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Balanced Scorecard Recommendation for Home Depot
Transcript of Balanced Scorecard Recommendation for Home Depot
The Home Depot is in the home improvement business and our goal is to provide the highest level of service, the broadest selection of products and the most competitive prices. We are a values-driven company and our eight core values include the following:
Why a Balanced Scorecard?
The Next Steps
The balanced scorecard initiative must be a priority if implementation is to succeed
Avoid implementing in a top down manner; involve employees and middle management
Create Unit & Individual Scorecards
Can also create scorecards for all outside stakeholders such as vendors, suppliers, etc.
Increase Shareholder Value
Increase Average Ticket
Increase Store Productivity
Provides a way for managers to develop and communicate complex cause-and-effect performance models
Basis for managing both current performance and the drivers of future performance
Tailored to individual organizations
Can be costly to obtain all the market research & data
Subject to change; if the strategy changes, the performance measures would also change
Requires numerous supporting schedules and micro-management on a routine basis
Requires a unique approach hand tailored for the company
Creating shareholder value
Respect for all people
Building strong relationships
Increase Earnings per Share by 25%
Continue to increase AVG Ticket by 5% to $59.61
Increase Sales per square ft. by 5% to $351.12
Increase Store Fronts
Continue to Acquire Technology
Continue to improve Brand Offerings and Innovation
Improving Product Authority
Increase sales from online channels from 3.5% to 4.0%
Improve Brand and Outlet Market Share by 2%
Acheive next day delivery more markets-more product
Introduce Kenmore Floor Care Line for Q4
Hire and Train Full Time Appliance Sales Associates
Continue to increase product fulfilment centers
Learning & Growth
Provide 20 hrs product and skill training per year
Increase sales force time w/ customer to 65%
Increase line of green products by 15%
Allow customers to shop by "Green" status
Create team to investigate new technology implemntation
Simplify the Business
Increase customer feedback scores by 10%
Integrate the online & retail experiences
Close the gap between social media views/likes
Focus on Social Media venues that drive online sales (YouTube vs Pinterest)
Update Pro App to take into account customer feedback
Continuing to improve "Interconnected Retail"
Increase in Consumer Spending by taking advantage of trending increase in transactions and average ticket sales
Significant bargaining power due to being largest home improvement retailer in the world
Customer satisfaction improved Net Promoter Score (NPS)
Proprietary brands offer exclusivity and increase customer footfall
Focus on offering eco-friendly products
Predicting succes in foreign markets
Managing 3rd party providers
Other risk factors that are common to retailers (competition, supplier availability, employee retention, etc.
Rise in Labor Wages in the US
Increase in counterfeit products
Expansion by competition
About Home Depot
World's largest home improvement specialty retailer,
2,269 retail stores in the U.S., Mexico, & Canada
Sales of $78.8 billion and earnings of $5.4 billion in FY 2013
Employs more than 300,000 associates.
New CEO and president, Craig Menear, began February 2, 2015
Excellent customer service
Taking care of our people
Doing the "right" thing