To maximize the effectiveness of a corporation, boards must make goal-setting an annual task. With the board’s responsibility to maintain and, ideally, improve the community, creating goals can provide a roadmap to ensure that happens. Goals help keep you on track, accountable, financially sound, and much more. The following are some expert tips for setting condo goals.
Review your governing documents and consult a lawyer.
A critical first step is to review—and abide by—your corporation’s governing documents. The governing documents highlight which decisions can be made behind closed doors versus those that must be discussed in an open forum. Your board must confirm that its vision aligns with what’s mandated within the pages of those documents.
Equally important, make sure your goals comply with existing or new legislation on the federal, provincial, and local levels. If you have concerns or questions about the legalities of what you’re proposing, consult a lawyer. They have the expert knowledge to help guide you with both short- and long-term goals.
Ensure your budget can cover expenses.
The financial stability of a community is one of the most significant factors to consider before setting any goals. Review your condo’s financial statements and reserve funds and confirm that the existing budget can support your goals. If not, evaluate if the goal is important enough to merit a special assessment or other funding options.
Seek input from homeowners.
Goals are a great way to promote better relationships with residents. When you ask for their input during goal planning, it shows that your board values transparency regarding progress and achievement. Ways in which you can involve community members include:
- Asking if your goals for the condo align with what homeowners perceive to be the highest-priority factors.
- Communicating changes to the goals as you go.
- Setting meetings intended to gather feedback from residents.
- Forming a committee to assist in the goal-planning process.
Be SMART about it.
SMART is an acronym that’s widely used for goal setting in corporate and management environments. Designed to help streamline ideas, focus your efforts, and use your time wisely, SMART criterion makes goal setting a more thoughtful endeavour. To ensure your goals are easy to follow and attainable, make each one:
Specific. The goal must be well-defined and specific. Confirm everyone has a clear understanding of the goal, knows why it was set, who is involved, what should be accomplished, and the proposed timeline.
Measurable. Having a measurable goal helps you track progress, correct the plan of action if needed, and demonstrate advancement to residents.
Achievable. Make sure your goals are realistic and achievable. Work within your resources of time, effort, and money. Setting the bar too high might leave board members feeling defeated and frustrated and residents unhappy.
Relevant. Is your goal important to maintaining or improving your community? Will achieving it make a difference? Is it something most residents want?
Time-based. Set deadlines. If it’s a long-term goal, break it into phases with deadlines for each phase. Also, take into account board members’ availability and their own time commitments.
Make a plan.
Ideally, you should set goals every year before establishing the budget. Best practice is to develop a five-year strategic plan, then use that to create both long- and short-term goals. Developing a strategic plan requires extensive time and effort, but it’s a valuable tool for defining priorities and desired direction and allocating resources appropriately.
A strategic plan will help you determine which goals are most critical, how others should be prioritized, and whether you need additional resources, such as funding, extra staff, or new committees.
Condo Loans Can Help Fulfill Your Goals
Some goals may be difficult to achieve due to a lack of funding. If a condo has insufficient capital, the project may require a loan from a lender specializing condos. Loans help fund a variety of projects and expenses, from common area improvements to maintenance and repairs, when the maintenance fee cannot cover the costs.