This paper focuses on the adoption of the Balanced Scorecard model [1] for strategic management by a Portuguese insurance company and presents the Decision Support System (DSS) that has been conceived and developed to embody this adoption. A special emphasis is given to the definition of a strategy, the selection of the strategic measures to analyse and monitor and to the selection of initiatives taken to operationalize the identified strategy. The DSS was designed in close interaction with senior executives and was conceived aiming at enabling the company to more effectively analyse and control indicators relevant for its strategic decisions. The achievements resulting from the implementation of the system are presented and reveal that the BSC integrated with a DSS can be an effective strategic management tool for an SME.