Effective annual planning and goal setting for board members

As a condo or co-op board member, you play a crucial role in shaping your community's future. This guide will help you create a robust annual plan and set meaningful goals for your building. With effective planning, you'll ensure smooth operations, enhance property values, and keep residents satisfied throughout the year.

The importance of annual planning in condo and co-op governance

Annual planning is the cornerstone of successful condo and co-op management. It allows you and your fellow board members to align efforts, address potential issues proactively, and maintain (or even increase) property values. More importantly, it helps create a sense of community that residents are proud to be part of.

Ideally, you should kick off your annual planning and goal setting process in September or October, in conjunction with your budget planning. This way you'll have a cohesive and practical plan ready to go January 1st.

Your roadmap to effective annual planning

Step 1: Review past performance

Start by taking a good look at your condo or co-op's performance over the past year. What went well? What could have gone better? Sit down with your fellow board members and discuss:

- Completed building projects and their outcomes
- Financial reports and budgetary performance
- Resident feedback and satisfaction levels
- The effectiveness of last year's goals and initiatives

This review isn't just a retrospective – it's the foundation for your future planning.

Step 2: Conduct a thorough building assessment

The next crucial step is to perform a comprehensive inspection of your property. This assessment will provide valuable insights into the current state of your building and help identify areas that require attention. During your inspection, focus on:

- Common areas and amenities
- Major systems such as HVAC, plumbing, and electrical
- Exterior elements, including landscaping and parking areas
- Technology infrastructure

Document your observations meticulously. This detailed assessment will serve as a key resource for informed decision-making as you set goals and prioritize initiatives for the coming year.

Step 3: Establish SMART goals for your condo or co-op

With your review and assessment complete, it's time to set goals for your community. Focus on creating SMART goals: Specific, Measurable, Achievable, Relevant, and Time-bound. For instance: "Upgrade our condo's fitness center by adding three new treadmills and creating a dedicated weight area by June 30th."
This goal exemplifies the SMART criteria: it's specific (new treadmills and a weight area), measurable (three treadmills), achievable (assuming it's within budget), relevant (improves amenities for residents), and time-bound (by June 30th).

Step 4: Prioritize objectives for your building

You've got your goals, but which ones should you tackle first? Consider factors like:

- Urgency and impact on resident satisfaction
- Potential to increase property values
- Available resources (both financial and human)
- Alignment with your condo or co-op's long-term vision

This prioritization will help you focus on what matters most to your community.

Step 5: Develop action plans for your condo or co-op goals

Now it's time to get down to the details. For each of your prioritized goals, create a detailed action plan. Break down each goal into specific tasks, assign responsibilities, set timelines, and identify the resources you'll need. If you are working with a property manager, they should do this for you.

Step 6: Align financial resources with your building's goals

A plan without proper funding is just a wish list. Make sure your condo or co-op's budget supports your goals:

- Review your current financial status and reserves
- Allocate funds for each planned project
- Don't forget to budget for unexpected expenses
- If needed, explore additional funding options

Remember, a well-planned budget is crucial for turning your plans into reality.

Step 7: Get buy-in from owners

You've invested time and effort to create a thoughtful plan for your building. This should generate excitement and optimism about the building’s future prospects. However, it's important to recognize that some plans may require increased fees or common charges, special assessments, or other resources such as a new management company.

Securing the building community's understanding and support for these potential costs is crucial for effective execution of your goals. To achieve this:

• Share your annual plan and goals through multiple channels:
  • Newsletters
  • Building management app
  • Community meetings
• Clearly explain the impact of proposed changes
• Highlight the long-term benefits for the community
• Be open to feedback and address concerns promptly
• Provide regular progress updates

Transparent communication fosters trust and creates a sense of shared purpose, making it easier to implement changes and strengthening the community bond. This collaborative approach not only facilitates the execution of your goals but also enhances the overall living experience in your building.

Step 8: Implement regular reviews of your condo or co-op's progress

Your annual plan isn't set in stone. Schedule regular check-ins to assess progress, celebrate achievements, and adjust course if needed. A good review schedule might look like:

- Monthly: Quick check-ins on immediate tasks and issues
- Quarterly: Detailed review of goals and financials
- Annually: Comprehensive evaluation of the entire plan and its outcomes

Stay flexible and responsive to your community's evolving needs.

Empowering your condo or co-op community through effective planning

As a condo or co-op board member, your dedication to thorough annual planning and goal setting is crucial to your building's success. By following these steps, you're laying the groundwork for improved operations, enhanced property values, and increased resident satisfaction.

While the planning process can be challenging, the rewards for your building and its residents are substantial. At Daisy, we're committed to supporting boards like yours in creating well-run, healthy, and vibrant homes. Our building health plans are designed to complement your efforts and help move your building forward. Here's to a bright future for your building!

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