A balanced scorecard is used by businesses as a strategic planning framework to organize their projects, products, and services, convey their goals and manage regular business operations. The scorecard is a tool that businesses can use to monitor and assess the success of their strategy. A methodical report that assesses how effectively the business's management is doing is the balanced scorecard. Key performance indicators (KPIs) can be used to evaluate the management team's contributions to the plan and accomplishment of the specified goals. By comparing achievement to the established goals or targets, the growth rate of the company and its position among its rivals are calculated.