₦airaland Forum

Critical Tasks for Cooperative Leaders, Committee Members as December Approaches

With December approaching, Cooperative Leaders and Committee Members must prioritize key tasks to ensure a strong finish to the year and a seamless start to the next. Here are some key things to focus

Loan Statistics Evaluation: To assess the health of your loan statistics by checking your January opening balance (which is last year closing balance) with this year's loan repayment figures. If this year's opening balance exceeds the loan repayment figures, consider implementing a recovery strategy to ensure that loan repayments exceed the opening balance; failure to do so may result in overdue loans within your cooperative, except for newly formed cooperatives without previous loan records.

Shares/Savings Growth: Evaluate member savings and shares trends, comparing growth rates with last year and previous years to provide insights which would help to beautify our management report.

Expense Optimization: We should also look into the areas where expenses can be optimized without compromising service quality. When expenses are excessively high, your surplus will be reduced, and a reduction our surplus will have a corresponding impact on your dividends and patronage bonus.

Members Education: consider providing resources or organizing a workshop on financial literacy, prudent spending during holidays unnecessary parties, or benefits of ongoing cooperative participation. Remind members about the importance of timely loan repayments, especially during holiday expenses.

Feedback Collection: Develop internal mechanisms for members to provide feedback on the cooperative's services and operations as the year draws to a close. This can help to perfect or identify any gaps or areas needing improvement in the cooperative new year resolution or policy.

By pro-actively addressing these areas, cooperative leaders and committee members can guarantee a strong close to the current year and create a solid foundation for continued success and member value in the year to come.

Coop! Coop!! Coop!!!