Enhancing financial and non-financial performance through the balanced scorecard approach for firms' sustainable development

Purpose: Achieving sustainability enhances overall performance, including both financial and non-financial factors vital to global firms. This study proposes an approach to the sustainable development of companies in Vietnam, involving an evaluation through the four perspectives of the balanced scorecard (BSC). Design/methodology/approach: Data were collected from 391 selected enterprises in Ho Chi Minh City (HCMC) using a convenience sampling technique. Findings: The results confirm a positive influence of the balanced scorecard's perspectives (financial perspective, customer perspective, internal business processes perspective, and learning and growth perspective) on both dimensions of firm performance-financial and non-financial in support of sustainable development. Research limitations/implications: The use of convenience sampling in the data collection process of surveying enterprises in HCMC may slightly limit the generalisability of the findings to other regions or industries, either within Vietnam or globally. The sample may not fully capture or represent the diversity of business operations across different sectors. Nevertheless, the BSC framework is recommended as an efficient tool for enhancing business outcomes in HCMC by advocating a holistic approach to performance management aimed at sustainable growth. Aligning key strategic areas within enterprises will result in significantly improved short-term results and long-term sustainability. Practical implications: Managers of enterprises in HCMC should adopt the BSC perspectives to improve performance, as this supports more effective resource utilisation and promotes sustainability. Social implications: This study contributes to the literature on sustainable performance management at the corporate level, providing insights for policymakers and practitioners on enhancing management practices and suggesting channels for future research on firm-level sustainable development. Originality/value: This study is unique in integrating the BSC framework with the concept of sustainable development, specifically within the Vietnamese enterprise context. Unlike traditional research that examines financial or non-financial angles of company performance in isolation, this study emphasises the integration of both dimensions through the BSC's four perspectives. These insights are beneficial for business leaders, policymakers, and academics, as they provide evidence that aligning strategic objectives with the BSC perspectives promotes improved sustainable practices, thereby enhancing overall organisational resilience and growth.