DIFFERENCES IN USING BALANCE SCORECARD MODEL BETWEEN THE FOR-PROFIT AND NOT-FOR-PROFIT SECTOR

There are numerous challenges facing businesses that operate in a modern, turbulent environment. In order to be able to cope with the dangers and the opportunities offered by the market, it is primarily necessary to evaluate their business with the help of strategic tools. The choice of strategic tools is not a simple task and it depends to a large extent on the fact whether the company operates in a profit or non-profit sector of the economy. There are many strategic tools, and some of the most commonly used are value chain analysis; Boston Consulting Group (BCG) matrix, 1-2-3 marketing plan, product life cycle, Ansof's matrix, SWOT analysis, benchmarking, the Porter's model of five forces, and Balanced Scorecard (BSC). The focus of this paper is the BSC concept, which consists of four perspectives a financial perspective, a perspective of business processes, a customer perspective, and a perspective for learning and development. The aim of this paper is to examine the level of use of the BSC concept in the surveyed enterprises. The subjects of the research in this paper are enterprises that operate in the territory of the two regions in Bosnia and Herzegovina. The results of the research suggest that there are differences in the selection of indicators and the degree of their use, according to whether the companies operate in a profitable or non-profit sector of the economy.