Small-scale hydropower plants (SHP) have been losing competitiveness compared to other renewable sources in the global electricity matrix due to technical, environmental, regulatory, and economic issues. In this context, and to contribute to the development and strengthening of SHP’s integration into the country’s electricity matrix, this study proposes the Balanced Scorecard (BSC) as a strategic evaluation tool for SHP projects from the prospecting phase to the pre-implementation phase, taking into account financial and non-financial performance indicators. This study aims to structure a strategic map of the SHP source composed of economic, socio-environmental, institutional, and technical perspectives, adapted to the four perspectives of the BSC, with the required performance indicators for the strategic evaluation of SHP. The development of a computer program allowed data visualization from eight case studies focusing on indicators or perspectives that jeopardize the project’s strategic viability. The results showed that (i) the adaptation of the BSC methodology for the strategic evaluation of SHP feasibility proved effective and (ii) the developed computer program demonstrated robustness and effectiveness in analyzing SHP, even in different stages of development and with different technical and environmental characteristics. Finally, the strategic evaluation of SHP feasibility is an effective tool in assisting decision makers, indicating the positive aspects and weaknesses of the project under evaluation and providing a better understanding of the asset and the areas of development that deserve greater attention to improve its performance.