Record Keeping 

Record Keeping when starting your business is essential for future success. Never underestimate this vital element of your business. “You never know where you’re going if you never know where you’ve been.”

I see many startups missing this important element.

In order to run a business effectively, you need to keep track of many tasks.

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Keep records how ever you can. Just keep records.

7 essential items in order of importance.

Never count your money, till after the dealins' done. "The Gambler"

1. Revenue: Money coming into the business. 
2. Expenses: How much is going out? The ‘burn rate’
3. Profit margin, according to the plan.
4. Number of leads or prospects this month
5. Number of customers this month
6. Hit ratio or conversion rate. The number of customers to the number of leads converted during the month.
7. Time spent on each task. 

Keeping good business records is essential not only for you but also for your future employers and the growth of the business. 

Records and the evaluation of the records will be the forerunner to your training manual and action guide.

When you keep excellent records, it is easier to evaluate your performance and see the different business tasks and operations in all their glory.

Record keeping is a vital part of your business operations.

Record keeping is probably the most important part of business operations. It helps to keep track of what has happened and to show how your business is growing or retarding.

Keeping records shows you when things are working and when they are not.

Keeping records can turn things around quickly by showing where any differentiations and anomalies are.

Record keeping can turn things around faster.

Keep your eye on the numbers and the rest will take care of themselves.

As I say and will keep saying, “Take your eye off the scoreboard and focus on the process”.

Take your eye off the scoreboard and focus on the target.

If you fail at this, then you should re-think your ability to start and run your business.

My mentor insisted on me keeping records

When I started my business, my mentor who you have heard me discuss in other pages insisted on me keeping records on every aspect of my business. Even down to the miles travelled, the number of telephone calls made. Hours in the office to do administrative duties. Breaks for lunch. We recorded everything in those days all by pen and paper. No computers in those days. We were lucky to have a calculator. We calculated everything and evaluated the ratios on just about everything. This sorted out the time-wasting tasks against the revenue tasks. We addressed the issues and put processes in place to remedy them.

This is working on your business not in your business.

Work on your business, not in your business.

My mentor was so over the top, but in retrospect, it was the most outstanding thing I ever learnt. I pass this on to whoever will listen.

The duty of record keeping is a massive part of making your business extraordinary or making it ordinary. 

You have to be specific to be terrific.

Irrespective of the business basics of making money from starting your business you still have to keep records for statutory requirements.

A business is a legal entity, usually organized under the law of your Country, State and County with the primary purpose of producing revenue by selling goods or services.

Records, records, records. Tax. Legal issues. Payrolls. Ect.

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Every day, businesses must keep track of a wide range of information in order to operate effectively and meet the statutory obligations. This information may include financial records, product inventories, employee payrolls, and more. So on a legal point, keeping records is mandatory.

It is usual for an accountant or a bookkeeper to handle these details, but before they get to do it, they need you to supply the details. There’s no escaping. Keep the records.

Now you can do this, or you can delegate. This part is a discussion for another page. Or as they say, “I’ll have more to say about that later”.

Keeping Records is Essential

So keeping good business records is essential for starting your business and running a successful business is a given. 

How are you going to do it? 

Word of advice, start slowly. 

Set a process and a system to record your activity every day. Set a reminder on your mobile so you won’t forget. Don’t get behind.  Diarize everything you do. 

Maybe keep a daily journal with bullet points listing your activities. Remember, everything is hard before it gets easy.

Computer spreadsheets are the easiest way to add and evaluate your records.

Using a Computer for Record Keeping

By using a computer spreadsheet database, you can easily keep track of your finances, customer details, and time spent on each task. It will take time, but you have to manage this as best you can.

Most computer programs will create reports that will show you how your business is performing. This will become your action guide.

As you progress, more powerful computer programs will be available to do more recording keeping and processing information to make life a lot easier and will save time by streamlining your business.

Programs like CRMs. You’re not ready for this yet, but I’ve added the teaser here for you to realize what is available.

The definition of CRM is ‘customer relationship management.’ In a nutshell, CRM lets you store and manage prospect and customer information, like contact info, accounts, leads, and sales opportunities, in one central location. 

You’ll discover that it’s not just a fancy contact list. Ultimately, a CRM solution is a game-changing piece of technology for every industry under the sun — from retail and manufacturing to real estate, construction, and many more.

Again, one size does not fit all. You might try several computer programs before settling on the right one that suits your style and business. 

Summary

Record keeping is the centrepiece of good business planning, management, and decision-making.

Good records can help your business operate more efficiently and know where all your business assets are both tangible and intangible.

Collecting, maintaining, and sorting records can be actioned electronically with free or retail software packages.

Keep records in paper-based or electronic formats.

Move to a digital format as fast as you can would be my advice. You will thank me later. Remember ‘Mentoraus’ said it.

In a nutshell, it is important to keep records in order to keep track of how the company is progressing.

Keeping records will show you where you are succeeding and where you are failing.

Keeping records can expedite the issues needing to be actioned.

If you do not keep records, how will you know?

Just do it.

Experience isn't the best teacher, experience is the only teacher.

Confidence comes from experience

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Hello, I'm Daryl Pratt creator of MENTORaUS

I have been mentoring folk like you since 2005. 

I built this site so I can share all my knowledge, wisdom and experience from the thousands of hours of listening and mentoring folk to make a change. 

Life is short my friend so the sooner you control your destiny the better.

It will not be easy but it will be fulfilling, I can guarantee.

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