Implementation of the Strategy for Sustainable Development of Cooperation Using a Balanced System of Indicators

Abstract

AbstractSuccessful development of cooperation focused on sustainable development is impossible without competent strategic management. The article presented is devoted to the implementation of the strategy of sustainable development of cooperation with the application of a system of balanced indicators. Balanced Scorecard (BSC) is a system that reflects financial and non-financial indicators, as well as includes the internal and external aspects of the development of the organization. The system of balanced indicators will transform the strategy of sustainable development of cooperation into concrete strategic activities. Based on empirical experience, the “prospects” inherent in the presentation of a balanced system of indicators (“Finance,” “Customers.” “Processes,” “Capacity”) are adapted for the development of strategies for the sustainable development of cooperation. The benefits of a balanced scorecard are that it goes beyond financial objectives and indicators and focuses on staff capacity. Following a system of balanced indicators will allow both individual organizational cooperative units and cooperatives as a whole to achieve their goals in accordance with the strategy of sustainable development. The use of a system of balanced indicators for the implementation of the strategy for the sustainable development of cooperation will allow management to translate strategic goals into the lower levels of the organizational structures that make up the cooperative association.KeywordsCooperationSustainable developmentStrategySystem of balanced indicatorsJEL CodesO20Q10