Why should Condominium Associations develop a Strategic Plan?
Board members and property managers get caught up in the day-to-day property maintenance activities and the unexpected events that monopolize their time. Many decisions addressing the needs and concerns of the community are made on the spur of the moment without consideration for their longer-term implications. Rarely are decisions considered within an overall framework or strategy that ensures consistency while targeting an overall preferred future state. As an Association transitions from one board to another, a new set of agendas are brought forward, oftentimes without considering prior board objectives and directions.
All associations should consider the longer-term needs of the community in providing an improved and more enjoyable lifestyle for unit owners.
To address the Association’s need to provide a desired future state with a roadmap to get there, it is advantageous for the Board of Directors to appoint an advisory committee of homeowners to assist the board in establishing long range (strategic) and intermediate range (tactical) plans for the Association. The Strategic Planning process begins with the establishment of mission, vision, and core values. From these, the committee documents their understanding of the current state of the community and then proceeds to develop goals and action plans to achieve the more desirable future.
Strategic Plans are important in enabling the Association and board to be more responsive to the owners by:
- Facilitating decision-making,
- Governing and guiding operations,
- Establishing a framework for assuring proper prioritizing of competing projects,
- Influencing budgets and the allocation of scarce resources,
- Setting direction to ensure a more desirable future state, and
- Benefiting the overall best interest of the community.
Please contact us for assistance in your association’s development of a Strategic Plan.