How can co-op operations leaders begin to be innovative about what it will take to manage finances wisely during and after the COVID-19 pandemic – whatever “after” will look like? No one can accurately predict what the future of the co-op grocery world will look like, but Columinate consultants are on the leading edge of figuring out what can stay the same and what [...]
Financial health is the backbone of a successful co-op. Like every other part, it’s twisting and turning during the current pandemic. “Things are changing really fast,” says feasibility and project development consultant Don Moffitt. “I’m not sure that anybody knows exactly what they need to be doing right now.”
This chatinar will focus on pinpointing opportunities for operators to work with finance team to resolve issues in their financial performance and achievement. Audrey Griffin and Wynston Estis will share the simple matrix they’ve developed that identifies relationships between the administrative, operations and finance departments and where the strength and crossover of those relationships can overcome challenges, optimize processes and produce successful outcomes.
It seems like many co-ops are either in the middle of, just finished, or are about to start a project. And all of those projects need adequate capital to be successful. Raising money from co-op owners has become a standard component of project capitalization and the amounts co-ops are raising has been growing.
By Melanie Reid Co-ops continue to face an increasingly tough marketplace. Competition for employees is as tough as it is for food dollars. One strategy for attracting and retaining talented and passionate staff members is to build a culture of strong employee engagement. Open Book Management (OBM) has the potential to contribute to higher staff satisfaction, improved engagement, increased accountability, and strong communication. Inviting staff [...]
In the grocery world, we live in challenging times. Costco and Wal-Mart carry organic products. Supermarket chains tout local produce and have a house brand of organics. Home delivery has everyone buzzing; even Amazon is getting into the action. Pro forma financial statements are forward-looking projections of how your co-op will perform given a specific set of assumptions. They are useful in many ways, especially for new stores and expansions where your co-op is headed into uncharted waters.
The CBLD template Financial Conditions policy and sample report suggest that boards and managers regularly monitor a number of key indicators of financial health. Here are definitions and/or formulas for many of those indicators as they are typically used by food co-ops. Using common definitions makes it easier to compare your co-op’s performance to others. Many of these metrics are expressed as a % [...]
Cooperative managers are charged with creating reports that demonstrate financial accountability to the board. Yet some managers struggle with having the right amount of information for their boards. When it comes to financial reporting what is the right amount? In the CDS Consulting Co-op Library in the GM Report Support section, managers can find templates for financial conditions monitoring reports that gives boards the [...]