Contract management isn’t always top of mind when it comes to small businesses. Customer relationships and basic, fundamental business operations tend to be more of the focus within small businesses, and understandably so. However, to successfully scale your small business, it’s necessary to prepare effectively by implementing a specific contract management strategy.
If your small business has the basics down and your clients are consistently happy with your services, it’s inevitable that your business will grow. In preparation for this growth, we highly recommend utilizing a contract management software solution that can help expedite your growth and make meeting increased demands much easier. Miss out on the growing pains by being prepared for them.
No matter how small or large a business is, contracts are certainly a piece of operations that are critical to organizational functions. Take into consideration the quantity of employee and customer contracts that your business regularly handles. How might non-compliance hinder your contract management process? How about disorganization or missed renewal dates? Issues can be exacerbated by inefficient and disjointed contract management in companies of absolutely any size. To keep your contract management KPIs on the steady incline, implementing contract management software can do just the trick to make achieving results possible.
Let us discover the 5 ways small businesses can utilize Contract Management Software.
When it comes to contract management within small businesses, some businesses today still use manual contract management systems as opposed to technology-based systems. To illustrate, in a manual contract management system, overseeing vendor activities and contracts is very difficult without the help of automated reminder and notification features. In addition, it can be easy to miss milestones and deadlines without a user-friendly dashboard that reveals all current contract-related information.
Contract management software bridges the gap between time-sensitivity of legal agreements and action. Obligation tracking is made easy when it’s instantly accessible and easily trackable. To gain total control and visibility over your small business’ contracts, contract management software truly makes all the difference.
Whether it’s contract requests, collecting signatures, or building contracts – every step can be simplified with the help of contract management software. Consider back-and-forth email chains between prospective clients and contract administrators, or the process of filing and storing physical contract drafts. In these two examples, imagine what digital capabilities could do to increase effectiveness and to save time.
During the contract intake and request process specifically, various items such as mailing drafts and collecting wet signatures can significantly delay the start of a new business relationship. With outdated traditional methods, you lose time focusing on tasks that could be automated or digitally managed, rather than spending more attention on other critical tasks that require hands-on work. Instead of communicating via email tag with your stakeholders, using a centralized contract magnet software solution can make the contract intake and request process incredibly smooth and faster than ever to get new contracts rolling.
Several features including electronic contract request forms, preapproved contract templates and clauses, negotiation and obligation tracing, monitoring approvals, and eSignature capabilities allow you to start the early phases on contract management lifecycles on the most efficient foot. In this way, you actively create an optimized experience for your clients.
After a contract is signed, your small business should be readily equipped with a method that effectively stores contracts and simultaneously ensures compliance via tracking critical items such as renewal dates and obligations. If your small business decides to utilize traditional manual contract management methods, you run the risk of noncompliance, security issues, and data loss. Traditional contract management almost always uses physical copies of contracts that are stored in files, Excel spreadsheets for deadline tracking, and other outdated methods that are both cost and time-inefficient. Scale your small business effectively with contract management software.
The best contract management software solution for your small business will allow you to set automated reminders and notifications pertaining to all critical deadlines (renewal and expiry dates), milestones, and more. To add, the software will leverage audit trails and reporting features that keep your business fully compliant. Through automated lifecycle workflows, you can also free up more time to pursue other avenues that will enhance your small business’ contract management system.
Typical examples of traditional contract management processes:
These various forms of contract management processes inevitably increase the risk of potential security breaches and loss of data.
With a centralized contract management software solution, you can manage all contract data at anytime, anywhere – so long as there is a stable Wi-Fi connection. Manage contracts swiftly and securely with a flexible and digital approach to contract management so you can allocate your time and resources to other strategic advancement and growth strategies.
Gaining sufficient knowledge of how contract management software can help your small business might have you feeling inspired. We would love for you to partner with us and use our Contract Management System so you can be a step further towards reaching your business’s goals.
Dock 365’s Contract Management System offers a centralized and results-driven contract management software solution that can help advance the needs and objectives of your small business. We would love to speak with you about your business’ unique needs so we can tailor our solution custom to you.
As Microsoft partners, we are experts at helping business leverage SharePoint and Office 365 features to revolutionize and streamline contract management. Our Contract Management System is equipped with several amazing features that will help improve the quality of your contract management processes with the help of a SharePoint and Office 365-based collaborative software interface. Improve business dealings, increase contract compliance, reduce bottlenecks and turnaround times, enhance risk mitigation efforts, and completely overhaul contract management team productivity for the better with our contract management software.
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