Using Strategic Planning to Aid in Budget Creation
Posted on October 6, 2020 3:44 PM by Melissa Gentry
Categories: Board Member Articles
Its that time of year when we’re reviewing and updating the community’s budget, and we want your help! We suggest starting the budgeting process by creating or updating the strategic plan.
A strategic plan outlines priorities and projects for the immediate future and for years to come. It can accommodate revisions as changing circumstances dictate—without conflicting with the vision behind its creation. It also helps determine what this year’s budget will include and suggests what future ones might feature.
The strategic planning process has many advantages. It stimulates ideas to make good use of association resources, identifies responsibilities, assigns work, coordinates efforts, reveals obstacles, identifies opportunities and guides decisions.
The plan begins with our mission and vision statements. The mission statement explains our organization’s purpose, such as serving the community and preserving property values. The vision statement, also broad, provides a picture of what the community will look and feel like in the future. It can project a well-managed community, a place where homeowners’ needs are met and a community where residents have a sense of involvement.
As we review our plan, we’ll examine all critical association documents, our governance process, facilities and infrastructure, financial statements (including the reserve study) and community demographic trends. We also may conduct a needs assessment, which includes an analysis of strengths, weaknesses, opportunities and threats—a tactic used by many businesses.
Resident feedback is crucial to the strategic plan. We may ask for your input via surveys and town hall meetings to determine needs and interests. Through these opportunities, you can indicate priorities and suggest projects.
We’ll review your comments then develop and prioritize short-term projects, longer-range projects, and how and when to fund them.
Stay tuned, and start thinking about the future of our community. Let us know if you want to schedule a planning meeting soon.
- January 2021 (1)