The strategic plan for a homeowners association should act as an outline for the immediate future of projects and priorities, as well as an overview of the year’s budget and what future budgets might include. Regularly reviewing and updating your plan as circumstances change is important for the health of any homeowners association.
The process of working on your strategic plan is a great way to encourage ideas, identify individual association responsibilities and work, find any obstacles or opportunities, and make important decisions. Here is an outline to use when creating or altering your strategic plan.
Mission Statement and Vision
Your vision and mission statements should be the forefront of your strategic plan. The mission statement should clearly define the purpose of the association. Your vision statement is what it sounds like: a broad pictures of how your association’s future will be. Think an association that is well-organized and managed, where homeowners are actively involved, and where everyone has their needs met.
This will allow you to thoroughly review all of the important processes, documents, structure, finances, facilities, trends, and policies of your association. You can take a look at your reserve budget and make sure it is on track for future plans. You may also take the opportunity to perform a needs assessment to analyze any association weaknesses, strengths, threats, and opportunities.
Input from residents is critical for any organization’s strategic plan. You can get this feedback from board meetings or surveys, for example, to find out about the interests and needs of your HOA. This information allows you to determine the highest priorities and get suggestions for additions or new projects to add more value to your community.
Prioritize and Develop
After you’ve gathered feedback and reviewed your information, you can plan out projects for the short- and long-term and work towards a plan of action for when and how to fund them.
Does your board have a strategic plan in place? If you’re still not sure where to start, contact Cedar Management Group about help with the process.