Explicate the links between external trends, stakeholder objectives, and an organization's strategy by an augmented Balanced Scorecard

The Balanced Scorecard principally follows a financial logic - most often objectives are only included that directly contribute to an improvement in financial returns. Non-financial goals, which could be important to an organization for other reasons (e.g. compliance), are systematically neglected. This article addresses this challenge by introducing external trends and the objectives of the relevant stakeholders with the aim to develop a more holistic controlling and management tool. This enables users of the Balanced Score-card to formulate a more balanced strategy which takes into account the specific external environment in which the strategy exists. We apply the augmented Balanced Scorecard in a case study and discuss the findings.