Why Strategic Long-Term Planning?
Long-term planning benefits the community because it is turnover-proof. When new board members are elected, there is already a plan in place for them to follow.
It also alleviates the anxiety many boards feel when making decisions because they have data backing those decisions.
Finally, it makes it easier to communicate and justify decisions to the membership because they can simply point to the plan.
In order to develop a solid long-term plan, you need the right tools.
- First, you need to have an inventory management tool that details all of the components in the reserve study, and is constantly updated as changes are made, such as maintenance, replacement, or capital improvements.
- Secondly, you need a funding analysis tool that will help you visualize the data from your inventory, and determine a funding strategy that is flexible over time.
- Finally, you need a project management tool that will help you execute your plan on time and on budget.
You could buy all of those tools separately – there are some great commercial options for each. However, only one solution combines all three of these tools in an industry-specific integrated environment, meaning that you can update your funding plan in real-time as your inventory changes, or earmark funds within your project management tool.
Start building your community’s long-term plan now. Contact SmartProperty to learn how