The "Key Business Issues Relating to Best Value Management and Strategic Development in the Housing/Regeneration Industry & New Business and Asset Management" are inclusive of what is termed "Best Value". In the Housing Industry the 4Cs of best value are applied to every review. The four "Cs" are: (1) Challenging why and how a service is being provided; (2) comparing performance with the performance of others in the industry; (3) embrace of fair competition as a means of securing efficient and effective services; (4) consulting with local taxpayers, customers and the wider business community.

             Under the Best Value standard, local authorities have a duty to make arrangements to "secure continuous improvement in the way in which its functions are exercised, having regard to a combination of economy, efficiency and effectiveness." (What is Best Value?, 2006) Best Value is defined as "providing local people what they want, when they want it, at a price they are willing and able to pay. It's also about being imaginative in how local needs are met." (What is Best Value?, 2006) Other principles of Best Value are stated to include:.

             Being accountable to local people. They have to listen to and consult the people they are there to serve. They have to report regularly on what they have achieved and what they are planning.

             Looking to continuously improve. Sometimes this will come through many small changes, sometimes through larger changes when the existing service is fundamentally challenged.

             Setting targets and publicly reporting achievement against them.

             Cutting across departmental boundaries, rather than just looking at services individually. Councils can also work with other local agencies to tackle issues beyond the reach of a single service and need co-operative working with partner bodies.

             Developing partnerships with the private sector, with communities and agencies, and between authorities.