Stay Informed!

By Rashmi Joshi on 07/22/2011 @ 04:00 PM

Tags: Housing and Homeownership, Innovation

In January 2007, CFED embarked on an ambitious process to create a Strategic Plan that outlined our work for the next five years. The purpose of the plan was to ensure that CFED fulfilled the promise it made during the time of its foundation- to provide low- and middle-income people everywhere with the ability to be savers, investors, homeowners, skilled workers and entrepreneurs. In order to make certain that that we sufficiently contributed to an opportunity economy, CFED devised its Strategic Plan a strong vision in mind to:

• Provide a reasonable public incentive to every person to save for the future, including every child, starting at birth
• Ensure that every family who desires to own a home has the opportunity to do so
• Provide every person who wants to start a business with the opportunity to access entrepreneurial training and financial resources to generate income and create jobs

The initial version of the strategic plan was grounded in specific strategic goals, framed in measurable terms, to be achieved over a five-year period. Staff were tasked with determining the specific program, policy, research and financing activities that could best lead to the achievement of these goals. In addition, staff set annual milestones that could serve as benchmarks to assess the organization’s progress toward realizing the measurable outcomes in each five-year goal. This series will analyze three of the goals that were integral to the Strategic Plan:

Each year, CFED sought to measure our successes within each goal by gauging the results of performance measures we initially created specific to that goal. For example, in order to assess our success within Financial Security, we referred to our performance within the measure “Number of asset-building opportunities.” Over the next several weeks, we will go into further detail regarding the process of creating measures to determine our performance within each goal, our actual performance and the implications of those metrics for the future.

In the same vein of the objectives we had when drafting the Strategic Plan, our objective in analyzing our successes is to ultimately improve the livelihood of millions of Americans through organized, professional and precise efforts in asset building. We hope that this endeavor will not only provide us with development areas that will tailor our strategic planning in the future, but also will demonstrate, by virtue of our transparency, the pride that we take in our work.

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