IT’s THAT TIME of year again–when no one can hide from setting goals and creating strategic plans for success, also called business plans. For some, the term business plan is a four-letter word. So for the remainder of this article, we are going to refer to them as road maps to success.
There’s no need to run from the process of creating a road map for success for your HOA and it’s not as difficult as you might think.
Isn’t our annual budget or reserve study the road map for our community?
That’s a good question and one that we get a lot when discussing this topic. Many communities use their annual budget or reserve study as a guide for the community. And although your road map should work with your budget and reserve study, they aren’t the same thing.
Reserve studies and annual budgets are meant to guide the community financially. A road map for success is meant to focus on the non-financial needs of the community.
First things first!
The first thing on our road map to do list is to establish what we want to the road map to accomplish. All the accomplishments should revolve around the specific make up of your community. What types of homes make up your community? What types of amenities, if any, does your community have? Have there been any major changes within the community or upcoming projects that need to be contemplated by the Board? The answers to these questions will help the Board determine what sort of goals and objectives your road map should focus on.
For example, if your Association is made up of single-family homes, then your road map for success might include how to help the homes in your community maintain their resale value by upgrading your amenities. This is also a good example of how your road map works with your budget and reserve study.
Setting Expectations for Your Residents
A well thought out road map can help your community in many ways, one of the most important ways is by helping to set appropriate expectations for the residents of your community. The more residents you have in a community the more ideas exist about what should and should not be a priority for the Board. Since the road map focuses on the true needs of your community, helping to differentiate between wants and needs, it can help keep each resident focused on the success of the community as a whole.