The bread and butter of any business is propelling growth and increasing revenue. And driving successful growth is best done through customer attraction and retention – especially for small and midsized businesses (SMBs). SMBs work diligently to find, nurture and secure new customers or clients – striving to move them through the contract process as quickly as possible. Unfortunately, the contract management process often looks like a dog chasing its own tail, forcing sales reps to run in circles – having twenty different versions, sifting through never-ending email chains, hunting down people for signatures, etc. – to secure a simple business relationship. According to Docurated’s State of Sales Productivity Study, a sales representative spends only one third of their time selling – and 20% of their time dealing with administrative-related tasks like sending emails and managing CRM records. Fortunately, there is a simple solution to stop this contract chaos. Enter: contract automation software, which allows sales teams to automate the contract signing process and provide a quick, smart way to move contracts to closing faster – giving SMBs the opportunity to focus on growing their business. Not convinced? Here are five fail-safe ways contract automation software can benefit SMBs:
Save Time (Repetition)
As a contract moves through countless email chains awaiting its final signature, time that could be spent building new business leads is wasted. According to Email Stat Center, customer acquisition and lead nurturing are the two primary goals of email programs – but only 14% of daily emails received are seen as crucial to work activities. That means employees waste a tremendous amount of time sorting through unnecessary emails. Contract automation software keeps your inbox un-clogged, expediting the contract signing process by providing a central dashboard to track and manage contracts. The process is simple: employees decide who the contract should be delivered to, adjust the prebuilt form with appropriate information and send it along.Automation tools even allow users to establish due dates and automatic reminders so all parties are in the know on where the contract is in the pipeline – helping SMBs close deals faster.
Digitize And Organize
SMBs work hard to stay lean. No, that doesn’t mean they’re on a diet, but it does mean that they strive to waste as little capital and resources as possible to grow efficiently. In the past, the need for hard copies, vast storage space and manual editing manpower made it hard to keep spending to a minimum. Contract automation tools have flipped the script, making it possible for SMBs to operate digitally from a centralized dashboard. Automation software also allows companies to integrate with other applications such as their CRM and document management systems. This is especially helpful in the contract signing process as the executed contract can be stored in your CRM so your sales team only has to operate in one system. With contract automation, each step of each contract is managed in one organized software, making collaboration faster and easier to track.
Managing important business documents comes with significant risk – especially with contract management. There is a high probability that contract data is misappropriated, the contract is not renewed and expires, or that a simple lack of oversight results in the contract being out of compliance. Contract management software helps to reduce these common contract-related risks. Contracts should never be saved in a place any company employee can access, but instead stored within contract management software. This decreases the potential for sensitive contract data to be misused. Additionally, contract automation solutions offer customizable, automated alerts so your sales team never misses a renewal date and gives the contract a central place to live, where it can be reviewed at any time.
Build a Bond (Personalization, Transparency, Accuracy)
Forming a contractual relationship is a lot like forming a bond between two people. When you’re getting to know someone, you want to build trust by being personable and transparent. The same is true for formalizing a relationship through a contract – and it’s most important for SMBs looking to nurture budding relationships that can boost growth. Contracts should effectively represent your brand, a feat made simple through customizable templates within automation software. Additionally, a major key to honesty is accuracy – and contract automation makes it easy. The contract manager can track all changes made to the contract, making it easier to assure the contract is error-free. And to top it off, contract automation provides clear transparency. No matter who drafts the contract and what stage it is in the pipeline, all parties can stay updated, knowing exactly what it is they are signing on the dotted line for. With contract automation, SMBs can move through the contract process faster and be more informed along the way, saving time and money and solidifying relationships that help their business grow. The best part? Sales reps no longer have to run in circles to do what they do best – win new business.