How to Manage Cooperative Societies

Filed in Business, Career by on May 5, 2020 0 Comments

How to Manage Cooperative Societies is discussed in this article. We hope it guides you to successfully manage your Cooperative Societies.

Cooperative Societies follow various principles that define or identify their distinctive characteristics. This article will focus on how to properly manage cooperative societies.

Read Also: How Agricultural Cooperative Societies are Formed

How to Manage Cooperative Societies

Cooperative Societies – Photo Source: https://www.quora.com

How to Manage Cooperative Societies

Cooperative membership is voluntary and open to all. This means that the people who own and finance the cooperative have available services. This is user-owned.

Also, cooperatives societies are very democratic The overall control of cooperative is exercised by the members at general meetings.

Read Also: Patterns of International Interaction

Cooperative users control it by electing a board of directors and voting on major organizational issues. This shows that all members have equal voting rights which are one member, one vote.

It is vital to know that in managing any cooperative society, members must benefit according to their business with the cooperative because the sole purpose of any cooperative society is to provide and diatribe benefits to members on the basis of their use.

Also, members unite in a cooperative to receive services that may not be available on many occasions. These estimated services could be to purchase quality supplies, increase market access, or for other mutually beneficial reasons.

The good thing is that members also benefit from the distribution of net earnings and profit based on the individual’s business volume with the cooperative.

Read Also: Relatedness of Economics and other Courses in Nigerian University

It is advisable that your cooperative should be independent. For instance, if cooperatives have any agreement with other organization which will be to their own benefit, or if money is raised through other sources, the level of independence will allow the cooperative to take a decision in a Democratic manner not when decisions are taken by few people and implemented without the consent of others.

Cooperative provides education and training by strengthening the capacity of members through various training and programs.

It could include the sensitization of members for the development of the cooperative and also to show to the general public the benefit of any cooperative society or cooperation.

This enables members to strengthen each other by working together through local and national networks.

Much cooperative work for the economic, social, and cultural development of their members and the wider community.

Read Also: Tips for Finding Business Investors for your Business

For instance, considering jointly executing projects that can benefit the whole community like the provision of the borehole in any community will solve the problem of water especially when the land and location are given by the community head or leaders.

It shows that if these principles are followed very well, cooperative societies could thrive and survive with these procedures and principles.

It is necessary to constitute a management committee where members can select the management committee through a vote to direct the affairs of the society. The management committee is usually between five to nine members as the same maybe.

This can be probably done by selecting a board that will be responsible for the proper administration of the society according to the bylaws.

For proper administration and management, all cooperative societies must keep records that can be inspected by members of the society and by his or her representative.

Read Also: Career opportunities in Business Studies

Conclusively, it is vital that all members must be well informed and carried along with activities of the cooperative as communication is key to any group success.

Tags: ,

About the Author ()

I am Wisdom Enang; a Writer, Editor, and Publisher. To do businesses with us, reach us on our email or connect with me personally by clicking on Facebook.

Leave a Reply

Your email address will not be published. Required fields are marked *