The balance scorecard is a management system used to communicate objectives, keep records of whom and what work was done, prioritize projects, products, searches, and measure and monitor progress of strategic target (BSC, 2017). How can a company succeed without a strategic plan? In effort for FCF to build a strategic plan, the must select two top competitors to benchmark against. The two companies selected have been in business for several years one operates globally, and the other by ecommerce; they are Ashely Furniture and Mayfair. These two companies started out with a small vision that has grown over the years. Ashely Furniture’s mission is to maintain and improve quality with reduced cost, producing more products to promote profit, …show more content…
This was a big risk due to the unknown challenges, and by closing their only store for three years gave other companies to make a mark in the American Market. But, they were very successful in their move opening production plants in Taiwan, China, Malaysia, Thailand, and Indonesia which are all located in the free trade (Ashley History, 2017 ). Ashely has improved shipment by starting same day or next day delivery to the customer; it helped build a large customer base and reduce cost (Ashley History, 2017 ). Ashely also have the capability to repurpose materials used to make their products; they have reclaimed as much as 3 million pounds of wood furniture for clean burning energy each year (Ashely History, 2017). They also plant their own trees to replenish their own materials (Ashely History,2017 …show more content…
In eight years, Mayfair started over 270 separate websites but they did not generate enough sales as the company wanted, therefore, they decided to combine them into one (Wayfair, 2015). Wayfair raised over $200 million dollars in capital from four Boston area venture capital firms which were Spark Capital, Battery Ventures, Great Hill Partners, and Harbour Vest Partners (Peterson, 2014). In 2011, Wayfair decided to risk closing each website one by one in order to launch Joss & Main trying to boost sales (Peterson, 2014). They have forecasted there growth to $297 billion by 2023 from $233 billion in 2013 based on the Euro monitor International data. As of right now 7% of their sales are from online sales retailers but in 2014, Wayfair reported a net loss of $63 million dollars in the first six months, and lost $24.5 million a year earlier (Peterson,