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Strategy documents

Value for money strategy

Enfield Homes recognises that it needs to understand and set the principles of value for money within the organisation for it to remain successful and financially sound. We need to make the best use of our money and staff to secure high quality services to our customers. This has been recognised by the Board and is one of Enfield Homes’ Visions.

The development and the carrying out of the Value for Money (VFM) Strategy and action plan, has been achieved by tenants, staff and other organisations working together. The VFM Strategy has been set, based on considerations and requirements both on a national and local level. It will be a major part of the delivering Enfield Homes’ business plan and our aim of providing Quality Homes, Excellent Services and Successful Communities.

VFM is the balance between quality and cost. It is considered good when there are relatively low costs, high productivity and successful results for customers. The Tenant Services Authority (TSA) and the Audit Commission have clearly laid out what is required in this area by housing organisations such as Enfield Homes.

The recommendations of the recent inspection of Enfield Homes by the Audit Commission showed that we need to improve. Our financial plan requires that savings are made to secure our future financial position. A savings amount in the region of £½ million for each of the next three years has been set.

We want to deliver quality services at the most affordable cost to our customers and one of our aims is “effective use of resources”. The VFM Strategy says how we will make improvements to services and show that these are offering value for money. We have set a target of being amongst one of the best housing organisations within London in the next three years, based on the recognised performance measures for VFM.

The Strategy proposes:

• a Board and Management Team VFM Champion
• setting up a VFM Steering Group
• to undertake a complete review of all services and Service Level Agreements in the next three years
• to better understand the costs of services by comparing with others
• making sure that all buying is the most cost effective
• using developments in communications and technology to help provide improvements to services that support VFM
• to document all examples of VFM.

Customers will be an important part of deciding the strategy with involvement through:

• the VFM steering group
• service reviews
• buying decisions
• examining priorities and targets
• determining savings reinvestment.

Staff at Enfield Homes will be fully involved in the delivery of the Strategy as well. They are vital in making sure the importance of VFM is an essential part of their day-to-day work.
 
The VFM Steering Group, reporting to the Management Team and Board, will check and make sure the strategic actions and programme of reviews contained within the Strategy are carried out. 

We at Enfield Homes are fully committed to making sure the Strategy and action plan deliver the measurable results required.

For more information please read the document below:

Value for money strategy (pdf file 206KB)