Placerville Co-op News July 2017

PFC Newsletter January 2017

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CALENDAR of EVENTS

Tuesday July 18 - Board Meeting 6pm, Community Room
Owner Discount Day Friday August 11 10% OFF!

FROM THE GENERAL MANAGER

Greetings and happy summer! June 30 marked the end of our fiscal year. I look forward to sharing our year end financial report with you.

I began my role as store manager at the beginning of our fiscal year (July 2017). One of my first goals was to implement Open Book Management. "OBM" is common in co-ops for many reasons. When staff members understand how their work impacts the co-op financially they can actively participate in improving the financial success of the co-op. There are countless benefits to this approach: more employee satisfaction, great ideas being implemented, better customer service, and improved financial results.

I began basic financial training for all staff, especially buyers and managers. OBM is a slow, long-term philosophy that doesn't happen overnight, but we're already seeing the benefits of this training - an interest in our finances! It is empowering to know what our annual sales are (2.4 million), as well as our net income goals (1-2% for now).

I'd like to think that OBM applies to owners as well. The co-op supplies its owners with an Annual Report at our Annual Meeting each October. Unfortunately , we haven't had a lot of interest in past years. I believe that if our owners had more information on our metrics for success (or failure) they would be very interested! I would like to review the terminology again, as it is important that owners understand how we report our financial information. (See below). Our Annual Meeting is in October, look for an invite soon1

As always, please contact me directly if you have additional questions, suggestions, or ideas. regina@placervillecoop.org

Regina

INCOME STATEMENT
The income statement, sometimes referred to as a P&L or Profit and Loss statement, is a summary of revenues and expenses. It shows the financial progress over a period of time.

COGS
Our Cost of Goods Sold (COGS) is the amount of money we spend on product. It is the biggest single expense category at the co-op, approximately 63¢ of each dollar spent at PFC pays for our inventory.

PERSONNEL
After Cost of Goods, our next biggest expense category is personnel. We spend appx. 24¢ of every dollar taken in at the registers on personnel expenses including wages, benefits and payroll taxes.

NET INCOME
Our Net Income is what is left after we subtract expenses from our revenue.

FROM THE BOARD
As promised in our May newsletter, we conducted an in-house Staff Satisfaction Survey. We planned to share the results in our June newsletter but we have since realized this was a larger project than we anticipated. As you can imagine, surveying staff satisfaction and understanding the results, along with sharing them publicly is a large undertaking.

Most coops we looked at use an outside service such as CDS (Cooperative Development Services) to create the survey, interview staff in person, and share the results. In the future, we hope to use CDS.

We will continue to work on the survey results, as well as our vision moving forward.

Thank you for your understanding,
PFC Board

Your co-op has a booth at the new Sunday Farmer's Market SOL Community Market.

If you're interested in volunteering in our booth please contact us at volunteer@placervillecoop.org

Remember volunteers receive 10% for ONE MONTH for every 4 hours of volunteerism!

Sacred Circle Mandala Doodling Night
with Michele Jennae
Wednesday July 26, 2017
6:00 - 7:30 pm
PFC Community Room
Register here
Facebook Event page

YOGA WITH DEE
Soul Flow Yoga 1-2 pm on Wednesdays
PFC Community Room
Donation-based yoga
Facebook page

REMINDER:

Please return your borrowing bags to the co-op. We are happy to offer loaner bags to shoppers but we need them back!

Thank you

CO-OP 101

Principle #5 Education, Training, and Information.
Send your friends, family, neighbors, and co-workers to the co-op to learn more about (y)our Co-op. Of course current owners can join too.

This informal event will explain what a co-op is, what membership costs cover, how co-ops are different, and how they support our local food shed. Join us if you want to learn more about the cooperative model and what it truly means to be a coop!

Pssst! If you like what you hear, you can always hang out for the Board Meeting at 6pm

"Know your food, know your farmers, and know your kitchen."
- Joel Salatin

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Placerville Food Co-op · 535 Placerville Dr. · Placerville, California 95667 · USA