Learn the Contract Management Basics for Tech Scaleups
Rapid growth is one of the key characteristics of tech scaleups. That’s exactly why founders and team members are generally bent on increasing efficiency. What does contract management have to do with that? Actually, it makes for one of the quickest ways to streamline your entire venture. Here you’ll learn all about the most important contract management basics for tech scaleups.
Table of Contents
- What do tech scaleups need to succeed?
- Why is it vital to have good contract management for tech scaleups?
- Contract management basics for tech scaleups
- Simple contract management for tech with Contractbook
What do tech scaleups need to succeed?
Being part of a tech scaleup is exciting, demanding, and challenging all at once. It’s not just because there’s an enormous amount of work to get done. More importantly, it’s because the entire future of the company is usually at stake.
How is this future decided? What plays a vital role is the way the rapid growth phase is handled. Given that speed is important, it’s crucial to know exactly where to direct your focus. According to the former Skype VP’s advice, given in an interview with McKinsey, here’s what tech scaleups should prioritize:
- Business agility
- Hiring process
- Customer satisfaction
So, why should you focus on business agility? Simple. It’s the best way to increase your chances of standing out from the crowd. The digital landscape is in a state of continuous change and growth. If, as a company, you can’t respond to these changes quickly, you risk getting crushed by your competition.
What about the hiring process? There’s a general consensus that a talented workforce is key to the success of all tech scaleups. If your HR department is slow and inefficient, you lower your chances of attracting the right kind of people.
As the last of the three tech scaleup priorities, customer satisfaction should definitely be at the top of your list. After all, your customers are the driving force behind your company, no matter the industry.
Why is it vital to have good contract management for tech scaleups?
Developing a quality contract management system has many advantages for your business. These include everything from reduced costs to improved bottom line. But when you’re part of a tech scaleup, you’re not just concerned with resources and revenue.
Luckily for you, contract management for tech scaleups also helps you:
- Become more agile by saving time and increasing consistency. As a result, you’re not as hindered as you would be in switching directions and adjusting to any potential changes in the market.
- Nail the hiring process by automating tasks and improving data visibility. When you have control over all your data and obligations, you get to impress the right kind of people.
- Keep your customers happy with streamlined processes and error-free management. Quality contract management for tech scaleups makes everything smoother for your customers and, ultimately, for your business.
Contract management basics for tech scaleups
When you’re a tech scaleup, you need room for growth. Dealing with contracts, if not done properly, can take up a lot of that room by wasting your time and resources. Luckily, there are some contract management basics for tech scaleups that can help you turn this to your advantage.
1. Standardize your processes
In your company, what’s the process for creating a contract when hiring a new employee? If you don’t have a single answer to this question, you’re not being as consistent as you should be.
If you want your rapid growth to end in success, you’ll have to treat inconsistency as one of your biggest enemies. Not being consistent in the way you do things leads to confusion, errors, and time wasting. To avoid all this, you need to start by standardizing all your contract management processes.
Contract templates and consistent language are a great way to have a standardized process for creating contracts. You get in control of the results and significantly reduce the risk of errors, unexpected costs, and legal consequences.
2. Create a centralized repository
Do you know exactly where to find each of your contracts? A lot of businesses have them scattered across multiple locations within the system. This wastes your employees’ time and negatively affects your data visibility.
Having all your contracts in one place is one of the most important contract management basics for tech scaleups. It’s what ensures business agility and your ability to properly analyze your data. This, in turn, helps you recognize both existing issues and potential for future growth. Centralized repositories help in maintaining a single source of truth via features such as folder systems, task management, smart reminders, and activity tracking.
3. Integrate all your tools and systems
When there’s no data flow between your tools and systems, your very processes become less efficient. As a result, you hinder your own growth by working harder, not smarter.
Integration makes for a quick and easy solution to this problem. Just imagine having all your operational, CRM, and collaboration tools and systems interconnected with data flowing seamlessly between them. It’s a whole other level of running a company.
4. Streamline collaboration within the team
When agility is one of your priorities, all your team members need to be on the same page at all times. This is hard to achieve when the communication is fragmented and especially when it’s not tracked in any way.
That’s why contract management requires streamlining team collaboration with the help of dedicated software that’s integrated with your systems.
5. Automate whichever process you can
It makes sense for contract automation to be one of the contract management basics for tech scaleups. After all, you’re already relying on technology and know your way around it. And the benefits are nearly endless, including everything from reduced costs to greater customer satisfaction.
Simple contract management for tech with Contractbook
Now that you know all about the contract management basics for tech scaleups, you might be wondering how to easily implement them. Get access to your own centralized repository and standardized contract templates with Contractbook. The software allows you to use eSignatures, set up automated workflows and reminders, and integrate all your collaboration tools. As a result, you get more time to focus on the big-picture stuff.
So, if what you need is simple contract management for the tech industry, don’t hesitate to get in touch.