The Balanced Scorecard: The New Performance Management Paradigm for Nigerian Firms

The aim of this study was to explore how the strategic management performance model called the Balanced Scorecard, has faired among firms that have introduced/adopted the model in Nigeria. This approach provided us with the explanation needed to understand the dynamics of the Balanced Scorecard model and its moderators especially as it relates to the issue of environment and culture that may not have been contemplated in the original model of Balanced Scorecard. We have presented this paper in three major sections. The Introduction outlines the basic framework of Balanced Scorecard, followed by Empirical evidences from literature. We confirm from empirical evidences, that firms that have implemented Balanced Scorecard have indicated recovery from their otherwise abysmal performance conditions and reverted their loss situations too. However, we suggest that the generic four perspectives should be expanded to incorporate the fifth perspective which is environment and culture because of the critical impact environment and culture play in the survival of any organisation. Therefore, it is concluded that for Nigerian organizations to participate in the global economic arena the adoption of Balanced Scorecard is imperative.