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

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Question What dimensions of the BSC are relevant for the starting entrepreneurs? ! ! Proposition Concrete Result Reason, drive and contribution Social Financial SustainabilityEntrepreneur Customer, Market Research Internal Business Processes Personal Development Why Question; reason to start the business Where Question; clear targets What Question; contribution towards society Make sure entrepreneurs start for the right reasons Focussed operations activities X Able to satisfy all related stakeholders Employment Job Creation X Measurable Reachable Targets X Not dominant Serving role to other dimensions X Liquidity Sufficient capital at all times X Satisfy Investors Secure access to capital X Education Proper administration How to deal with family and Personal factors prevent over-indebt-ness Low (initial) investment Not much capital is needed Growth Prevent copying behaviour Continuing Market Research What roles need to be fulfilled? Professional (capacities; education, experience, skills, etc.) Personal (traits, ‘real’ entrepreneur; driven, optimistic, etc?) Secure sustainability; focus on the niche. Determine demand X Adjust to needs of customers X Improve product X Increase satisfaction Inside in what the entrepreneur can X do himself and for what he will need assistance, trough his networks or BDS? X Learning by doing Expanding private and professional network Do not start if you cannot handle disappointments, stress, etc. Sub Question Proposition Concrete Result How do the dimensions relate to each other in an optimal BSC? ! ! Table 5.4: What dimensions are relevant for starting entrepreneurs? (Author)! Focus on satisfying all related stakeholders All stakeholders are equally important Customer Buys products and allows X Society you to run your business X Entrepreneur Personal satisfaction X Investors Provides capital X If any of the stakeholders is unsatisfied it could be the end of the business Sustainable enterprise Table 5.5: How do the dimensions relate to each other in an optimal BSC? (Author)! Elmar Hoogendoorn 69 Sustainable Microfinance X X X X
6. Discussion 6.1 Introduction This study explored the role the BSC can play in the Dutch microfinance sector. The focus of this study was towards the starting entrepreneurs that seek counselling at the MF-points (for pre-loan BDS). I have found support for the idea that the BSC can make a contribution towards the sustainability of the microfinance sector, by improving the survival rate of starting entrepreneurs. Certain empirical findings arose as conflicting, other as interesting, when compared to literature concerning microfinance and the BSC; these will be discussed in the following chapter. 6.2 A Balanced Scorecard for Micro and Small Entrepreneurs The previous chapter ended with a summary of all the empirical findings (see table 5.2). Table 5.2 also already indicated which elements have been included in the new model. The new model is presented by figure 6.1. Figure 6.1: ‘Equally’ Balanced Scorecard for Micro and Small Entrepreneurs (Author) ! 6.2.1. General ‘Equally’ Balanced Scorecard Model Figure 6.1 shows that the model has four dimensions, which represent the four identified stakeholders important for MSE. The shape of the model is inspired by the Social Enterprise Scorecard (Meadows and Pike, 2009, p. 136). The model clearly indicates that each stakeholder is equally important and the aim is to keep each stakeholder optimally satisfied. The model indicates that the business is as Elmar Hoogendoorn 70 Sustainable Microfinance
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! ! Sustainable Microfinance Balanc
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Keywords and Abstract Sustainable M
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Condensed Table of Contents ! ! Key
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3.3 Lessons from previously develop
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List of Figures ! Figure I-1: Thesi
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List of Abbreviations BDS Business
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1. Overview This chapter serves as
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In 2007, the Dutch Ministry of Econ
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collect information or seek specifi
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In some regions entrepreneurs are a
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• What different players in the D
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2. Theory and Literature Review - M
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investors expect to gain from the f
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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 and 42: Kaplan and international strategy c
Page 43 and 44: investments in learning will lead t
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Page 47 and 48: emaining drivers of the model are;
Page 49 and 50: Greatbanks and Tapp (2007) Manville
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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
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Page 67 and 68: Section III. Findings and Discussio
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Page 89 and 90: • Since the development of microf
Page 91 and 92: 7.2.3 The Model: ‘Equally’ Bala
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Page 95 and 96: Appendix A - Thesis Proposal Accord
Page 97 and 98: 1. Abstract The Thesis Project will
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Page 103 and 104: The Thesis Project has several obje
Page 105 and 106: Based on the results from the liter
Page 107 and 108: 8. Table of contents Preface List o
Page 109 and 110: References Armendáriz, B. 2009, 'M
Page 111 and 112: Work program March April Week numbe
Page 113 and 114: Figure B-2 Simplified Strategy Map
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Page 117 and 118: Organizational Development • What
Page 119 and 120: RL start at the core; 'why do you w
Page 121 and 122: Appendix E - Social ! KH jobs creat
Page 123 and 124: Appendix F - Financial ! Liquidity
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Page 127 and 128: MB that has to do with you financia
Page 129 and 130: 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
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Woodworth, W. and Woller, G. (1999)
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