One thing I get questioned on by valued clients, students, and connections is how and why I keep track of anything and everything related to my business, and have done so for years. The range is from notes about phone calls and correspondence to storing hard copy of documents to keeping folders on the computer (or storage) about specific clients and accounts.
Going back to the days before computers took over, I used a series of spiral notebooks and kept a journal about my activities every business day. There have been times while in my office that I have gone back through them and looked to see where I was, what I worked on, and who I talked to 30 years ago on that date.
The inspiration for starting this came during the late 80s. A valued client revealed that they could no longer pay me the entire amount because they were involved in a lawsuit which could shut down the project. He then went on to show me all of documentation he was gathering for his attorney to support his case and get paid the amount he was owed so he could pay all of us promptly. That pile of papers contained memos, correspondence, invoices, and incredible detail about every step taken. I got a "This is why I save everything!" lecture.
By the end of that day, I brought him a stack of documentation I had about the entire project. It turns out that part of I brought to him wound up being crucial evidence which directly helped with the case, and helped me to eventually get paid. Lesson learned.
Never underestimate the power of a "Here is the email in which you said......." situation. I was reminded about this by the news story about a tenant getting fined thousands of dollars for his actions. Those actions followed the landlord causing problems for the tenant. My bet is that both sides WISH they had the documentation and records like I was trained to keep.
A few dollars for a new file cabinet or more online storage can go a long way toward protecting thousands of dollars for your time and effort.
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