Crafting Company Strategic Objectives Using Three-Dimensional Model

Abstract

Balanced Scorecard (BSC) and Sustainable Development Goals (SDGs) are two frameworks that have gained considerable attention in recent years, particularly in the context of organizational sustainability and shared value creation for the stakeholders including local communities. The Balanced Scorecard (BSC) is a strategic management methodology aims to achieve a balance between financial performance and non-financial goals and objectives, while ensuring that the organizational objectives aligned with the business strategy developed by Robert Kaplan and David Norton. Sustainable development has become a global concern as the world faces environmental and social challenges. The United Nations' SDG provide a framework for addressing these challenges, but implementing the SDGs into an organization's strategic planning can be challenging. This paper proposes a new model called the three-dimensional model (3D model), which combines the SDGs with the BSC to help organizations integrate sustainability into their strategic planning. The proposed 3D model provides a practical approach to organizations seeking to create long-term value while also addressing environmental and social challenges.