Top Tips for Navigating Contracts and Management Software

Sep 7, 2020

Top Tips for Navigating Contracts and Management Software

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Business is a team sport. If another party isn’t selling to you, buying from you, or partnering with you, your business won’t be successful. Isolation simply isn’t an option.

Reach out to others who have something you needideally, you have something they need, too. This relationship is comparable to a gymnastics team, where individuals have unique strengths and abilities that combine for a shared score at the end of the competition.

Before this type of collaboration can occur, all parties usually must draft and sign a contract. In a contract’s simplest form, a customer makes a purchase from your business, and the receipt you give them at the point of sale represents a promise of what you have delivered—or will deliver. Contracts get more complex and robust when other businesses and interests get involved.

“Most business relationships begin with a contract that spells out how business will be done,” says a contract technology report from PC Mag. “It could be a formal contract, like the one drafted by a team of lawyers, or an informal one, such as the agreement between a customer and an e-commerce retailer. Contracts spell out how revenue will be generated, and what each party’s recourse will be if expected outcomes don’t happen.”

Think of contracts as safety nets for your small business. When everything goes according to plan in a business relationship, the contract merely exists as a blueprint for success. But when things turn sour, the details in that document can help prevent serious threats to your finances.

About the Author

Grant Olsen

Grant Olsen

Grant Olsen is a writer specializing in small business loans, leadership skills, and growth strategies. He is a contributing writer for KSL 5 TV, where his articles have generated more than 6 million page views, and has been featured on FitSmallBusiness.com and ModernHealthcare.com. Grant is also the author of the book "Rhino Trouble." He has a B.A. in English from Brigham Young University.

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