Fall is the perfect time of year for an office cleanup. It is a time to evaluate administrative operations and to declutter what has been pushed aside for several weeks or months.
Staying on top of record-keeping is the best way to stay true to your business goals.
A good plan for record-retention impacts
- Development of a protocol for a paper-free filing system
- Safekeeping of system backups (in two locations, onsite and remote)
- Quarterly taxes and year-end reporting
Many small businesses do not update administrative procedures due to a persistent need to focus on daily operations. According to U.S. census data, as many as ninety percent of all small businesses are family owned. And most of these businesses do not have a plan in the event that the founder is unable to work.
Keeping up with record-keeping and improving administrative infrastructure impacts not only orderliness and access to information but also establishes a good foundation for a contingency plan to safeguard both the founder’s vision and the family’s interests in the future. What if the CEO was unable to fulfill his or her duties? Who will take over? Who will then deal with the mountains of paperwork held without a clear retention plan?
Contingency planning is widely overlooked
In the formulation of the business plan for startups, both an exit strategy and a succession plan are essential for long-term success of the business. A succession plan defines who will succeed the founder, and an exit strategy describes what will happen to company leadership once clearly defined milestones are attained.
Planning and organizing are related and both are equally important. I can help you revise your business plan for contingencies as well as evaluate and improve administrative procedures. To begin, please visit my Contact page today.