Building Small Business Contract Management For Growth
After the pain of thousands of hours of contract review we came to the conclusion that we weren’t fans of how a lot of companies run their SaaS contract management processes. Contracts are the true source of data in your business but it’s not easily accessible. We wanted to unlock this data to help startups with building scalable systems early and fast.
To build processes that scale you need to build legal processes that create data.
Contract Sent is focused on building good data creation into the day-to-day processes of your business. We want to build systems that extract reliable sources of truth data that can then be used to drive the rest of your business. No more garbage in, garbage out.
Signed Contracts
Signed contracts are the most reliable source of truth in any business. They are the enforceable legal lever that represents everything starting with your revenue.
Auditable Data
There’s a reason why due diligence spends a lot of time reviewing your legal agreements. They are the most reliable source of information in business.
Structured Data
Contract Sent looks to build a process for the transfer of your most reliable data into structured data that’s easier to make business decisions with.
Data that Matters
We aim to have the most valuable and actionable data extracted into a format that you can analyse. Cutting though the noise of anything else.
Build structured data from the start to save time later.
Creating business processes that will give you actionable contract data starts at day one of any business. The further down the road you let this go the harder it will be to reverse course and fix your data.
Track and measure the contract data points that matter
Legal contracts tend to have several points that can be pivotal to your business success and then a lot of clauses that are just standard sales contract. Knowing what to track cuts down on a lot of noise and that’s exactly the approach we take, focus on the important factors for sales, renewals and risk.
What should you be tracking?
Knowing the key points of your contracts that should be included in SaaS contract management will put you ahead of the crowd in knowing how to run your business.
Contract Dates
When they start and end
Keeping track of your customers contract start and end dates are important for your revenue recognition.
Termination Clauses
When can they terminate?
Can a customer terminate for convenience or just for cause? And what happens if they terminate for convenience?
Refund Clauses
Do I refund customers?
Refund clauses can be difficult. SaaS companies outlay costs to get customers, refunds can hurt cashflow.
IP Licenses
Who can use your IP?
When you sell licenses to your product you need to understand what customers are licensing and what they can do with it.
Contract ARR
What revenue is recurring?
Tracking how much value in each contract can be recognized as recurring will be important for your growth tracking.
SLA’s
It’s important to track the service level agreements that you have in place with customers and track penalties for breach.
Wanting to get started?
Contract Sent will turn your unorganized contract folders into easy to access data with better contract negotiation and communication