Value for Money
One of the most important considerations for Muir and our customers is that we provide services that are Value for Money (VfM).
VfM is embedded in our Corporate Strategy and across the Association.
One of our corporate objectives states that we should ‘ensure costs are controlled, expenditure is incurred efficiently, value for money is achieved, risks are appropriately managed and the organisation is operating effectively and monitoring its performance against objectives’.
What is Value for Money?
At Muir we believe that VfM is about achieving the right balance between the three ‘E’s’- Economy, Efficiency and Effectiveness. This means spending less, spending well and spending wisely.
- Economy is the price paid for what goes into providing a service.
- Efficiency is a measure of productivity or how much is gained from what is put in.
- Effectiveness is a measure of the impact achieved and can be both qualitative and quantitative.
VfM is high when there is an optimum balance between all three 'E’s'; relatively low costs, high productivity and successful outcomes. This can be seen in the VfM flow chart below:
What are we doing?
Our main areas of expenditure are regularly cost tested to ensure they provide VfM. We have a programme of continuous improvement reviews which examine the services we provide in terms of cost, process, customer expectations and demands, customer satisfaction and performance.
We regularly compare our costs to other social housing providers to see where we can improve. We are currently training our staff to ensure that they understand the importance of VfM money and are aware of how to identify ways in which Muir can improve its services.
How can you help us achieve VfM?
Do you have any ideas or suggestions for how we can improve VfM? If so we want to hear from you.
Please either use the following form, or visit our Contact Us page for further ways to get in touch.