As my customer base grew, I hired employees to help me in the truck. Then one...
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As my customer base grew, I hired employees to help me in the truck. Then one day I realized that I had a formula that could be expanded to multiple trucks. Before I knew it, I had 10 trucks and was hiring people to do everything that I used to do by myself. Now, I work with my team to build the menu, set daily locations for the trucks, and manage the operations of the business. My business model is based on providing the highest-quality street food and charging more for it than other trucks. You won't get the cheapest meal at one of my trucks, but you will get the best. The superior quality allows me to price my meals a little bit higher than the other trucks. My employees are critical to my success. I pay them a better wage than they could make on other food trucks, and I expect more from them. I rely on them to maintain the quality that I established when I opened my first truck. Things are going great, but I'm feeling overwhelmed. So far, the growth in sales has led to a growth in profitability- but I'm getting nervous. If quality starts to fall off, my brand value erodes, and that could affect the prices that I charge for my meals and the success of my business. Identify whether these measures best fit the learning and growth, internal processes, customer, or financial performance perspective of the balanced scorecard. Possible Balanced Scorecard Measures Average meal price Number of meals purchased Online customer review ratings Number of customer complaints Average employee wage Average training hours per new employee Quality ratings of ingredients suppliers Gross profit Profit margin Number of unique meals on the menu Performance Perspective Financial Customer E As my customer base grew, I hired employees to help me in the truck. Then one day I realized that I had a formula that could be expanded to multiple trucks. Before I knew it, I had 10 trucks and was hiring people to do everything that I used to do by myself. Now, I work with my team to build the menu, set daily locations for the trucks, and manage the operations of the business. My business model is based on providing the highest-quality street food and charging more for it than other trucks. You won't get the cheapest meal at one of my trucks, but you will get the best. The superior quality allows me to price my meals a little bit higher than the other trucks. My employees are critical to my success. I pay them a better wage than they could make on other food trucks, and I expect more from them. I rely on them to maintain the quality that I established when I opened my first truck. Things are going great, but I'm feeling overwhelmed. So far, the growth in sales has led to a growth in profitability- but I'm getting nervous. If quality starts to fall off, my brand value erodes, and that could affect the prices that I charge for my meals and the success of my business. Identify whether these measures best fit the learning and growth, internal processes, customer, or financial performance perspective of the balanced scorecard. Possible Balanced Scorecard Measures Average meal price Number of meals purchased Online customer review ratings Number of customer complaints Average employee wage Average training hours per new employee Quality ratings of ingredients suppliers Gross profit Profit margin Number of unique meals on the menu Performance Perspective Financial Customer E
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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