Value for Money (VfM)
Our vision for business efficiency is to be: “A successful high performing, innovative and ethical social business, squeezing every last drop of value from its assets to deliver lasting social value.”
Our aim is to maximise the social and financial return on our assets and resources. This does not necessarily mean increasing our “profitability” or improving our financial results. Business Efficiency is about “profit for a purpose” releasing resources to allow the organisation to do more. Although value for money is about so much more than costs, the amount we spend on service delivery is an important element of not just VfM, but also of our financial viability and our capacity to support investment into new and existing homes.
Our Business Efficiency Strategy 2017/22 sets out how we will meet both customer expectations and our business objectives. Our Annual Report and Financial Statements 2022 sets out our current performance against the value for money metrics included in The Sector Scorecard. This scorecard has been developed to provide an agreed set of metrics for housing associations to compare their performance and check they are providing value for money. It includes all the metrics specified by the Regulator of Social Housing and required to meet the regulatory standard on Value for Money.
We offer value for money through:
- Strong financial management
- Robust business planning and reporting
- Future investment aspirations
- Creating new opportunities
- Innovative ideas
- Protecting our long term financial strength
Our commitment to VfM is driven by the desire to deliver the best possible outcomes for our customers.
We achieve this through:
- A comprehensive and strategic approach led by our Boards of Management
- Understanding the performance of all our resources and assets
- Promoting Value for Money throughout the organisation cascading good practice and success to all our staff
- Embedding and delivering Value for Money with the right tools and support for our staff
- Regularly reviewing our performance and reporting widely across the organisation
- Involving our customers on the delivery of our Value for Money annual plans practice
- Meeting and complying with the expectations of our regulator, The Regulator of Social Housing (RSH)