The Compass is a method that takes the Balanced Scorecard as a starting point and turns it into a participatory, practical tool.
The core of the Compass is a one day facilitated workshop with local stakeholders. During this workshop, they
- share the successes they have achieved so far,
- define an overarching goal of their development effort,
- elaborate the critical success factors for their sector, cluster or location’s further upgrading,
- define activities that address all the critical success factors.
The Compass gives you
- a quick overview of ongoing processes in your territorial development initiative (i.e. local economic development, cluster promotion, regional economic development, value chain promotion),
- alignment of perspectives among relevant stakeholders,
- strong buy-in from the relevant stakeholders,
- definition of practical activities that is informed by a strategic perspective.
The Compass method was jointly developed with gtz - German Technical Assistance.