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 offer the best possible services we can in the most efficient and effective way. You can view our annual VFM position statement here.
The savings and efficiencies we make through VFM activity can be used to provide more new homes for people who need them, be invested in local communities offering a safe and healthy place to live, and support people to achieve more opportunities and independence.
We would like to share some examples of our VFM activity, for 2020 we:
- Reviewed several existing contracts totalling £3.3 million, and have either maintained the existing cost or contained a low-cost increase, resulting in £0.3 million savings.
- Procured new contracts to provide a cost-effective solution and improved service provision to tenants.
Here is a sample of a couple of contracts we have reviewed:
- Legal services - we re-tendered our legal services requirements and saved in the region of £50,000. Our suppliers are also providing added social value as part of their contract, for example, help with interview techniques or free legal advice.
- Grounds maintenance - we have renegotiated our contract to include a social value commitment of 1% of the contract value, which is to be used by our Progress Futures and Progress Involvement Teams in funding community events and providing training for our tenants.
Below are some of the areas we are looking to make savings in during 2021:
- Lift refurbishment or replacement - anticipated saving in the region of £23,000, resulting from consolidating requirements to one contractor for three sites.
- Conversion works at St John's Court - anticipated saving in the range of £30,000 due to undertaking the work in-house, we are looking at redeploying existing resources.
- Corporate gas supply contract - due to historically low oil prices as a result of oversupply in the world market due to the pandemic, there is an opportunity to secure a new contract ahead of programme and lock in savings of about 17%.
We aim to continually assess opportunities to enhance our services to customers and actively involve our employees and customers to achieve value for money.
Do you have a money-saving suggestion?
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 email@example.com, web chat at www.progressgroup.org.uk, via Facebook/ProgressStreetTalk or telephone us on 03333 204555.