BALANCED SCORECARD MANAGEMENT FOR OPERATIONAL EFFICIENCY OF SMALL AND MEDIUM-SIZED BUSINESSES IN VICINITY CENTRAL
Keywords:
Balanced Scorecard Management, Operational Efficiency, Small and Medium BusinessAbstract
The objectives of this research were to study 1) confirmatory factors of balanced scorecard management in small and medium enterprises, and 2) the influence of balanced scorecard management on the operational efficiency of small and medium enterprises in the Bangkok Metropolitan Region. Data were collected online from 520 entrepreneurs in the studied area using questionnaires investigated by content validity and reliability. The used statistics included confirmatory factor analysis and structural equation analysis. The result indicated: 1) Balanced scorecard management model for small and medium enterprises consisted of four dimensions: financial dimension with the highest weight factor on production cost reduction, operating costs, or core expenses of the business; customer dimension with the highest weight factor on services to reduce customer complaints; internal process dimension with highest weight factor on the process to minimize operational errors and work efficiency improvement; and learning and development dimension with highest weight factor on creating happiness at work for employees. 2) Balanced scorecard management influenced the operational efficiency of the of small and medium enterprises in the Bangkok Metropolitan Region at the statistically significant level of .05 and the predictive power was 86 percent.
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