Of course, you’ve put lots of time and effort into establishing your new Florida business. Really, savvy management allows steady growth. Truthfully, you run a hard-working organization with company records. Yet, now those records are piling up. Hence, they’ve become a challenge.
Really, where will you store them all? Plus, how long should you keep them? The former is a matter of office space you have. Actually, the duration of records retention includes many factors. They involve industry and government requirements.
Also, physical and digital storage issues are included. Additionally, there are potential legal hurdles. Consider the records of Florida companies. In reality, they must be retained for a specific period of time. Included, are medical records. Essentially, they must comply with HIPPA regulations.
However, others have more flexible time frames. Hence, there’s one way to ensure compliance and keep your business running. In fact, it’s to adopt a retention schedule.
The Importance of a Records Retention Schedule
Truthfully, establishing a formal records retention schedule reduces cost and liability. Additionally, it boosts the overall performance of records management. Ultimately, it ensures a return on investment. Thus, here is a look at some of the many benefits:
A formal retention schedule ensures the timely destruction of records. Also, it guards against potential legal or audit issues.
Compliance with Requirements
Really, an established schedule verifies your company follows document destruction regulations. Essentially, this schedule includes time frames and the duration of retention. Also, it contains the date of destruction and other restrictions.
Boost Your Records Management Processes
Basically, a comprehensive policy can identify critical documents. Then, it weeds out the unneeded. This, in turn, makes your records management more efficient. At the same time, it saves money.
These days, office space isn’t cheap. Therefore, filling it with outdated documents reduces business efficiency. In fact, a regular retention schedule clears out the old. Then, it frees up valuable space. Consequently, it improves your daily operations.
Potential Issues and Risks of Going Without A Retention Schedule
Certainly, many Florida businesses don’t have a records retention schedule. In that case, you’re left vulnerable to issues including:
- Reduced efficiency due to extra time spent searching through old data.
- Stockpiles of old documents are susceptible to legal ramifications if not destroyed.
- Lost opportunity to use a spare office for growth instead of storage for piles of documents.
- Storing extra records can be costly.
Essentially, partnering with a reliable document destruction company gives peace of mind. In fact, you’ll save time and money. Then, you can focus on your business’s growth.