5 Things You Must Document in Your Business (Or Watch It Fall Apart)

The Head-Only Business

Let me tell you the truth: Many business owners keep everything in their head.

Nobody talks about it because it feels like strength—"I can handle everything myself."

But here's what really happens:

• Business information is scattered
• Mistakes repeat themselves
• The business becomes fragile
• Personal money and business money mix
• Nothing is steady

If you don't write things down, nothing stays stable.

The 5 Things Every Business Must Document

1. Sales Records

What to record:

• Who bought
• What they bought
• How much they paid
• When they bought
• How they paid (cash, transfer, POS)

Why it matters:

• Know your actual revenue (not guessed)
• See which products sell most
• Track who your best customers are
• Have proof for tax purposes

Simple format:

2. Expenses and Costs

What to record:

• Every expense, big or small
• Category (transport, supplies, utilities, etc.)
• Date
• What it was for

Why it matters:

• See where money actually goes
• Without records, profits disappear mysteriously
• Find expenses to cut
• Claim proper deductions for tax

The rule: If money left your business, write it down. ₦100 or ₦100,000—record everything.

3. Stock/Inventory Levels

What to record:

• What you have
• How much of each
• Reorder level (when to buy more)
• Last count date

Why it matters:

• No stock should finish without your notice
• Know what's selling fast
• Don't tie up money in slow items
• Catch theft or shrinkage

Simple weekly check:

Count your main items every week. Compare to sales. The math should match.

4. Customer Data

What to record:

• Name
• Contact (phone/WhatsApp)
• What they usually buy
• Any feedback they've given
• Special preferences

Why it matters:

• Follow up on potential sales
• Remember returning customers
• Personalize service
• Build relationships that last

Basic customer list:

5. Processes and Systems

What to document:

• How you take orders
• How you handle payments
• How you do deliveries
• How you close each day
• How you handle complaints

Why it matters:

• Work gets done the same way every time
• You can train others
• Mistakes reduce
• Business runs without you

Simple SOP format:

TASK: Taking an Order
STEPS:
1. Greet customer
2. Check stock availability
3. Quote price from price list
4. Confirm payment method
5. Record in order book
6. Set delivery date

How to Start Documenting

Option 1: Notebook

• One notebook for sales
• One notebook for expenses
• Simple, always available
• Cost: ₦500

Option 2: Spreadsheet

• Google Sheets (free, accessible from phone)
• One sheet per category
• Can calculate automatically
• Easy to search

Option 3: App

• [TaxHQ Accounting](/accounting) for transactions
• Automatic calculations
• Reports generated for you
• Professional records for tax

The Transformation

Week 1: Feels like extra work

Week 2: Starting to see patterns

Month 1: Clear picture of your business

Month 3: Making decisions based on real data

Year 1: Business runs smoother, grows faster

The Cost of Not Documenting

Every business that doesn't document eventually:

• Loses money without knowing where
• Runs out of stock unexpectedly
• Forgets customers and loses them
• Repeats mistakes
• Can't answer when FIRS asks questions
• Can't get loans (banks want records)
• Can't sell the business (no proof of performance)

Start Today

Pick ONE thing from this list. Start documenting it today.

Tomorrow, add another.

In one month, you'll have a business that's documented, stable, and ready to grow.

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*Make documentation easy. Our Accounting Dashboard automatically tracks sales, expenses, and generates the records you need.*