This might seem like an insignificant key point in comparison to some others.
Yet, imagine a simple scenario like this one:
Jeff, a member of your team, is on vacation. One of his key clients needs urgent help. Yet you can’t find vital information because nobody else understands ‘Jeff’s filing system.’
When the customer can’t be helped in a timely manner, you might lose them.
Few businesses, particularly new businesses, can afford to lose a client in a situation that could have been planned for and prevented.
Whether online or paper-based – invoices, client notes, and other important financial data should be filed in a way that allows you and other team members to retrieve easily when needed.
A good filing system doesn’t just store your documents; it allows information to be found.
Set up a solid back-up system, just in case your organizational method fails at any point. Many businesses now use cloud storage as a retrievable data source just in case a natural disaster occurs.