Sustainable Microfinance - Balanced Scorecard's added value for ...

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2.6 Conclusion Based on the literature presented above, four conclusions can be drawn. The first conclusion is that this research will have the most added value when focussing on the pre-loan BDS in the Netherlands. This conclusion is threefold. • First of all, the BDS is of major importance of the survival rate of starting entrepreneurs, improving this survival rate will have a significant contribution towards the sustainability of the complete sector. • Secondly the partial research conducted so far on the microfinance sector in the western world is primarily focused on the improvement of the credit-related MFIs, less research has been carried out with the focus on the BDS provided in the western world. At the moment of research no specific PMS has been found used or provided to start up micro entrepreneurs. • Thirdly, the relative late introduction of microfinance in the Netherlands allowed the Dutch MFIs to benefit from foreign experiences. This phenomenon is called the dialectics of progress and enabled the single (major) microcredit supplier in the Netherlands, Qredits, to develop a PMS that incorporates many of the advantages a BSC related PMS can deliver to an organization 3 . ! The second conclusion is that since the development of microfinance in Europe, BDS have been regarded as an essential factor for the successful realization of a microloan. This stands in contrast to microfinance in developing countries, where credits are more often delivered without additional business support. The third conclusion is that BDS are expensive and rely heavily on government subsidies, therefore government officials need to limit BDS to starting entrepreneurs with sufficient growth potential. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 3 One of the strengths of the BSC is to make qualitative performance indicators quantitatively measurable. Qredits realizes this through the use of standard screenings reports each business consultant has to fill in according to a standard set of questions, while interviewing the potential entrepreneur. ! Elmar Hoogendoorn 27 Sustainable Microfinance
The final conclusion relates to the PMS used by MFIs. Because most MFI cope with a double bottom line, they are in pursuit of a PMS that allows them to measure both financial and non-financial results. A PMS that is invented to deal with financial and non-financial measures is the Balanced Scorecard (BSC) (see chapter 3). The literature above showed that examples of PMS related or based on the BSC are already present in practise. Elmar Hoogendoorn 28 Sustainable Microfinance
Page 1 and 2: ! ! Sustainable Microfinance Balanc
Page 3 and 4: Keywords and Abstract Sustainable M
Page 5 and 6: Condensed Table of Contents ! ! Key
Page 7 and 8: 3.3 Lessons from previously develop
Page 9 and 10: List of Figures ! Figure I-1: Thesi
Page 11 and 12: List of Abbreviations BDS Business
Page 13 and 14: 1. Overview This chapter serves as
Page 15 and 16: In 2007, the Dutch Ministry of Econ
Page 17 and 18: collect information or seek specifi
Page 19 and 20: In some regions entrepreneurs are a
Page 21 and 22: • What different players in the D
Page 23 and 24: 2. Theory and Literature Review - M
Page 25 and 26: investors expect to gain from the f
Page 27 and 28: 2.4 Microfinance in (Western) Europ
Page 29 and 30: A MFI in the survival mode can bare
Page 31 and 32: The main factors that negatively af
Page 33 and 34: that are needed in order to transfo
Page 35 and 36: According to Lämmermann, et al. (2
Page 37: 2.5.6 Success of BDS Lämmermann, e
Page 41 and 42: Kaplan and international strategy c
Page 43 and 44: investments in learning will lead t
Page 45 and 46: • Derived from strategy; • Stim
Page 47 and 48: emaining drivers of the model are;
Page 49 and 50: Greatbanks and Tapp (2007) Manville
Page 51 and 52: that fail to effectively plan for t
Page 53 and 54: objectives (obligations) establishe
Page 55 and 56: Section II. Research Design The pre
Page 57 and 58: the use and usefulness of PMSs by s
Page 59 and 60: Figure 4.1: Step model of inductive
Page 61 and 62: 4.5 Methods of Data Collection In o
Page 63 and 64: All eight groups are interesting fo
Page 65 and 66: must take into account with the rel
Page 67 and 68: Section III. Findings and Discussio
Page 69 and 70: KH VS TB RL OE MB CS AP Total App.
Page 71 and 72: street and within an area of 500 me
Page 73 and 74: A final aspect that is exceedingly
Page 75 and 76: For the model Stefano (2010) propos
Page 77 and 78: know a lot about this topic', often
Page 79 and 80: 5.3 Summary Based on the empirical
Page 81 and 82: 6. Discussion 6.1 Introduction This
Page 83 and 84: 6.2.4. Sustainability Entrepreneur
Page 85 and 86: 6.2.9. Network & Business Developme
Page 87 and 88: The discussion is ended with a fina
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• Since the development of microf
Page 91 and 92:
7.2.3 The Model: ‘Equally’ Bala
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cannot be controlled by the researc
Page 95 and 96:
Appendix A - Thesis Proposal Accord
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1. Abstract The Thesis Project will
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efficiency, and aggressive enforcem
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entrepreneurs, compared to the curr
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The Thesis Project has several obje
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Based on the results from the liter
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8. Table of contents Preface List o
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References Armendáriz, B. 2009, 'M
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Work program March April Week numbe
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Figure B-2 Simplified Strategy Map
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Figure B-5 Comprehensive Performanc
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Organizational Development • What
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RL start at the core; 'why do you w
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Appendix E - Social ! KH jobs creat
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Appendix F - Financial ! Liquidity
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OE through friends and family and a
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MB that has to do with you financia
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RL You can test it, by launching fo
Page 131 and 132:
Appendix I - Internal Business Proc
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OE he has an advantage and should f
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Appendix L - Network ! Professional
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Appendix M - Business Development S
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Appendix N - General BSC model ! Us
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Appendix O - Relation and Link ! Eq
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Appendix P - Most Important Financi
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Appendix R - Sustainability of Micr
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Appendix S - Qredits ! KH The main
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Bibliography Affleck, A. and Mellor
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Derban, W., Binner, J. and Mullineu
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the case of the tourism industry,
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Kunc, M. (2008), 'Using systems thi
Page 157 and 158:
McKinsey & Company, p. 3., Availabl
Page 159 and 160:
Shrader, C.B., Mulford, C.L. and Bl
Page 161:
Woodworth, W. and Woller, G. (1999)
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