Does it seem like 5 minutes after you upgrade software, it’s time for another upgrade? You are not alone! The world is always changing and in a constant state of improvement. That is certainly true for technology, but when it comes to legal matters, you want a solid foundation for your business. It is best practice to ensure that all working relationships with clients, partners, suppliers, and contractors are based on sets of legally binding contracts. Rather than spending valuable time on admin every time you are ready to sign a deal, it is more efficient to have forms at your fingertips. Read on to learn the top 3 reasons to have fillable contracts ready to go in your startup or SME.
#1 Be Nimble with Closing Deals
Closing deals with a customer, partner, supplier, or contractor is the end stage of a process which may be weeks or months in the making. It’s the exciting win after identifying a prospect, developing a relationship, and negotiating a deal. Often, you don’t know exactly when you will get that green light. When there are
many stakeholders involved with the counterpart you are negotiating with, there may be a period of waiting on approvals before you get the signal to send over your contract. That is the first of 3 reasons to have fillable contracts ready to go - you can be nimble with closing deals. You can quickly and easily add the specific terms and particulars, and send over the paperwork to legally bind the relationship.
#2 Focus on the Close
With a finite time every week and big goals for getting things done, you want to utilise the best tools and tricks to gain efficiency. One of the downsides to multitasking is the drain on energy and focus. This is one of the most important reasons to have fillable contracts ready to go. It gives you the peace of mind of knowing that properly worded contracts with all the appropriate terms and conditions set out are available when you are ready to use them. This frees you to focus on developing the new relationship, and closing the deal.
#3 Look Professional
We know appearance and image matters, especially in the initial stages of developing a business relationship. Emails, meetings, and text messages are perfectly acceptable during the process of negotiating the details of a new partnership, deal, or project. Note that relying on these is one of the contract mistakes you may be making. <Link to Contract Mistakes You May be Making article> However, when it comes time to make things official, you want to look like the professional you are. Cutting and pasting blurbs off the internet into a document isn’t going to cut it. Using what a colleague provided you is also not going to protect the interests of your company. The most impressive closing is to have professionally written and designed contracts prepared to send over for a legally binding signature.
According to the Pareto Principle, 80% of your results come from 20% of your actions. This is the basic foundation for these 3 reasons to have fillable contracts ready to go in your startup. The bottom line is that prioritizing your time on closing deals is your highest impact task. Focus, standardize and close the deal.
We got the first two. Start your programme today to start increasing your productivity and returns.