Critically analyse the potential benefits that could be derived from the use of the measures in your balanced score card, emphasising the actions which will be necessary to ensure maximum benefit of its use. Critically evaluate the effectiveness of the balanced scorecard approach in alleviating the problems associated with short termism

All-You-Need Store Ltd operates a chain of convenient stores in the town. In the past the business had expanded rapidly and covered almost all bustling streets in the town. However, recently company's peformance is getting worse and profit keeps declining steadily. The company was forced to closed some of their stores in downtown. Company has received more complaints from customers showing their negative feelings toward store's service quality. If several years ago the customer complaint rate was as low as at 2.0 complaints for every 1000 customers now it is around 5 for very 1000 customers. Employees also show their disatisfaction about working environment Senior managers are really concerned about recent business performance of the company. They decided to investigate the problems and try to correct any derailment in company's strategy implementation. With the support of functional departments, the information on the financial performance is prepared and reported to the board of directors. A consulting firm was hired to conduct surveys on customers and employees. The surveys revealed some key information about the current business operation of the company. (See appendices) Income statements for the years ended 31 December 2022 2021 000 000 Sales revenue 1,200 1,180 Cost of sales (750) (680) Gross profit 450 500 Operating expenses (208) (200) Depreciation (75) (66) Operating profit 167 234 Interest (8) Profit before taxation 159 Taxation (48) (80) Profit for the year 111 154 Statement of financial position as at 31 December 234 ASSETS 2022 2021 000 000 Non-current assets Property, plant and equipment 687 702 Current assets Inventories 236 148 Trade receivables 156 102 Cash 4 3 396 253 Total assets 1,083 955 EQUITY AND LIABILITIES Equity Share capital: 1 shares fully paid 500 500 Retained earnings 295 256 795 756 Non-current liabilities Borrowings - Bank loan 50 Current liabilities Trade payables 76 60 Other payables and accruals 16 18 Taxation 24 40 Short-term borrowings (bank overdraft) 81 238 199 Total equity and liabilities 1,083 955 Dividends were paid on ordinary shares of 70,000 and 72,000 for 2021 and 2022, respectivel 122 Appendix B. Customer survey results neutral extremely satisfied fairly satisfied quite extremely disappointed disappointed 15% 40% 30% 10% 5% 9% 38% 30% 20% 3% 12% 20% 45% 15% 8% How satisfied are you with your shopping experience in our store? How satisfied are you with the standard of service provided by the staff? How easy was it for you to find the products you wanted in our store? How satisfied are you with the product information provided? How satisfied are you with the value for money of your purchase? How satisfied are you with the selection of our goods? How satisfied are you with the resolution of your customer service issue? 8% 32% 20% 36% 4% 5% 27% 26% 27% 15% 4% 28% 24% 25% 19% 6% 24% 25% 27% 18% 8% 60% 10% 20% 2% 10% 41% 26% 16% 7% How satisfied are you with the return policy? How satisfied are you with the speed of payment? How satisfied are you with the attitude of staff in the store? How likely are you to recommend our store to your friends and family 22% 46% 25% 1% 6% 20% 32% 36% 11% 1%