The Strategies For Effective Management Of Cooperative Business Organization (A Case Study Of Cooperative Thrift And Loan Society Limited)
The strategies for effective management of cooperative business organization cannot be over emphasized since the failure or success of any business setting or establishment depends mainly on the efficiency or the strategies applied.
The ultimate objective of this study is to critically examine the strategies for effective management of cooperative business organizations in promoting the socio-economic condition of the members of the cooperative thrift and loan society limited, federal polytechnic Nekede, Owerri and Nigeria in general.
Table Of Content
- Title page
- Certification page
- Table of content
- 1.1 General overview of the study
- 1.2 Statement of the problem
- 1.3 Objective of the study
- 1.4 Scope of the study
- 1.5 Research questions
- 1.6 Significance of the study
- 1.7 Limitation of the study
- 1.8 Definition of terms.
2.0 Literature Review
- 2.1 Cooperative in Nigeria before 1935
- 2.2 History of cooperative societies in Nigeria
- 2.3 History of the society – History of the cooperative thrift and loan society limited, federal polytechnic Nekede, Owerri.
- 2.4 The objective of the society
- 2.5 Organizational structure of a typical cooperative society.
- 2.6 The concept of strategy
- 2.7 Implementive cooperative strategy
- 2.8 Evaluation of cooperative strategy
3.0 Research Methodology
- 3.1 Research design
- 3.2 Population of the study
- 3.3 Sample size
- 3.4 Sampling Technique determination of sample size
- 3.5 Source of data
- 3.6 Method of data analysis
- 3.7 Validation of research instrument
- 3.8 Procedure for processing data.
4.0 Presentation and Analysis of Data
- 4.1 Presentation of data
- 4.2 Analysis of data
- 4.3 Interpretation of data
5.0 Summary of Findings, Conclusion and Recommendations
- 5.1 Introduction
- 5.2 Summary of findings
- 5.3 Conclusion
- 5.4 Recommendations
1.1 General Overview Of The Study
The continued existence of any business depends on its ability to formulate strategies.
Strategy means different things to different people. It generally means an integrated plan for accomplishing the objective of any organization. These parameters are of utmost importance to management or directors respectively. Strategies are necessary task for any firm that whishes to grow and survive, and it is the core concern of management leadership.
An organization strategic plan has to be clarified, comprehensive and integrative and designed to assure that the basic objectives of the enterprise are achieved (Glueck, 1976:3).
It is a managerial plan or process of developing and maintaining a fit between an organization and its changing opportunities.
It relies on developing a clear organizations missions, objectives and goals.
To Broke, (1980), an organizational strategy and product portfolio determines a sense of directions, a set of objectives and appropriate routes to achieve the objectives.
This “sense of director” refers to basic organizational missions or purpose while “appropriate routes refer to plans”.
This research study streamlines the strategies for effective management of selected cooperative societies in Owerri West Local Government Area. The cooperative thrift and loan society limited, federal polytechnic Nekede, Owerri.
Management process involves:
- Strategic planning
- Capability planning
- Real time response issue management
- Management of strategic change.
Strategy deals with the relevant and critical issue that affects the organization as a whole.
We defined strategy as an integrated plan for accomplishing organizational objectives. We also define strategic management as the translation of strategic plans into result (Hill 1987:3). It involve the examination of the organization internal and external environment to determine its strength and weakness (in its internal environment opportunities and threats in its environment). This gives the acronym: SWOT. The process is shown in the diagram below.
1.2 Statement Of The Problem
Industry and commerce all over the world know that strategies are the key to growth and survival effective and efficient strategic management is the means of achieving success.
Basically, strategy (the formula for success), is the arrangement for dealing with the over changing and complex outer world. IT is a coherent set of action aimed at getting advantages even in the development of resources.
Successful enterprise grows and when they do, the strategy which worked so in the early days no longer fits the new scheme of operation because of change in the business environment, making the design and adjustment of new strategies imperative. If not properly handled, the organization may fall, this is the cause of the problem.
Some cooperative have been successful while others have failed and the question is “Why”. Our discussion so far makes it apparent that the purpose of strategies management is to enable the cooperative to grow and survive through organizational strategies and management, but the question still remains that are the owner competent? Do they have technical managerial and strategic skills to see the attainment of the society’s objectives? Management competence is not the only factor that influences the organization performance other include market position, the relative to other firms in the industry, production capacity, trained staff and growth potentials.
In the advanced countries, the strategies for effective management of cooperative business organization have been acknowledged for a long time.
In developing countries like Nigeria, strategies is mostly carried out in many cooperative organization simply because they have not realized the best way or strategy for effective management of cooperative business organization and other organization to understand the need for strategies in any cooperative business management.
1.3 Objective Of The Study
The general objective is to examine the strategies for effective management of cooperative business organization.
The specific objective includes:
- To identify their major business goals
- To identify the strategies developed to achieve these goals.
- To identify the major problems militating against the management of cooperative business enterprise.
- To suggest possible solutions to the identified problem.
1.4 Scope Of The Study
The study focuses only on the strategies for effective management of cooperative business organization.
The area selected for this study is the cooperative thrift and loan society limited in federal polytechnic Nekede, Owerri. The area of the study were directed to represent all the cooperative thrift and loan society in the entire Imo State, they are the proposed population of the study.
In carrying out this study, the entire cooperative thrift and loan society in federal polytechnic Nekede, Owerri, was not covered.
