If you still need help developing your 2025 resolutions, then I recommend adapting a management tool popular in the business world – the Balanced Scorecard.
The Balanced Scorecard was developed by Robert S. Kaplan and David P. Norton in 1992. It’s used by businesses, governments, and non-profits around the world to measure their performance and improve strategic results, and is considered one of the most influential business ideas of the past 75 years.
Whether you’re working or retired, the Balanced Scorecard framework can be adapted to your personal life. Read on to learn how.
Benefits of using a balanced scorecard for personal goals
The Balanced Scorecard can be modified for personal use to help you achieve your goals more effectively. Using a Balanced Scorecard framework provides a tool for you to:
- Gain a more holistic view by considering all aspects of your life beyond your finances, such as personal and professional growth, relationships, contributions, and health.
- Set clearer goals and objectives by translating your overall vision into specific, measurable, achievable, relevant, and time-bound (SMART) objectives.
- Improve alignment by “connecting the dots” to help you understand how different areas of your life are interconnected, like health and finances.
- Track your advancement towards a more fulfilling and balanced life by regularly reviewing your progress and adjusting your goals and metrics as your life circumstances change.
Developing your balanced scorecard
Here are a few tips to consider when developing your personal balanced scorecard:
- Keep it simple: Don’t overload yourself with too many goals and metrics. Start with a few key areas and gradually expand.
- Make it visual: Create a visual representation of your scorecard (e.g., a spreadsheet, PowerPoint slide, mind map) to easily track your progress.
- Regularly review and adjust: Schedule regular check-ins (e.g., monthly or quarterly) to review your progress and make necessary adjustments.
To help you visualize a personal balanced scorecard, here is an example of a balanced scorecard, showing goals in four areas (financial, charity/volunteering, health, and personal) and illustrated with 2024 outcomes for the financial area.
Ultimately, using a balanced scorecard approach will help you evaluate your work-life balance. Work-life balance is about living a fulfilling life that encompasses both your professional and personal aspirations. It’s about prioritizing your well-being and finding joy in all areas of your life.
If you would like to download a simple balanced scorecard template, then you can do so here.