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To survive and grow in an era of uncertainty, companies should strive not only for a single visionary view, which most likely corresponds with their expectations, but instead they should try to acquire multiple views that describe the whole ”window of opportunities”. The development of external market scenarios to assess current strategies is the usual way of coping with these uncertainties. Today this traditional scenario approach has to be extended in four directions: the use of market scenarios to systematically develop future‐robust strategies, the use of alternative strategy scenarios to address uncertainties within an organization, the use of scenarios as a basis for strategic early warning processes and the combination of performance measurement and strategic early warning in a scenario‐based future scorecard. In conclusion it is shown that scenarios could significantly help to bridge the gap between strategy implementation and early‐warning processes.

The purpose of this paper is to provide a new and systematic approach towards strategic foresight by combining traditional external scenarios (market‐based approach) with internal scenarios (resource‐based approach) into a future scorecard, which can be used to describe alternative internal development paths for an organization.

The paper builds on the existing literature as well as on multiple case examples to illustrate the application of the future scorecard.

The findings of this paper are that it is possible to combine the external (market‐based) and internal (resource‐based) view to create a strategic early warning system.

The implications for practitioners are twofold, first, the paper outlines the importance of integrating a future perspective into performance measurement systems, second, it demonstrates the applicability of scenario thinking for the internal resource‐based view of the firm.

The paper combines thinking of the market‐based and the resource‐based view of the firm in order to provide a new tool to supplement most static measurement approaches with a tool that monitors the future developments – externally and internally. Scenarios are traditionally used to describe possible alternative future developments in the external environment, which then inform current strategy assessment and future strategy development. However, with a shift in focus away from the market‐based paradigm and towards a resource‐based view of strategy, scenarios can also be used to describe alternative internal development paths for an organization. These two types of scenarios can then be systematically developed and combined to form a significant element of a strategic early warning system – the future scorecard.