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The term Cooperative may sound boring, but they are fascinating and valuable! Let's start with the basics because aside from a few details, how many people truly know what a cooperative is and how it works?
By the end of this blog, you should be able to answer the following three questions!
Think you're up for the challenge??
From grocery stores to service providers, cooperatives come in many sizes and are integral to our economy. Let's dive deeper into the specifics of a cooperative.
A co-op is an organization that is owned and democratically controlled by its members, for its members.
The co-op members determine how the business will run, elect the Board of Directors, and ensure the organization follows the cooperative principles - all cooperatives share internationally.
Cooperatives were created to unite people and build a better, more sustainable world through cooperation. The main difference between a traditional business's structure and a cooperative's structure is its priorities. A Cooperative's primary goal is to meet its membership's needs in a productive, self-sufficient, and socially responsible manner.
As we profit, so do our members. Profits are shared among members and employees, invested in improving service to members and used to promote the well-being of the communities where we live and work. If you're going to be paying for service anyways… you might as well get some of your money back! Right?!
A growing number of people in Canada and worldwide recognize the benefits of participating in a cooperative. Though there are many unique cooperatives, here are the five main types you can take part in:
Now that you are familiar with cooperatives and what they are, we can answer your question!
Co-op Week is when we acknowledge cooperatives' impact on our communities and the highlights and accomplishments they have achieved. Co-op Week is celebrated annually in the third week of October. We celebrate Co-op Week with events hosted in communities across the country to improve understanding and awareness of the cooperative business model.
So, did you get all the answers to the three questions at the blog's beginning? We hope so! If not, contact us, and we'd love to help you learn more.