Balanced score card and performance evaluation in Small and Medium Enterprises (SMEs) in Nigeria

Abstract

The balanced scorecard (BSC) is a strategic appraisal measure which incorporates non-financial measures to complement traditional financial measures. BSC captures more measures in assessing performance within an organization and these areas include perspectives on customers, internal business process, and learning and growth. As a result, BSC helps an organization in achieving an all-inclusive appraisal of its performance. This paper assessed the level of awareness and implementation of the balanced score card (BSC) in small and medium firms in Nigeria. The study employed a descriptive research design and primary data was used. The hypothesis was tested using the Pearson correlation coefficient and findings revealed that BSC have not been adopted by Nigeria small and medium companies due to lack of awareness, expertise and finance. The study recommended that more researches be conducted in this direction and Nigerian small and medium scale associations should partner with researchers on the new concept in training members on this approach.