Startups have a lot of contracts, and that’s a smart way to save while testing out potential permanent employees. As a new business, there’s a lot of oomph behind getting off the ground including contracting your web and graphic designers, human resource talent, accounting, content creators, and maybe even entire construction crews if you’re undertaking a brick and mortar establishment. With all those contractors in the mix, how can you keep track of them all? You’ll need contract management software to make sure nothing is overlooked.
Some startups avoid adopting software solutions as a means of lowering overhead. Budgets are tight, but startups often need a solid quote-to-cash process just as much as an enterprise. Whether your contracts are short-term or you’ve signed on seemingly indefinite contracts for consistent revenue, it’s very easy for human error to sneak into the system if you don’t have the right software.
Think of software adoption like preventative care. You want to get it established well before a big problem pops up—and they always tend to with startups. The majority of startups fail, and there are many reasons behind this. However, not having the right tools and choosing to make systems more time- and money-consuming than they need to be is a biggie. Invest in the right technology and tools from the start for a smoother growth process, and you’ll give your startup a better advantage to achieve success.
What if the Current Solution is Fine?
Current solutions, whether software or not, might appear perfectly fine, but startups need more than that. They need a guarantee that their contract management approach is foolproof and can’t fail. They need to know that anyone can walk into the position of “contract manager†and easily see how the process works and take over if necessary. They also need the peace of mind knowing a third-party, like a software support team, is always available if concerns arise.
Oftentimes, a startup will choose a solution based on convenience, price, or both. If it’s free or readily available, it’s snatched up. Sometimes it’s considered a short-term solution that’s never again addressed, while other times it’s falsely considered a smart way to save. There are many ways to save when starting a business, but skimping on contract management and software can’t be one of them.
Startups are steeped in a highly competitive environment, no matter how niche the industry. Settling for these important items will instantly put you behind competitors who understand the importance of prioritizing contracts. After all, your contracts—whether an outsourced solution for business or a client—are the driving force behind your business and growth. They deserve to be treated with respect, which means the best technology and support available.
When to Adopt
People seem to take their time when upgrading software solutions. Ideally, contractor management software isn’t an “upgrade†for a startup, but the very first solution they adopt. This ensures a truly seamless process, and the highest quality solutions integrate with most other software offerings available. However, most startups already have some kind of “contractor management†in place, even if it’s makeshift. The earlier you embrace the best contractor management software for you, the better off the business will be.
Avoid putting software research on the back burner. It might not seem like the most pressing task, but it could be informing nearly every part of your business from invoicing management to getting the best bids and prices from clients. It’s one of the hubs of a startups. Founders are, of course, very busy, and the idea of spending hours researching software isn’t very appealing.
Fortunately, there are only a few top tier contract management solutions on the market, which makes cherry picking the perfect one quick and easy. For example, a contract management solution like Due offers a way to deliver customized estimates, quotes, and invoices that enhance brand recognition and provide a professional and convenient online delivery of these important documents. Additionally, the software includes time tracking, project management tools, and online payment acceptance methods. Having such comprehensive features streamlines work, reduces costs, and raises cash flow.
Scan the highlights of the software to find the best fit, and opt for a solution that can be customized to your startup and budget. Free trials are a must, as are demos to get a sneak peek of what to expect.