From vision to variables: A scorecard to continue the professionalization of a family firm

This chapter builds on previous projects we have conducted that have concentrated on the key areas of corporate governance and strategic planning in family businesses. Whereas our previous projects have enlisted an additive approach (that saw the family perspective added to the business), this current research takes on an integrated approach and seeks to integrate issues that influence the family and business systems. Specifically, in this research we use innovation action research (Kaplan, 1998) to illustrate how the Balanced Scorecard that includes reference to family business challenges has been introduced and used to assist family members, board members and management in a third-generation Australian family-owned business by the lead author who is a non-executive director of the business. The process of scorecard development is discussed and the development ofthe core essence, vision and mission statements, strategic objectives, measures and targets,which can be scrutinized by family business stakeholders to ascertain consistency with the vision of the company, is outlined. A conceptual mapping framework is introduced and propositions that will guide future projects are detailed