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2020, iss. 1, pp. 112-136
Assessment of the applicability of the Balanced Scorecard concept in small and medium-sized enterprises
aUniversity of Novi Sad, Faculty of Technical Science
bInstitute of Economic Sciences, Belgrade

emailivanajolovic@uns.ac.rs
Project:
The realization of the research was supported by the funds of the Ministry of Education, Science and Technological Development of the Republic of Serbia, in accordance with the Scientific Research Program 2019-2025 of the Faculty of Technical Sciences, University of Novi Sad, and the Scientific Research Program 2019-2023 of the Institute of Economic Sciences in Belgrade

Abstract
The modern management concept Balanced Scorecard (BSC), thanks to the efficient solutions it offers, draws increasing attention from the management across the globe. BSC is a performance measurement system which unites a traditional, financial perspective with the consumer, internal business processes, and learning and growth perspectives; and provides intelligibility of the company's vision and strategic goals, strengthening of the internal communication of employees, and more efficient realization of key business activities. The implementation of the BSC concept in large enterprises is a quite simple and efficient process, while the procedure of incorporating its postulates into the structure of small and medium-sized enterprises is extremely complex and uncertain. For that reason, the aim of this scientific research is the assessment of the applicability of the BSC in small and medium-sized enterprises, with a simultaneous overview of examples of successful and less successful implementation practices, and the most frequent reasons for non-implementation of the concept itself. The research is inspired by the observation that the world literature has, to a certain extent, neglected the analysis of the application of the BSC concept in small and medium-sized enterprises. The descriptive and comparative method, the technique of analysis and synthesis, as well as analysis of the content of relevant literature of reference, national and foreign authors were used for research purposes. The result of the research is the confirmed assumption that the implementation of the BSC concept in small and medium-sized enterprises is possible but at the same time quite complex and demanding due to the influence of different variables. Accordingly, the recommendations such as that the BSC model should be simplified and burdened with a smaller number of metrics in order to become more applicable in small and medium-sized enterprises were derived in the research.
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About

article language: English
document type: Scientific Paper
DOI: 10.5937/skolbiz1-28253
received: 03/09/2020
accepted: 27/11/2020
published in SCIndeks: 06/03/2021
peer review method: double-blind
Creative Commons License 4.0

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