Good Business Habits - Get it in writing!
One of the things that I've learned in my years of school and working in the professional services industry is that everything important should be obtained in writing and distributed in a where it is accessible to all the relevant parties. With modern technology, it is easy to get the evidence you need for your situation, whether it be an email record or your professor’s approval of your project, or an electronically signed contract between you or your client.
Why should I get something in writing?
Terms will be laid out and agreed upon and acknowledged by both parties
In my job as a teacher, I often say something in class that could change the expectations or requirements for the upcoming class. At the same time, I am aware that not everyone is paying attention all the time. To ensure that the new terms are communicated appropriately, I am sure to send out an email and ensure it is received by all my students so I know everyone is on the same page going into next week. Over the years, I've evolved this practice to formally approving deadline extensions and other content amendments for assignments. This is helpful for the other party as well, if you are a student or a client, having an email or contract amendment signed by the professor or provider can be very valuable when ensuring that everyone is on the same page.
When you email the document, you and the other parties involved will have an electronic record
If you are like most people you will have access to your email on your phone. This serves as an electronic backup for both the sender and the recipient because the message and its contents will be contained in the inbox and outbox of the recipient and sender, respectively. There have been many times where I was on the road where I needed to reference something from a client or student, and I could pull the most recent communication up from my email and quickly obtain the email evidence instead of relying on my spotty memory.
It leaves an audit trail for the transfer, timing, and (if applicable) acknowledgement of approval
As a part of my job, I perform financial statement audits, which involve very thorough examination of my client’s books and records to ensure that their financial statements and supporting documentation are accurate. In doing this I get to see how many businesses operate from the inside-out. Many parts of the audit involve me (the auditor) obtaining evidence of review of a document before it moves to the next part of its process, like an unpaid invoice or payroll register. Every client handles this differently, but I often see the evidence of review taking the form of an email from the CEO simply saying “Approved”. On that approved email chain I can see the initial request, the approval, and the timing of each. As a student or business, having a record of the message, when it was sent, and the people it was sent to can be invaluable when you need it.
Why is this important?
If you’re still in school, or are in the early stages of your business venture or professional career, it’s important to know that a lot of the habits you develop are a result of an experience, such as not having written evidence when you needed it, or in response to instruction, such as reading this blog to develop better habits. Our main goal today is to teach you a simple habit or set of habits that can benefit you greatly in the future. If you take anything away from this blog, start maintaining your important communications in writing!