A well-defined plan in the name of Strategy rules the competitive advantage of organizations. Strategies formed by the qualified top-level personnel will decide the future of any organization. In modern competitive world plenty of new strategies will come to forceand some of them disappear very soon and some other gets modifiedas soon as the decision-making environment changes.Balanced Scorecard (BSC) is one of such strategy used by the organizations to tackle the various problems. Even though Balanced Scorecard introduced in 1991, it is still young in its approach. Various amendments are taking place to fit to the versatile needs of the organizations. Still, it is not possible to say that the Balanced Scorecard is a concrete model ready to use. We need to modify further and make them perfect suit to the organizational problem. With this background, this paper will analyse the Balanced Scorecard perspective, versatility of Balanced Scorecard and its challenges to overcome.Balanced Scorecard is a tool to kill several birds at a time, and hence it is an effort to develop a working model.