Your contracts are the lifeblood of your business – no contracts means no customers. You should have all your contracts well stored, organised and easily available. Mislaid contracts can lead to missing important deadlines or the opportunity to renegotiate, potentially losing revenue. If your contracts are well managed, you can boost your productivity – no more hours lost searching for the right document. Here are four steps to take to organise your contracts today.
1. Get them all in the same place
It is no use having contracts spread all over your desktop in various files and saved on multiple hard drives. Bring everything together into one central contract depository. Having a central storage place that all members of staff have access to will cut down on any confusion.
2. Invest in a quality contract management system
Contract management software enables you to organise and search for your contracts according to various data fields; for example, you can organise and search by renewal date, company name or billing dates. These fields, called tags, can be used to generate reports, which is great for when it is time for audits. Tagging and organisation are automatic with such software, taking the stress out of contract organisation for you and your staff.
3. Automate for efficiency
Your team should spend as much time as it can on the tasks that have a higher value. If you have a contract system that automates things like sharing files, flagging when a contract is up for renewal or needs a signature, this gives your staff the time to focus on other tasks.
4. Security upgrade
You should make sure the security of your central contract storage area is the very best it can be; for example, make sure that your storage system has access control and encryption. It is your responsibility to keep your clients’ details safe. Companies such as contractswise.com can help you to choose the right contract management software for your business. You should also make sure that you are backing up on hard drives, not only in your workplace but also externally. Using the cloud can cover all your data in case of on-premises events such as fire or flood.
Think about improving your contract system for improved efficiency and peace of mind about safety and security.