Abstract
The single most important skill in any business is the ability to translate the strategy into action. For this purpose the Balanced Scorecard was developed. It servers as the agenda and vehicle in the strategic management process. This strategy-centred management process includes communication of the strategy, alignment of the organization, the execution of strategy and strategic feedback process. The concept of the Balanced Scorecard enables managers and company leaders to implement a successful performance measurement plan which incorporates both financial and operational concerns. It gives managers a fast, comprehensive view of the business, allowing them to focus on critical areas and drive the organization's strategy forward.