Entrepreneurship
Ten Important Records & Reports You Need In Your Business
Documents You Need That Will Organize Your Business
Organizing and tracking documentation is an important part of your daily routine as an entrepreneur.
The better you are at organizing documents, the easier the flow of your business will be.
I started my entrepreneurial journey back in 2012 and I’ve had my fair share of grief when it comes to lost and disorganized documentation.
Combine that with family responsibilities and major life transitions, and it's a recipe for disaster.
I’ve compiled a list of 10 crucial documents you need to keep your business in check.
Depending on whether you are running an online business or an in-office one, some of these documents are not required yet you might what to keep note of them for future use, especially in the upcoming years when your business grows and expands.
1- Business Plan
Your business plan was one of the first things you created as part of your business. Do not underestimate the power of your business plan as it is the most important document that displays everything that you needed to do to transform your business idea into a reality.
Keep in mind that your business plan will change depending on what stage your business is in. Create an electronic editable PDF copy of your business plan and keep it in a secure, password-protected file.
You will need to go back there from time to time to modify details as your business grows.
2- Market Strategy
Layout your market strategy in detail including aspects regarding campaigns, market segmentation, and a list of marketing tools you use to make the process easier and more efficient.
Use tools such as Miro or Canva to help you create, display and easily edit your marketing strategies using color coding and electronic sticky notes.
Take into account that the market is always changing and new trends arise so make space for changes to be made over time.
Tools & Resources:
3- Volunteering/Internship Agreement Form
Once your business is established you may require the assistance of volunteers or interns that bring their skills to the forefront and assist your aspects of your business.
You would need to create a folder dedicated to interns and volunteers such as their contact details, resume, and agreement form that legally binds both you and them to abide by privacy, confidentiality, and rules.
Be clear on what you can provide to them during their internship or voluntary contract as well as what skills they will bring to the table. This will help avoid communication and misunderstanding issues in the future and create a constructive relationship and loyalty to the brand.
4- SWOT & TOWS Analysis
Although this document can be a part of the marketing strategy, it is best created independently for both the business and individual main products and services to allow you to see the bigger picture and set proper goals when it comes to expanding on certain products.
Write out the strengths, weaknesses, opportunities, and strengths for your brand and keep an open mind.
Tools & Resources:
5- Opening, During, and Closing Duties
Although this mainly applies if you are either running a store or an in-office business, it does wonders if you implement it in your online business.
Create a list of duties that you would need to tick off when you are opening, during the day, and once you end your day.
It could include basic errands such as checking and responding to emails, returning business calls, and checking inventory.
Once you write it down and assign times to it, it will make the process much more easier and systematic, saving you both time and energy in the long run.
If you are running a business through an external physical location, this step becomes critical to organizing your business.
6- Funding
If you have applied for funding or intend to apply for funding in the future, it is important to create a spreadsheet with your current or potential funder’s names, requirements, and contact details.
It will help you see the bigger picture when it comes to your funding options and reassess this every quarter to see who you need to contact and what should be updated.
7- Finances
Create separate spreadsheet files of your business finances including your budget, expenses, prices of products and services you run as well as monthly subscriptions to external tools and services.
Learn a few essential excel formulas that will make your life easier such as calculating the revenue and tax rates and embedding them inside the spreadsheets.
Please keep these files secure and password protected to keep them safe.
8- Member/Customer List
If you run a membership or subscription-based business, it's important to keep track of your main customers and try to have their contact details on file just in case you need to contact them regarding an update, campaign, or changes.
Email marketing is the way to go when it comes to contacting your customers, as you will be able to do by effectively communicating your message across using multiple media and secure better engagement.
Please make sure you get their permission to store their data, or else this will cause unwanted problems in the future.
9- Collaborations/sponsors/partners
Keep a list of all your current and potential partners, collaborators, and sponsors that play a key role in supporting your business.
Be sure to keep their contact details handy and implement steps to communicate with them regularly and update them on your brand.
Your partners and sponsors are the backbones of your business, keep them informed and happy and your support tribe will grow.
Tools & Resources:
10- NDP Roadmap
Whether you run a product or service-based brand, its important to implement the 7-step roadmap process to ensure you clearly understand each developmental process and what is needed. I came across this concept a year ago and it has transformed the way I create, develop and market my products.
Tools & Resources:
Storing Business Documentation
It is best to store these documents electronically in a secure password-protected file that is editable only by the admin and approved employees.
Storing the files electronically is more sustainable as it saves energy, paper and reduces waste while boosting productivity and ease of use at the same time.
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About The Author
Noor is a second-year business student at Tredu. She is also studying for Diploma in International Smart Industry at TAMK. She is passionate about marketing and content creation. She recently launched her YouTube channel specializing in holistic healing.
