementation of Balanced Scorecard are as follows: full support and active participation of the senior management, adaptation of all the activities of the businesses to match the new governance, businesses have to clearly define the responsibilities for achieving measurements of the BSC and connect them with the evaluation and remuneration of employees, key is the communication of the new system and involvement of all employees in its implementation.
It is evident, that the Balanced Scorecard method could help to our businesses not only to measure the performance but also to manage the strategies which are needed to be adopted so that the long-term goals are achieved. Thus, in other words, the application of this tool could help to ensure the consistency of vision and action which is the first step towards the development of successful businesses.
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