3 Ways HOA’s Can Prepare for the New Year
As we bring 2016 to a close and embark upon a brand new year, we know it’s normal for everyone to reevaluate every aspect of their lives—HOA boards are no different. Now is good a time for HOA boards to gather and discuss their plans for the new year to build a stronger association and community. Our Tampa HOA management company will share three ways your HOA board can prepare for the upcoming year.
1. REVIEW YOU HOA’S MISSION STATEMENT
First things first. To plan for the future, you must revisit the past. Remember that mission statement you wrote? It’s time to pull it out and review it. The mission statement is your HOA’s guiding principle so it’s a good idea to review it periodically. As you review it, ask the following questions:
1. Did your board carry out its obligations? 2. Did you serve and represent homeowners well? 3. Did you protect and enhance the community? 4. Did you uphold Covenants, Conditions and Restrictions (CCR’s) and policies? 5. Did you conduct business fairly and with transparency?
2. SET NEW GOALS
After you’ve made peace with the past, it’s time to set new goals. When you set measurable goals, you’re more likely to be proactive about meeting them. This also will help you foresee issues before they arise. You can set goals in the following areas:
1. Scheduling events to a build a stronger community 2. Recruiting new board members 3. Did you protect and enhance the community? 4. Making meetings more efficient 5. Improving your communication policy
3. ADJUST YOUR BUDGET
With all the planning and goal setting you will do, you can’t forget about your budget and expenses. The first financial resolution you should make is to use your resources more responsibly. Long and short-term financial planning is crucial to your HOA’s success. First, examine previous years’ budgets and financial statements. From there, decide what expenses will be cut and added. This will include reviewing your contracts to eliminate unnecessary vendors and adjusting assessments. Finally, finalize how you will spend your money the entire year.