Small businesses generate documents just like their larger cousins – the middle-sized and large-sized business.
- When a new employee is hired
- When an existing employee is disciplined for an inappropriate action in the workplace
- When a contractor is awarded a bid for renovation work
- When a local zoning law changes and questions must be asked of the municipal government
- When an employee signs up to a health care plan
The proper management of all of these documents related scenarios, and many more, is key to the robust health of the small business. This article points out 4 compelling reasons why an astute small business owner may want to outsource document compliance management to a reliable actor.
Sure, hiring a firm to manage your documents will cost the small business owner capital but mismanaged documents can cost her much more. A productivity expert can tell you some surprising things. Harte-Hanks has reported that a whopping 97% of workers are frustrated by how their company manages information. Forbes Magazine has reliably told us that an executive will typically spend 150 hours every year looking for information that has gone missing. Oh, and paperwork has elbowed cranky workers and wonky technology out of the line to earn the top spot as the biggest burden for the small business owner in America.
At a basic level, controlling printing and copying costs can add to your profit. According to an article written for ComputerWeekly.com, the automobile company Ford added between 1 % and 3 % to their bottom line by making the decision to get an outside firm to print and scan all of their documents.
If you or your employees cannot easily find the information you need when you need it you are eating into your profits. You are spending time otherwise spent devising marketing tactics or contacting customer looking for documents and information. It is that simple.
Small business owners are intensely aware that government agencies have rules and regulations about how documents are managed – likely more so than their counterparts at a larger firm. Say an employee decides to sue a small business for wrongful dismissal. Proper document management and archiving can mean the difference between a legal win or loss. It is not enough to act ethically; you must be able to prove that you have done so.
International systems such as ISO were established so that clients could be assured that certified companies were conduction business in a way that incorporated all the established best practices of the relevant industry. Small businesses can benefit from such accreditation just as their larger cousins do.
In the world of ubiquitous social media and increasingly stringent privacy laws, disposal of documents in the proper manner - as prescribed by law, is key to protection against legal challenges.
That a small business must take document compliance management seriously is clear. Just as regulations have become more complicated and privacy laws more intricate, firms – large and small – have perfected the art of document compliance management.
A small business owner need not spend significant amounts of her precious time researching compliance regulations and spot-checking document placement within her organization. Document compliance management can be farmed out, just as artwork or structural repair can be.
As a small business owner, you have several bright and reliable options should you decided to outsource your document management. Cap Ventures has done research that shows that document outsourcing is projected to grow just under 5% by 2015. The market has been and will continue to create solid outsourced specialists that can manage your documents, and ensure that you comply with all relevant regulations, for a reasonable fee.
One last thought
We leave you with one thought. When outsourcing your document compliance management to an expert firm, you are not released from legal culpability related to these documents. A small business owner must still know what is happening with their documents. It is just that it much easier to have someone do the work and then explain what they have done in point form than to head off into the wasteland of document management unaccompanied.