Concentration was made only to the cooperative thrift and loan society in federal polytechnic, Nekede, Owerri, due to time constraint, finance, coupled with the crowded semester programmes and lack of material resources to see the whole cooperative thrift and loan society in the federal polytechnic Nekede Owerri and the entire Imo state as a whole.
1.5 Research Question
- How long is your cooperative plan? Is it as old as the society?
- Has the society been in existence for long.
- Has the government helped this society before? If yes was the help encouraging?
- How many members are there in the society?
- Are the cooperative officers living up to their expectation?
- Are the strategies set by the organization working for the progress of the organization?
Objectives Of Cooperative
- To meet or solve their economics, social and cultural problems.
- To create job or employment for their members
- To open a cooperative shop where provision, clothing, articles and other essential commodities to be solve
- To have or establish a shop where non alcoholic drinks will be sold
- To make their members be dependent or self made people.
- To show or concern to communities and eradicate poverty.
- How can cooperative meet and cultural problems
- How can cooperative create job opportunity for their members
- How can cooperative establish resort where non alcoholic drinks will be sold
- How can the pioneer found agreement or cooperative settlement where all the inhabitance engage in production, distribution and administration
- How can a cooperative society open where stocked with provisions, clothing, articles and other essential commodities to be sold to other members?
- How can cooperative eradicate poverty or show concern to communities.
1.6 Significance Of The Study
Business generally has much role to play in the advancement of any society and they can only perform their role well if they are run effectively.
An organizations performance depends on the quality of its managers in designing and implementing appropriate strategies. This fact underscores the importance of strategic management to the survival of business. The contribution of the cooperative society to the Nigerian economy is very significant; therefore failure of this society would result in grave consequences to the economy.
This study is therefore relevant to the extent that it would reveal causes of failure and success in the organization for precautionary measures.
This study will therefore supply information that will help in designing appropriate training and counseling programme, that student of business administration, cooperatives economics and management as well as practitioners would find the study useful.
Furthermore, the studies will stimulate further researchers, especially in the related areas.
1.7 Limitation Of The Study
Research studies in developing nations are usually fraught with problems especially uncooperative attitudes of potential respondent.
This one cannot be assure to be an exception. Apart from the above, inadequate finance and time also constitute problems, constraints and limitation on the study.
This problems and limitations therefore pin this study down to the cooperative societies in the eastern states namely, the cooperative thrift and ban society limited, federal polytechnic Nekede, Owerri.
The problems and limitation notwithstanding this project study will achieve its objective.
1.8 Definition Of Terms
Coherent comprehensive plan designed to ensure the realization of given objectives.
Set of conditions or forces that affects the operation (negatively or positively).
Forces consciously design to put a company’s operation into disequilibrium.
Is the increasing responsibility of management to respond to changes in the business environment through;
- Strategic planning
- Capability planning
- Real time responsive issue management
- Management of strategic change
Cooperative Or Strategic Planning:
Is a systematic and comprehensive analysis for selecting an organization long-term goals and programme, projects, policies, budgets, rules for accomplishing those long-term goals.
Surplus arising from the use of a given resources or carrying before or after all business expenses have been settled.
An abstract measure of organizational performance, the extent to which an objective is realized.
According to Dr. E.U. Okeke says that cooperative is a voluntary organization of people working together under democratic leadership, with the objective of promoting the economic and social life to the members.
5.0 Summary Of Findings, Conclusion And Recommendations.
In this section of this research work that examines the strategy for effective management of cooperative business organization, the researcher ensures that the afore-stated questions have been answered; reviews the whole observations made in the research work i.e. the findings, draws a conclusion based on that and makes the requisite recommendations for future improvement on observed inadequacies and flaws.
5.2 Summary Of The Findings
After going through the time-consuming and tedious process of the research work with its attendant consumption of resources, the researcher was able to come up with the following findings;
- There is significant relationship between the strategies of an organization and management performance.
- Failure of cooperative society depends on the strategies formulated for that organization.
- Success of an organization depends on the strategies formulated for that organization.
- The objective of an organization reflects a focus on how to ensure adequate profit or surplus to the members through thrifts and loans.
- In terms of commitment of quality service, it was found out that cooperative thrift and loan limited, federal polytechnic Nekede, Owerri was very committed.
- It was also found that the major sources of failure in cooperative societies were mismanagement, ill luck and inadequate experience.
In conclusion, the research work was centered on selected cooperative society in Owerri west local government area of Imo state. The research work was carried out to find out the strategies for effective management of cooperative business organization. While carrying out the study, it was observed that lots of cooperative societies became shortsighted and other became premature due to certain problems earlier mentioned.
The interview conducted revealed that major problems facing cooperative societies include funds, mismanagement, inadequate experience, etc.
Based on the problems identified on the strategies used formerly to manage cooperative business organizations, the researcher has put forward solutions in form of recommendations to improve upon the inadequacies observed and they are listed below;
- The state government should provide as a matter of urgency, adequate finance for the effective management of the cooperative societies in the state.
- Attendance to meetings by the members should be made mandatory which, if flouted, should attract a severe punishment. This should be included in the societies bye-laws.
- The state government should improve the condition of work of members of staff working in the cooperative societies.
- Members of cooperative societies should endeavour to be highly committed in the affairs of the society (cooperative society).
- There should be regular education of the members to acquaint them with the necessary things they should know and continue to remember about cooperative.
- The state government should help and provide agricultural inputs to the farmers’ cooperative societies at a subsidized rate/price.
- The managers of cooperative societies should review and repeal their strategies and make them to be more responsive to the likely environmental changes that will probably take place.
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