Business is all about risks. Whether you are a small business owner contemplating opening a second location, a Silicon Valley venture-capitalist on the lookout for the next big thing, or a multi-billionaire ruminating over entering the race to bring space tourism to the masses, your future could depend on the risks you take and how you weigh the pros and cons in making a decision.

making a tough decision

That is all well and good when the risks are your own – when they are conscious decisions that have been made after careful consideration of possible risks and returns. For example, the small business owner may decide that his children’s education is paramount and shelve plans for expansion until the trust funds are looking rosy. Conversely, he may decide to go all in and put all his efforts into his expansion plans. Whatever happens – whether boom or bust – it was his decision.

But what if the thing which leads to your business losing money, contracts or staff, wasn’t down to a careless choice, or a misinformed investment, but just that you took your eye off the ball? This would be particularly galling as it is something that shouldn’t have happened. It was entirely preventable.

Down to the nitty-gritty…

It’s fair to say that contracts are ubiquitous in business:

  • You employ a new worker – CONTRACT!
  • You insource a new cleaning company – CONTRACT!
  • You sign a lease on a new property – CONTRACT!
  • You agree to supply the local Hospital with sandwiches – CONTRACT!

And so on, and so on…

Think about it – that’s an awful lot of contracts to keep track of, and an awful lot of information within each contract! When did they begin? When do they end? How long are they for? Do they renew? When are payments due? When do I get paid?

A contract on the table

Imagine letting your contracts get to a stage where you are unaware of any of your contractual questions or answers. This could lead to the scenario described above – losing money, contracts or staff simply by not keeping, or not having the ability to keep, your eye on the ball.

Payment dates passing by unnoticed could result in cancelled contracts, fines or even legal proceedings. If an employee is reaching the end of their contract and you are oblivious to the fact, they may look elsewhere. Similarly, if you are unaware that the contract for the service or product you supply is due for renewal, you may face the prospect of the recipient shopping around for a better deal. Remember, all this was avoidable. Any of these happening could result in loss of earnings, time, resources and experience and the addition of bruised shins through your kicking yourself!

The simple, straightforward answer

What if I told you that the answer to these headaches was just a few clicks away?

I am referring, of course, to contract management software.  Contract management software takes the stress out of contracts. You will no longer have to juggle dates, deadlines, costs and payments, as they will all be fully automated. All the information you need is at the touch of a button.

Payments can be automated to ensure no missed deadlines. Reminders can be set so you are always made aware of upcoming contract expiration dates. You can take human error completely out of the contract equation.

If you haven’t yet heard of, or tried, contract management software, I suggest you give it a whirl. There are several options available, just make a search to compare what’s out there. I recommend something which is cloud-based, so it is not limited by platform. This would mean that you could use it in the morning in the office, then after hours in the comfort of your own home on your mobile phone. And something secure which utilizes respected cloud servers such as Google Drive. So make a decision that could benefit many areas of your business, and make the switch to contract management software.