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• Business Processes - indicates the areas where the company needs to stand out in order to satisfy its customers and shareholders; • Learning & Growth - involves the improving developments that the company needs to realize if its strategy and vision are to be achieved Recognizing that some corporate visions and strategies may require additional perspectives, Kaplan and Norton state that some variation of the BSC framework is possible (Kaplan and Norton, 1996a, p. 34). Figure 3.1: The BSC framework (Adapted from Kaplan and Norton, 1996a, p. 9.) ! 3.2.3 Linking, Cause and Effect Without the linking of the four perspectives in a causal chain a ‘true’ BSC does not exist. Kaplan and Norton observe that: ‘Many managers believe they are using a BSC when they supplement traditional financial measures with generic, non-financial measures about customers, processes and employees … [But] A scorecard should contain outcome measures and the performance drivers of those outcomes, linked together in cause of effect relationship (Kaplan and Norton, 1996a, p. 53). In this vein, ‘The measurement system should make the relationships (hypotheses) among objectives (and measures) in the various perspectives explicit so that they can be managed and validated’ (Kaplan & Norton, 1996a, p. 30). For example, Elmar Hoogendoorn 31 Sustainable Microfinance
investments in learning will lead to a better internal business process, which, in turn, is likely to improve a customer’s satisfaction and loyalty, and therefore result in a higher return on investments, which would satisfy shareholders (see figure 3.2) (Kaplan & Norton, 2001). Figure 3.2: The Assumed Causal Relationship in the BSC ! 3.2.4 Indicators ‘improving organizational performance by monitoring financial performance [i.e. a primary performance measure] is as useless as trying to improve a sports team’s performance by only reporting the scores of its games’ (Atkinson and Waterhouse, 1997). According to the MFC (2007) a well-designed BSC uses indicators to provide a company with a way to measure progress toward achieving its mission and the execution of its strategy. Selecting the appropriate indicators is one of the most critical steps in developing a BSC for a company. There are many possible kinds of indicators, but ‘lag’ indicators (outcome measures) and ‘lead’ indicators (performance drivers) are most useful in strategic management. Lag indicators are the measurable outcomes of actions previously taken and provide an overall score (e.g. sales volume, market share). They allow a company to track historical performance and to understand how results change over time. Most financial indicators are of the lag variety and are often expressed by ratios (percentages). (Adapted from Hopper, Northcott and Scapens, 2007, p. 178). Lead indicators are measurements of situations (or facts) that, at least in part, determine the desired and / or expected measurable outcomes expressed as lag indicators. For example, time spent with clients (a lead indicator) can determine an Elmar Hoogendoorn 32 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 and 38: 2.5.6 Success of BDS Lämmermann, e
Page 39 and 40: The final conclusion relates to the
Page 41: Kaplan and international strategy c
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
Page 89 and 90: • Since the development of microf
Page 91 and 92: 7.2.3 The Model: ‘Equally’ Bala
Page 93 and 94:
cannot be controlled by the researc
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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
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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
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McKinsey & Company, p. 3., Availabl
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Shrader, C.B., Mulford, C.L. and Bl
Page 161:
Woodworth, W. and Woller, G. (1999)
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