Business contract management is a very important part of any business (redundancies aside), after all contracts can dictate how, when, and even where you do business. Knowing the right way to manage your contracts can help your business thrive.
Business Contract Management 101:
One of the first things you should do to improve your current business contract management is to examine and assess your current process. Find out what practices are working for you and which ones just aren’t making the cut. It’s also important to identify why these practices work or don’t work. Once you have narrowed the list down, you should set some attainable goals for improvement that are easy to implement and understand.
Another thing that can help your business contract management is using process templates that are worded in easily understandable language rather than legal babble. Making your contracts easier to read in laymans terms and using the same template over and over again both save you time and money by cutting out the required work of hiring lawyers to negotiate specific terms and counter offers.
After implementing templates, the next step is automating. There are so many things to keep track of within the contact management system and they can often get lost in the shuffle. Investing in an automated organization software to store all your most valuable information in is an important step in making sure your files are at your fingertips quickly, correctly, and it can also lower your expenses by combining so many jobs at once.
If you’re still struggling a bit with Contract management don’t be afraid to consult a professional! Ok so we’re not talking about lying down on a couch and telling a stranger your feelings, but a consultant can provide an outside perspective to guide your process in the right direction, and can often see flaws that you may be overlooking.
Lastly, you need to always keep up with the latest business contract management practices and software so that you can stay ahead of your competitors and come out on top consistently every time. Re-evaluate your process at least once a year to make sure that it’s still working like a well-oiled machine and stay on top of the latest trends in technology! Contract management is important to your business, but with today’s automation advances and a little work you can make it so much easier!
Manage and Analyse your Business Contracts with Pipefy!
Pipefy’s Free Business Contract Analysis Template offers an easy way to run your company’s contract management process – creation, alteration, etc. Use pre-designed e-mail templates to ask for internal and external approvals and find out how Pipefy can save your time – and make your life a lot easier.