Value for Money

Paradigm exists in a world where money is in short supply and careful financial management and planning are necessary to deliver our objectives and we continue to maintain a financially strong organisation.

Value for Money (VfM) is at the top of our agenda and embedded throughout the whole organisation. The introduction of new style Management Accounts will help make VfM judgements and improve planning Residents and staff are involved in reviewing services and considering new initiatives to achieve improvements in value for money.

In the current exacting environment, we have maintained our focus on ways to operate as efficiently as possible so that we can continue to provide outstanding value for money to our residents and other stakeholders.

As part of our continued drive for excellence we have embarked on a programme called Fit for the Future. We aim to drive service improvements through "Lean Thinking” . 


VfM achieved already for 2011/12: 

  1. In the past 12 months 105 tenants have exchanged using Homeswapper and this may have saved us estimated £40,000 in void costs 
  2. We continue improving our rent collection process and this is helping our tenants stay in credit. Our cash debt levels have fallen below 3% for the first time since October 2008 
  3. We are continually reviewing pricing of our larger supply chain partners and this results in savings in procurement of materials and subcontractors used in maintaining and improving our housing properties 
  4. The solar panels installed on the roof of our offices have already saved us £10,000 in energy costs 
  5. We have spent £3,000 on removing graffiti from walls at Chiltern Heights and on treating the walls so that they are easier and cheaper to clean in the future 
  6. We have spent £2,000 on the gardens at Fredericks Court, making them more manageable in order to keep future maintenance costs down 
  7. A new more efficient Electronic Payment Authorisation System had been developed by our internal programmers and was rolled out in September 2011 
  8. By opening a new account and with careful cash management we have earned an additional £4,000 of interest.

In 2010/11 we have saved £1.3 million through various VfM measures:

  1. £500,000 on maintenance overhead costs
  2. £350,000 on our new-build schemes through various efficiency measures
  3. £170,000 in the central overhead contribution to our previous repairs contractor, to September 2010
  4. £150,000 by closely reviewing utility bills and agreeing credits with various companies
  5. £75,000 by developing IT solutions in-house
  6. £25,000 by using an energy consultant to secure best deals for our utilities.

Our surpluses are used to deliver our social objectives through our increased community investment programme; to maintain our investment in our existing homes including reducing our impact on the environment and developing much needed new homes.

We review our VfM Strategy on a continuous basis and our board members are regularly updated. Residents are involved in reviewing and planning new services to achieve improvements in value for money, first at the "Residents led investments priorities” event late November 2010 and now through the newly formed VfM Resident Champions network.

The expected benefits of all these on-going activities and initiatives are improved value for money and achievement of efficiency gains and better outcomes for residents.

If you have an idea to improve value for money or you would like to add your VfM achievements to the VfM register please contact VfMChampion@paradigmhousing.co.uk