CWCF is pleased to feature Russ Christianson (of Campbellford, ON) and Daniella Preisler (originally from Chile, now in California and a past USFWC staffperson, now with Colmenar Consulting Co-op) as presenters for the Worker Co-op Finance 201 skill-building session, Wednesday November 20, 12 – 1:30 pm ET, at its upcoming free Conference. The session will build on the basic financial literacy covered in the Worker Co-op Finance 101 webinars to equip worker co-op members with the tools they need to run a business which makes a surplus while also adhering to the co-op principles. While both presenters bring a wealth of knowledge on this topic, what they share will ultimately be determined by those who attend.
“We want to focus on what the needs are of the webinar participants,” says Christianson. We don’t know exactly who’s going to show up or what kind of background they’re going to have. So it’s going to be very participatory.”
While the workshop is open to all, it will be particularly useful for members of newer worker co-ops, as Christianson believes these are the ones which are more likely to underestimate the importance of sound financial management.
“In the first, let’s say five to ten years of operating, members generally don’t put enough focus on the financial reporting and then they run into trouble,” he says. “Most of the worker co-ops that have been around for a long time have figured out that they need really accurate and timely financial reports.”
Preisler agrees, noting that the need for financial sustainability is sometimes overlooked by those who focus on why a worker co-op was created at the expense of how it will fulfill its mission.
“You have to understand that you’re a business and it has to be profitable,” she says. “It works with certain values and principles, but it needs to pay your bills.”
Preisler believes that while a formal education on such matters is still something many people in BIPOC and immigrant communities are denied, worker co-op members nonetheless have valuable real world knowhow, and shouldn’t be intimidated by the belief they lack financial acumen.
“Recognize the experience that you have, the wisdom that you bring,” she says.