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How to speed up my sales contracting

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How to speed up my sales contracting

Closing sales fast is the bread and butter of any growing startup. Your sales cycle and closed won to cash in bank cycle are very clear indicators of a businesses ability to grow fast. Every founder or head of department should be involved in answering the question ‘how to speed up my sales contracting’ as part of this. Whether it be in the form of getting involved in negotiations or building out the product to be less risky for customers – everyone should be involved. Every delay in the contracting process can mean a lost opportunity or a frustrated client. Lets have a look at some strategies and techniques to speed up your sales contracting process, helping you close deals faster and drive revenue growth.

Why Sales Contracting Matters

Sales contracting is the step of the your sales pipeline where agreements are formalized, defining the terms and conditions of a sale. It sets the foundation for a successful business relationship and ensures clarity and legal protection for both parties involved and helps you move forwards.

Impact of Slow Contracting on Sales

Slow contracting can have detrimental effects on sales performance. It leads to prolonged sales cycles, increased customer churn, and missed revenue opportunities. Moreover, it can give your business the reputation of hard to work with, as clients expect prompt and efficient service when they want to use your product.

Common Challenges

Identifying the bottlenecks in your current contracting process is the first step towards improvement. Common challenges include manual paperwork, complex approval workflows (getting the right people to approve changes in your contracts as you negotiate), and lack of integration between sales and legal teams. By addressing these bottlenecks, you can speed up your sales contracting process and enhance overall efficiency. At Contract Sent we’ve built out our contract management tasks feature to allow you to quickly assign tasks for approval.

Analysis of Current Processes

Conducting a thorough analysis of your existing processes helps pinpoint areas for improvement. Look for inefficiencies, redundancies, and points of friction that slow down the contracting workflow. Our contract tracking dashboard will make this easy for you.

Implementing Automation Tools

Embracing automation tools such as electronic signature platforms, contract management software and contract comparison tools can significantly accelerate the contracting process. These tools streamline document creation, approval, and signing, reducing turnaround times and minimizing errors.

Simplifying Document Templates

Simplify your document templates to make them more user-friendly and adaptable to different sales scenarios. Standardize contract clauses, terms, and conditions to expedite the drafting process and ensure consistency across agreements. Using a contract template library will massively improve your efficiency here.

Training Sales Team on Efficient Contracting

Provide comprehensive training to your sales team on efficient contracting practices. Equip them with the necessary skills and knowledge to navigate the contracting process smoothly and handle objections or questions from clients.

Digital Signature Platforms

Digital signature platforms enable remote signing and instant document exchange, eliminating the need for physical paperwork and postal delays. They offer a secure and legally binding way to finalize contracts in minutes, not days. It might sound simple but a lot of companies are still not using these!

Contract Management Software

Contract management software centralizes contract repositories, automates renewal reminders, and tracks contract performance metrics. It provides visibility into the contracting pipeline and facilitates proactive management of agreements. Contract Sent has been built as a contract management platform for early stage businesses.

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Enhancing Internal Communication

Promote open communication and collaboration between sales, legal, and other relevant departments involved in the contracting process. Establish clear channels for feedback, approvals, and escalations to prevent delays and misunderstandings.

Facilitating External Collaboration

Foster transparent communication with clients throughout the contracting process. Keep them informed about the status of their agreements, address their concerns promptly, and offer personalized assistance to expedite the closing process.

Understanding Client Requirements

Take a consultative approach to understand your clients’ needs and preferences regarding contract terms and conditions. Tailor your agreements to align with their goals and objectives, fostering trust and loyalty in the relationship.

Offering Flexible Contracting Options

Provide flexible contracting options such as tiered pricing, customizable packages, and scalable contract terms. Empower clients to choose the options that best suit their needs, facilitating faster decision-making and accelerating the sales cycle. Following some common contract negotiation tips will help you improve this process.

Key Performance Indicators (KPIs)

Define key performance indicators (KPIs) to measure the efficiency and effectiveness of your contracting process. Track metrics such as contract cycle time, conversion rates, and customer satisfaction scores to identify areas for improvement.

Continuous Improvement Strategies

Implement continuous improvement strategies based on data-driven insights and feedback from stakeholders. Regularly review and optimize your contracting workflows to adapt to changing market dynamics and customer expectations.

Legal Review and Compliance Checks

Prioritize legal review and compliance checks to ensure that your contracts adhere to relevant laws and regulations. Involve legal experts early in the drafting process to minimize legal risks and mitigate potential disputes down the line.

Staying Up-to-Date with Regulations

Stay informed about changes in legal regulations and industry standards that may impact your contracting practices. Regularly update your contract templates and procedures to reflect the latest requirements and best practices.

Identifying and Mitigating Risks

Identify potential risks and vulnerabilities in your contracts, such as ambiguities, omissions, and conflicting clauses. Develop risk mitigation strategies to address these issues and protect your business interests.

Implementing Risk Management Strategies

Implement robust risk management strategies to safeguard against unforeseen events or disputes. Consider using insurance coverage, indemnification clauses, and alternative dispute resolution mechanisms to minimize exposure to legal and financial risks.

Encouraging Feedback and Innovation

Encourage a culture of continuous improvement and innovation within your organization. Solicit feedback from employees and stakeholders on ways to streamline the contracting process and leverage technology to drive efficiency.

Recognizing and Rewarding Efficiency

Recognize and reward employees who contribute to improving the efficiency of the contracting process. Celebrate milestones, share success stories, and incentivize teamwork to foster a collaborative and results-driven work environment.

Highlight real-life examples of companies that have successfully optimized how to speed up my sales contracting process to achieve measurable results. Share insights, best practices, and lessons learned from these case studies to inspire and inform your audience.

Everyone in your business should be working together to answer the question – how to speed up your sales contracting? This process is a team effort for maintaining a quick lead to cash cycle in the business and will determine how fast your business can really grow. By identifying and addressing slow areas, leveraging technology, prioritizing client needs, and building a team where your sales and legal departments work together as one, you can streamline your contracting workflow, close deals faster, and drive sustainable growth.

1. How can automation tools improve the sales contracting process?

Automation tools streamline document creation, approval, and signing, reducing turnaround times and minimizing errors.

2. What are some key performance indicators (KPIs) for measuring contracting efficiency?

Contract cycle time, conversion rates, and customer satisfaction scores are common KPIs used to measure contracting performance.

3. How can companies ensure legal compliance in their contracting practices?

Companies can prioritize legal review, stay up-to-date with regulations, and involve legal experts early in the drafting process to ensure compliance.

4. What role does communication play in accelerating the contracting process?

Open communication and collaboration between internal teams and clients facilitate faster decision-making and smoother contract negotiations.

5. How important is it to offer flexible contracting options to clients?

Offering flexible options empowers clients to tailor agreements to their needs, speeding up the negotiation process and enhancing customer satisfaction.


ABOUT THE AUTHOR
Contract Sent

A contract management system built for startups to manage, negotiate and report on their SaaS contracts.

Contract Sent is not a law firm, this post and subsequent pages on this website do not constitute or contain legal advice. To understand whether or not the ideas and guidance on the Contract Sent website is applicable to your business, you should consult with a licensed attorney. The use and accessing of any resources contained within the Contract Sent site do not create an attorney-client relationship between the user and Contract Sent.

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