Financial management of cooperatives
2003
Vemic, M. (Fakultet za menadzment, Novi Sad (Serbia and Montenegro))
After more than 10+ years of neglect, economic mis-management and isolation, the Serbian economy now faces the huge task of reconstruction, transition to a market economy and re-integration with world and especially Western markets. Business cooperatives offer today the best prospects for economic growth and employment, not only within agriculture. Serbian cooperatives face just about every possible hindrance: for example, an incomplete and unfriendly legislative and regulatory environment, lack of legislative and regulatory enforcement, lack of capacity of the justice system to enforce commercially related legislation, an underdeveloped banking system, lack of information on foreign and domestic markets, low levels of technology and managerial skills, and a poor basic infrastructure. Financial management skills are particularly important for the survival and efficient functioning of cooperatives. These skills involve, but are not limited to, risk management techniques, working capital management techniques and similar. Development of cooperatives in Serbia can be supported through ongoing non-financial and financial assistance programmes to cooperatives. These consist of various interventions: creation of business centers, associations and cooperatives, extension visits, advisory services and credit support.
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