Translating Strategy into Action: Balanced Scorecard

Welcome to Strategy in Action – a business workshop focused on strategic management using the balanced scorecard, organized by Center for Postgraduate Studies at Sofia University  and The Business Institute

Why Balanced Scorecard?

The balanced scorecard transforms businesses around the world by helping managers and entrepreneurs align business activities to the vision and strategy of the organization.  Balanced scorecard has been selected by the editors of Harvard Business Review as one of the most influential business ideas of the past 75 years.

The financial metrics are often lagging, volatile and non-controllable measures of company’s performance. Having the right non-financial metric can provide an early indication of performance and highlight the need for mid-course corrections.

The balanced scorecard suggests that we view the organization from four perspectives, and to develop metrics, collect data and analyze it relative to each of these perspectives:  financials, customers, internal business process, learning and growth. The course explores how companies can use the balanced scorecard to define strategy, implement strategy, and measure strategy execution.

Your experience in Translating Strategy into Action: The balanced scorecard Course
  • Experiential learning based on Harvard Business Publishing online simulation– offering the opportunity to exercise various models, outcomes and scenarios;
  • Interactive and engaging side-by-side learning with hands-on facilitators and experienced business professionals as guest speakers;
  • An integrated, holistic approach – understanding how strategy and execution influence company performance and market position, and vice versa.

Upon completion, you will receive a certificate for postgraduate studies by Center for Postgraduate Studies at Sofia University and The Business Institute.

The workshop includes four sessions. The training sessions are held in The Business Institute, Sofia, 23A Frederic Joliot-Curie Str.

If you are interested in the workshop click here or contact us on:  +359 895 74 14 33,


The workshop simulation by Harvard Business Publishing will give you an opportunity to practice what you have learned. You will participate in a simulated business situation in which you will select the best course of action.

Strategy Simulation: The Balanced Scorecard

Workshop participants will experience the benefits and challenges of using a scorecard to implement strategic initiatives and monitor firm performance. Small teams of participants work together to choose a strategy for their company, create a strategy map, develop a balanced scorecard, choose initiatives to implement their strategy, and use feedback from the balanced scorecard to adjust their implementation approach over a series of 8 rounds. At the conclusion of the simulation, each team's company will be purchased by a private investor. The goal of the simulation is to maximize firm value at the time of buyout – the buyout price being based on the company's financial position and future prospects.

Throughout the simulation business game the workshop participants will:

  • Learn how a well-designed strategy map can help managers think about and communicate strategy.
  • Understand that a strategy is more likely to be effective if the initiatives implemented are synergistic with the strategy.
  • Examine the advantages and disadvantages of measuring a small or large number of metrics.
  • Understand how using the balanced scorecard is like financial variance analysis extended to non-financials. Managers set target objectives, invest in initiatives, take measurements, evaluate effectiveness, and take corrective action (feedback loop).
Our approach

The Business Institute designs and delivers experience-oriented training and educational solutions. We apply world-class business methodologies, tools and simulations of leading educational institutions covering the whole range of business management areas.

The training and educational approach we apply focuses on action-oriented learning and real-world application to drive changes in knowledge, behavior and action. The Business Institute’s simulation-based workshop series are hands-on, case-based advanced training courses designed to challenge practitioners to master core concepts by applying them to real-world business cases. The simulation-based workshops are presented and discussed by proven practitioners and experts in their professional field.

Svetlan Stanoev

Founder and Senior Facilitator at The Business Institute. Experienced practitioner in strategy, performance management and financial management. Balanced Scorecard certified and Business Valuation certified. Previously: Corporate Finance consultant at KPMG; CFO at Orbitel; CEO at Ceres Agrigrowth Investment Fund. Svetlan has a Master in Finance. Lecturer, trainer and consultant in corporate finance, strategic management and business modeling since 1999.

tzvetelina teneva
Tzvetelina Teneva

Co-Founder and Senior Facilitator at The Business Institute. Experienced practitioner in strategy, business modeling, marketing management, incl. product management, value proposition design, marketing communication. Special expertise in B2B practices. Previously, Marketing Director and Marketing Communication Manager at Orbitel (acquired by Magyara Telekom/ Deutsche telekom Group, now part of Mtel portfolio), trainer to business practitioners in marketing management, PR Executive at the Government Information Service.

Early bird

BGN 520

  • 1 participant

Regular price

BGN 580

  • 1 participant

All prices in this section are valid for 1 participant. The Business Institute has the right to give a discount on the Digital Marketing for Managers workshop fee in case there are 2 or more participants from the same company.