What is Value for Money?

Contrary to how it sounds, value for money isn’t just about saving money! It is about ensuring that the business is efficient, effective, and economical. We measure it in the following ways:

Efficiency

This is a measure of productivity - how much you get out in relation to what you put in.

Effectiveness

This measures the impact of obtaining value for money.

Economical

This is the price paid (the impact on people as well as actual money spent) for providing a service at best value, taking price and quality into account.

Performance against our Value for Money Strategy

Value for Money (VFM) is at the heart of the services we deliver; we want to ensure that we are offering the best possible services we can in the most efficient and effective way. You can view our annual VFM self-assessment document here: www.progressgroup.org.uk/VFM

The savings and efficiencies we make through VFM activity can be used to provide more new homes for people who need them; invest in local communities so they offer a safe and healthy place to live; and support people to achieve more opportunities and independence.

Here are some examples of our recent VFM activity:

  • We have worked with tenants to develop a standard for component replacements, giving customers more choices in kitchen designs and door colours
  • We have introduced a Group Dynamic Purchasing System (DPS), which is a procurement method, covering planned repairs and maintenance works. This has allowed us to identify savings in all areas
  • We are reporting on the performance of our properties to identify where action needs to be taken in respect of environmental issues or investment requirements
  • We track trends in performance of individual properties over time considering when best to invest to maximise performance
  • We continually review our standard specification to ensure it meets customer expectations and requirements
  • We continually review our new home standard specification to ensure it meets customer expectations and minimises future maintenance and component replacement cost.

We aim to continually assess opportunities to enhance our services to customers and actively involve our employees and customers to achieve value for money.

We continually look for the best value for money by sourcing the best materials at the best price and we are always looking for ways to make our services work more efficiently and effectively

Find out more

If you can think of any ways that we can improve our services without increasing our costs that could save money, please get in touch by emailing enquiries@progressgroup.org.uk, web chat at www.progressgroup.org.uk, via Facebook/ProgressStreetTalk or telephone us on 03333 204555.