Success Factors

SUCCESS FACTORS
Successful new cooperatives share specific common characteristics as requirements for effective operations.

Successful new co-ops:

• Use committees, advisers, and outside expertise effectively.
• Keep members informed so that they stay involved and supportive.
• Conduct businesslike meetings by using agendas, parliamentary procedures, and democratic decision-making.
• Maintain good board-management relations by clearly defining roles and responsibilities.
• Follow sound accounting practices and present financial reports regularly.
• Develop alliances with other cooperatives.
• Develop clear policies on confidentiality and conflict of interest.