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Leading a condo or homeowner association back to financial health can be a rewarding and challenging experience for any Board of Directors. Ultimately, as costs continue to rise, they will have to decide if the owner fees should be increased or if amenities and services should be reduced. A more desirable option is to do neither and eliminate spending waste. An organized cost reduction effort can be a very effective tool in identifying this waste and taking the necessary steps to eliminate it. This guide provides a Board of Directors a detailed plan of attack for implementing such an effort. It incorporates "best practices" from similar business settings in both content and implementation methodology.