Savvy SEO consultants should consider contract management software to prepare themselves for future growth, minimize their potential risks by keeping their contract language safe, and avoid turning down jobs because they cannot handle the administrative work of too many contracts at the same time. Here is a discussion of these 3 factors.
Prepare for Future Growth
Most SEO consultants do not fully understand how many hours they spend on the “quote-to-cash” process, better known as the contract management process. If you were to sit down and actually count the hours that you spend on activities such as new contract requests, contract authoring and creation, and other related activities, you would be surprised at how little time you budget to these tasks. While a paper-based system may be fine for handling a dozen or so contracts, things are quite different with a couple dozens. In order to concentrate on your core value-creation activities, you need to establish a more automated process for keeping track of the different stages of your client portfolio. By streamlining your contract management system, you will be ready to adequately handle future growth.
Minimize Potential Risks
While having contract templates is important, it is even more important to keep track of when and how you deviate from your templates. You need to be able to check with the click of a button, rather than to shuffle for 30 minutes through a pile of papers, the instances that you offered a deep discount to close a sale or the instances where you did not set adequate preset thresholds for remedies for poor performance.
Knowing when you offered extraordinary discounts, will allow you to plan better because you are working with a more accurate cash flow. Knowing the contracts that expose you to greater potential liability claims, will enable you to prepare accordingly with an appropriate measure or insurance, if necessary.
In the excitement of current success (or fear from financial distress!), SEO consultants often may take on one too many clients and start to fall behind due to an inappropriate contract management system to handle the additional pressure of maintaining this work flow. Just like in the first point, not being aware of the required number of hours for proper contract management, will negatively affect your business. Don’t burn yourself by taking more on what you can truly handle: consider investing in a contract management software.
Image Source: www.freshbooks.com/blog
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