What is the primary goal of an annual operating plan?

The primary goal of an annual operating plan is to provide a structured framework for guiding daily operations and management within a condominium community. This plan outlines specific objectives, operational strategies, and financial forecasts that help ensure the effective running of the property. It serves as a roadmap for the management team, allowing them to allocate resources appropriately, set priorities for maintenance and improvements, and coordinate activities in alignment with the long-term vision of the condominium association.

An annual operating plan is crucial for establishing clear communication among stakeholders—such as the board of directors, management staff, and homeowners—regarding the expectations and goals for the upcoming year. By having such a plan in place, condominium management can make informed decisions that benefit both the property and its residents while also tracking progress throughout the year.

While reducing condominium fees, attracting new residents, and preparing for annual audits are all significant aspects of condominium management, they fall under the broader umbrella of daily operations and management that the annual operating plan seeks to address systematically.