I will assume you are talking about the Image > Adjustments > Color Balance command and not a Color Balance Adjustment Layer
That command for one thing is not available unless you have the composite channel selected in the Channels panel.
Could be lots of other reasons as well yet you did not disclose much about your project or the action eg. color mode, color depth, what layer is selected, etc etc.
Without more details I would put the Action in step mode and see where you are at when it fails.
Most likely it would fail whether in an Action or not (e.g. you don't have a pixel Layer selected)
Hope that helps and if not please provide more details.