Providing Value For Money

Delivering Value for Money (VfM) is at the centre of everything that RBH does. Achieving the best possible VFM is the key influence in our thinking and decision-making, particularly in the current economic climate. And we want to be able to clearly demonstrate to all our stakeholders how we’re achieving VfM across our services.

Some of the many things we’re already doing to deliver value for money are:

  • Alongside tenants, we’ve developed a sustainable 30-year business plan with specifically identified savings of £6M over the next three years.
  • We’ve reviewed our in-house repairs service to achieve savings and ensure it’s working more efficiently for customers.
  • We have introduced a programme of service improvement reviews aimed at increasing efficiency and waste from our processes.
  • We’ve broken down the rent to itemise the cost of services so that tenants can clearly see what the services they receive costs and, therefore, can hold us to account for the quality of those services.
  • Corporate planning, business planning, budget setting, and quarterly forecasting are in place to improve our management of budgets.
  • We’re achieving significant procurement savings in the delivery of the improvement programme and across other services.

Shortly after the end of each financial year the Board publishes its VFM Self Assessment:

We've worked with our Representative Body to produce a revised and updated VfM Strategy for the next three years to 2019: VFM Strategy 2016-2019.pdf[pdf] 192KB

VfM is always a balance of factors; all the factors are important and all may be vital. But now as a result of the Representative Body’s work, we rank them as follows:

  1. Financial considerations
  2. High quality homes, goods and services
  3. Local social and economic benefits
  4. Environmental issues

To support this, the 3 key objectives identified in the VfM Strategy are:

1. Cost reduction while maintaining quality. This involves:

  • Setting targets to identify cashable savings to ensure a viable business plan
  • Using a lean thinking approach to conducting service improvement reviews aimed at increasing efficiency and removing waste from key processes.
  • Exploring different models of service delivery to maximise opportunities for collaboration and partnership working.
  • Procuring goods and services as effectively as possible.
  • Utilising our appraisal framework to put us in a strong position to assess and respond to new business opportunities for the future should they arise.

2. Further embedding value for money culture. This involves:

  • Developing our approach to ensuring that VfM is part of everyday operations through, for example, employee role profiles and induction; our financial management procedures; the internal VfM self-assessment process; project management methodology; and communication our VfM achievements
  • Ensuring VfM runs through our governance framework including enabling tenants to scrutinise what we are doing to ratify the ‘value’ and VfM that has been achieved.
  • Demonstrating delivery of VfM by publishing an annual VfM self-assessment which includes cost and performance comparisons with peer organisations and how we are complying with our service standards

3. Maximising our return on assets. This involves:

  • Continuing to routinely calculate financial and sustainability indicators, building up a comprehensive profile of performance of each of our neighbourhoods to supports decisions around dis-investment and regeneration priorities
  • Creating social value and using rigorous measurement tools to demonstrate it
  • Implementing a range of measures such as double glazed windows and doors and central heating upgrades, which contribute to greater thermal efficiency of our homes and running schemes such as our Energy Smart Clubs which provide support and advice to tenants on energy savings.