Importance of Documentation in Business || @chiiheanyiichi
Hello everyone am so delighted to write again on this platform. I am so happy and grateful to God for his grace and the strength to come this far.
My profound gratitude goes to @xkool24 and @hisgeneral for their endless efforts and support, God bless you.
And to those who have been reading and supporting my posts, I recognize and appreciate your efforts.
I have an interesting topic which every business man must know and apply in order to run a successful business enterprise. I am talking about Documentation.
Documentation is the act of putting down into writing every business transactions that was carried out in the business. It is the act of recording every business transactions.
It also entails putting down in black and white your what you have in mind to achieve, your plans and aspirations, aim and objectives and so on into writing. Documentation is very important and also a necessity in the line of business.
Documention is important in the many ways and they include:
- It serves as an evidence
- Easy managerial ethics
- It gives assurance to investors
- It authenticates an agreement
- It helps in budgeting
- Easy access to progress
Documention serve as a means of evidence. Evidence is what shows prove of an agreement. When an agreement is made between two people, group of people or companies, without putting it down in writing, the other party involved may forget what was discussed.
There may be issues where the other person involved may deny the agreement made because there is no evident to prove that such an agreement was made. Through documention, there will be no denial from any party because there is a written document to prove what was agreed.
Documentation of certain rules and regulations in an organisation makes it easy for the management board to work effectively. The manager need not to keep emphasizing on a particular or set of rules often because it has been clearly stated down. This will make it easier for the manager to work effectively.
Also putting down your plan in writing will also serve as a reminder which will will help you focus and also increase your effectiveness and efficiency.
When deals and agreement are documented, it creates an insurance to the people who wants to invest as there is a prove to ensure that no body gets cheated. This will encourage them to keep investing without fear of betrayal.
Any agreement made without writing is not and will never be considered authentic because such agreement is considered not dependable, reliable or ltrustworthy. There could be denial or betrayal along the line.
When your set goals and objectives are put down, it makes it easy to make budget. Budgeting helps one to arrange needs according to their order of priority. Because the plans are stated down, it helps one to work according to plan.
By putting down what goes on in your business, you will be able to access yourself to know if you are progressing or not.
You will be able to know if you are gaining by documenting your profit and loss accounts, you will know if you are moving forward or backward thus, you will be able to know the way forward and be able to progress in your business enterprise.
In conclusion, documention in business is very necessary and should not be overlooked as it one of the criteria for success in business. Documention helps a business enterprise or company maintain and their integrity and become effective and able to compete in the global market.
Cc:
@xkool24
@hisgeneral