We are committed to providing value for money in all of our activities. We aim to work efficiently and effectively, delivering the best service we can at the lowest reasonable cost to maintain high quality. The better our value for money, the more homes we can build and the more we can improve services.
As a housing association, there are many ways we can demonstrate value for money.
For example, a key service is building new homes. We can generate extra income by selling homes and using the proceeds to reinvest in creating more new homes, particularly important when not enough homes are being built to meet people’s needs. We use our assets to create more assets – that’s value for money.
We consciously cut costs. We have cut more than £5 million from our operating costs, while at the same time managing to improve our customer satisfaction scores – another example of value for money. We will continue to seek new efficiencies every year, through improved procurement contracts, for instance.
We invest in the communities where we work and have long term involvement with all our developments. The employment and training schemes we run, and the welfare advice and support we offer, help people improve their personal circumstances and have a better quality of life. It may not generate money for Network Homes, but it's a real benefit to those people and to society – that can also be value for money.
We ‘invest to save’. We are investing strongly in our IT systems, in our customer contact centre, and in our repairs service, with the aim of improving quality of service for our customers. Investing to maintain or improve service quality can be value for money too.
Each year we publish a Value for Money statement. It explains all the steps we’ve taken during the year to improve value for money and further gains we are planning to make, covering a wide range of activity.
In 2016 we updated our Value for Money Strategy to bring it into line with our Five Year Strategy 2016-21 and our Annual Planning Framework. This will ensure that as we build towards our five year objectives, value for money improvements are embedded in everything we do.