Value for money

We have recently reviewed our approach to Value for Money.  As every penny becomes more precious we have to consider everything and anything that will make the money go further.

Staff and tenants worked together in September 11 to write a new brief statement about Value for Money and what it means to us.  It is important that both staff and tenants know what we are aiming for.

Our updated approach is set out below:

    What we mean by the term “Value for Money”

“Achieving our aims in the most efficient manner at the best possible price and being able to demonstrate it”.

    How we will know if we are delivering “Value for Money”

Our performance outcomes will be good and Impact Staff and Customers will feel confident that we are providing Value for Money services.

5 Key Organisational Measures that will demonstrate we are delivering Value for Money

• Internal and External Benchmarking
• Transparency – demonstrate to Tenants where the money has been spent in respect to services that are important to them
• Demonstrate how we are doing with our budgets, how much we are reinvesting or what profits we are making
• Know the cost of everything that is important
• Show the social benefits of what we’ve done

 

A lot of hard work will be linked to this.  Already this year staff have achieved considerable savings to Impact through re-tendering contracts, changing loan arrangements, and working more effectively.  We are now looking ahead to 2012 and all staff teams will be looking at practical and innovative ways to save money, attract more  income or do things differently that will be better for staff and our customers.