Measuring Overall Performance of a Business

The video discusses two models for measuring business performance: Kaplan and Norton's balanced scorecard and Elkington's triple bottom line. It emphasizes the need for businesses to balance short-term and long-term metrics to avoid poor decision-making. The balanced scorecard focuses on four perspectives: business, financial, customer, and growth, while the triple bottom line considers financial, social, and environmental impacts. Both models have pros and cons, with the balanced scorecard offering a comprehensive view but potentially encouraging target hitting, and the triple bottom line promoting social responsibility but being limited in scope.

What are the two main approaches to measuring business performance mentioned in the text?

Why is it important for businesses to use both short-term and long-term performance metrics?

What is the key focus of the Kaplan and Norton's balanced scorecard model?

How does Elkington's triple bottom line model differ from traditional financial metrics?

What are the four main perspectives considered in the balanced scorecard model?

What are some potential downsides of focusing solely on short-term financial metrics?

In what ways can a business measure customer satisfaction according to the text?

What challenges might arise from using the triple bottom line model?

How can the balanced scorecard model help a business improve its performance?

What is the significance of having a broader perspective on business performance?