Small Consulting Firm Growth: Application of the Balanced Scorecard

Abstract

This research was written for the interests of Qnware – a Finnish boutique consultancy looking to scale up via the application of the Balanced Scorecard. The final deliverables consisted of an actual Balanced Scorecard customized to Qnware. The reviewed theories cover the Balanced Scorecard, with focus especially on those related to micro-sized and professional service firms. The final conceptual framework employed a collection of independent theories. Action research, a qualitative research method was used in order for the researcher to engage in more profound level with the Qnware. The research also supported the creation of a concrete outcome – the Balanced Scorecard, while adding unique value to the company's particular conditions. The research findings have helped enrich the understanding of previous literature regarding the Balanced Scorecard. This study could be valuable to readers looking for insights about the growth of small sized professional service firms, particularly consultancies. On the other hand, Qnware itself has obtained satisfying outcomes namely the accomplished scorecard.