Are you saving every record/document since Noah? -- Don't

Are you saving every document, e-mail, correspondence, and receipt accumulated since you started business, or feel guilty because you don't? Well, stop. Should you face legal issues for you or your client, that carefully saved napkin from 1989 could trigger lots of irrelevant questions.

Don't cry "but, but I might really need that." Yes, there are records you should keep, must keep, keep briefly, or don't keep. Your solution to having what you really need and getting rid of what could be a problem lies in creating  a records retention plan.  Do contact your financial planner, accountant, and/or business attorney for guidance. Find samples of plans on the internet. Then put together a plan for your business to save time, space, and headaches.

Here is my plan as a sample of a records retention plan for solopreneurs.
Happy planning.

Type of Record	Retention Period
Accident reports and claims (settled cases)	7 yrs
Accounts payable ledgers and schedules	7 yrs
Accounts receivable ledgers and schedules Inventories of products, materials & supplies	7 yrs
Audit reports of accountants Invoices to customers	Permanently
Bank reconciliation	1 yr
Capital stock and bond records; ledgers, transfer registers, stubs showing issues, record of interest coupons, options, etc.	Permanently
Cash Books	Permanently
Charts of accounts	Permanently
Checks (canceled, but see exception below)	7 yrs
Checks (canceled for important payments, i.e. taxes, purchases of property, special contracts, etc. - checks should be filed	Permanently
Contracts (expired)	7 yrs
Contracts still in effect	Permanently
Correspondence (general)	3 yrs
Correspondence (legal & important matters)	Permanently
Correspondence (routine) with customers or vendors	1 yr
Deeds, mortgages, and bills of sale	Permanently
Depreciation schedules	Permanently
Duplicate deposit slips	1 yr
Electronic Messages (email)	30 days
Expense analyses and expense distribution schedules	7 yrs
Financial statements (end of year, other months optional)	Permanently
General & private ledgers (and end of year trial balances)	Permanently
Insurance policies (expired)	7 yrs
Insurance records, current accident reports, claims, policies, etc.	Permanently
Internal audit reports (in some situations longer retention periods may be desirable)	3 yrs
Invoices from vendors	7 yrs
Journals	Permanently
Notes receivable ledgers & schedules	7 yrs
Property records, including costs, depreciation reserves, end of year trial balances, depreciation schedules, blueprints & plans	Permanently
Sales records	7 yrs
Scrap and salvage records (inventories, sales, etc.)	7 yrs
Tax returns & worksheets, revenue agents' reports, and other documents relating to determination of income tax liability	Permanently

Use the holidays to LOWER stress.

The holiday season is frantic and bustling for retailers and businesses providing holiday-related services. However, for those businesses not very involved with the holidays, activity is often slow. So I try to use those non-producing hours to get my tax records up to date, clean out files both paper and electronic, service my computers, and plan business and marketing for next year. It sure makes the new year, especially tax season, much more relaxed.

Are you leaving the key under the doormat?

As we can have trouble remembering all our passwords and usernames, we often write and hide them - but are they really hidden. Alan Henry gives some vital information on protecting these.http://lifehacker.com/5852667/the-most-common-hiding-places-for-workplace-passwords

I Get It Done, But I Don't Do It All

Working as an Administrative Specialist, aka Virtual Assistant, I support my clients completely. Does that mean I am an expert at everything? No, but what I am an expert at is getting the task/function accomplished either using my own expert skills or finding the best resource to do the task at hand.

The Oct 18 post in Anastacia Brice's Virtual Moxie explains the concept very nicely. If you are wondering how Virtual Assistance works, read this article. You will be glad you did.

Networking ponderings

These past few months I have been trying new networking opportunities. Following is a quote by June E. Gabler that describes true networking for each person:

Until recently, the "old girls" did not know how the "old boys" network operated. Women didn't know they needed to have a network to capture a top-level position in an institution or organization. They thought that all it took was hard work; eventually the organization would recognize worth and promote able people. Women now know that, besides hard work and lots of skill, the move to the top requires a supportive network.

BTW, I'm really liking Successful Thinkers, a new kid on the block but seems to have the right mix of ingredients for great business relationships.

Make New Friends but Keep the Old

A girl scout song I learned eons ago had the lines "Make new friends but keep the old, one is silver and the other gold." It's a truism that stands throughout life.

About 20 years ago I joined Professional Secretaries International, now known as International Association of Administrative Professionals. It's a strong organization that educates its members and publicizes our profession to the world. For various business and personal reasons I had not attended a chapter meeting for over a year. Last week, however, I attended the Fresno, CA chapter's monthly meeting. How refreshing to  edify one another in our professional network. My peers and I have traveled many of the same roads in our careers.

Other networking groups such as Successful Thinkers, BNI, and Chambers of  Commerce are invaluable to your business; but keeping close with your professional peers is a treasure not equaled by any other experience. Remember - make new friends but keep the old.

The Power of Silence

One can often "say" more by saying less. I found this article today recommended by IAAP's OfficePro. I've found this is often a good strategy in meetings or networking gatherings.