Elements of Success

A successful cooperative has committed members and effective leadership. In addition, starting a cooperative requires a great deal of time, energy, and technical resources. The recognition of a common need which the cooperative can fulfill is key to the success of the cooperative.

To ensure success, members must actively participate in their cooperative. Members have the responsibility to finance the cooperative and use its services. Critical to the success of the cooperative is the members' willingness to provide an initial investment for start-up costs, to permit the retention of earnings so that the cooperative may grow, and to provide prompt payment of bills due the cooperative.

Strong and effective management is also a key to the success of the cooperative. Good board/manager relations are also critical. As noted, the board is responsible for establishing policy and the manager carries it out. The board and management must recognize and respect their different roles and work together for the good of the cooperative.

Lessons for Success: A few tips can make the difference between a strong co-op and a failure.

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• Elements of Success
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