Companies in a contemporary environment, whose main caracteristic is the constant changes in competitiveness, must devote significant time and resources, both financial and human, as well as energy in order to measure their own performance in achieving strategic goals. Measuring company performance that primarily relies on the financial and accounting standards, not only at the level of strategic or managerial accounting, but also at the level of the entire company, inhibits the ability of an organization to create future economic value. A company’s ability to mobilize and exploit its intangible or invisible attributes has become more important than investing and managing physi-cal, tangible assets. It was one of the main reasons to develop a Balanced Scorecard model – an efficient tool that identifies and describes intangible value and turns it into real value for all company stakeholders of the company (owners, employees, commu-nity), and enables a company to implement succesful business strategy. The aim of this paper is to explain the reasons why it is necessary to introduce a model into the business, to determine the basic features of the model, briefly describe the concept and explain the model through a simple example, to analyze the current application in Croatia and worldwide and to present the situation in selected companies after the model implementation.