Value for money
Central to delivering our business strategy of improving lives by providing affordable homes, great services and supporting communities, is value for money (VFM). This means using our money and other resources on the right things, at the right cost and at the right time so we get the right outcome.
Our Value for Money (VFM) strategy sets out how we will achieve VFM when delivering our strategic objectives and is based on the following actions:
- Accomplishing our strategic objectives
- Delivering our key activities
- Managing all our assets
- Optimising commercial return to support our social purpose
- Working as one organisation to make it happen
- Working with partners and people
- An effective social business with excellent service
To measure our VFM, we collect a wide range of strategic and operational performance indicators which are then benchmarked through HouseMark and presented to the Board on an annual basis. We believe that demonstrating our VFM goes beyond a suite of financial ratios and should incorporate measurement of performance quality.
Recognising that not all housing associations are HouseMark members, we also participate in Sector Scorecard and Vantage Performance Improvement benchmarking so that we can compare ourselves against as many landlords as possible.