How Many Contracts Does Your Manufacturing Business Have?
Across all your manufacturing plants, your offices, your logistics teams...
Do you know the answer? You probably don’t know the exact number... but can you estimate it?
Most manufacturers can’t.
Every now and then a company does a “contract audit.”
They go through all their file cabinets, and count up every last contract they find.
And they’re SHOCKED by how many turn up.
They sometimes find 2, 3… even 10 times as many contracts as they thought they had.
Contracts with vendors, customers, employees, insurance companies, and landlords… they add up quickly.
And it’s nearly impossible to keep track of all of them…
Unless you have a system.
Why it's super-important to renew your contracts
and why an Excel file isn't enough
Let’s say you sell paper clips.
You have a contract with a law office. You bring them 100,000 paper clips every month. In exchange, they pay you $5000.
One day, the contract expires.
You don’t realize the contract is up. So you bring them the paper clips anyways.
(After all, things are busy at the office… and who has time to keep track of every single contract with every single customer?)
Did you know that the lawyers can legally refuse to pay you?
That’s right — $5,000, right out of your pocket, all because of a paperwork mixup.
Unfortunately, this is all too common.
People get busy.
Big things happen, and companies forget the little things… and then those little things turn out to be a lot bigger than everyone thought.
The other party sees blood in the water — and they seize the moment. It’s practically legalized theft. But by then, it’s too late to stop it.
Okay, but what if I don’t have any contracts with my customers?
Why do I need to be worried about staying on top of my contracts?
Suppose you forget to renew a contract with one of your employees.
One possibility: they can feel undervalued, or be upset with you, because of a simple misunderstanding.
And what if they had a non-compete clause? When their contract expires, they can walk into your office out of nowhere, hand in their resignation, and go to work for one of your competitors… and if you didn’t know their contract was about to be up, you could be completely blindsided.
Or maybe you forget to renew your workers’ comp insurance. You pay the premium.
Then, one of your employees trips and falls. They break their ankle. They blame you.
Guess what? Your insurance company doesn’t have to pay you a cent. You have to pay the whole thing out of pocket.
Not to mention, noncompliance can get you sued… and sometimes, it’s as simple as everyone in the company forgetting they have a deadline.
Bottom line: if you don’t stay on top of your contracts, someone can take advantage of you — which could cost you a lot of time and headache (not to mention thousands of $).
Who needs a file cabinet?
Filing cabinets… physical filing cabinets… are a thing of the past.
For one, they take up a lot of space… (and office space isn’t cheap these days).
Second, it’s almost impossible to find what you’re looking for quickly in a file cabinet. Even in the most organized system on the planet, things get misplaced.
And even worse, vitally important documents got lost or destroyed all the time.
When Microsoft Office came out, some people started using Excel to keep track of their contracts.
They kept a list of all their important dates.
They organized their contracts by vendor, or by department.
Excel was great because it let them look something up at a moment’s notice with Control-F, instead of spending minutes flipping through a file cabinet.
But Excel wasn’t perfect: things would get busy in the office, or they would forget to update the spreadsheet to the newest version…
And BAM! They would lose track of something, or fall out of compliance…
And disaster would strike.
And Excel wasn’t that convenient, either. Sharing an Excel file with an entire office is tricky.
It was hard to access contracts, and even more, it was hard to make sure the right people had access.
That’s why in today’s digital age, more and more people are using specialized software like Contract Hound to manage their contracts.
It helps them stay on top of everything, which saves them time… and prevents a noncompliance disaster.
What can a contract management software like Contract Hound do for you — that a file cabinet or Excel can’t?
Never miss a contract expiration, or other important date. Schedule a reminder, and we’ll give you a heads up before anything big happens. You can email yourself, or other people, or both!
Puts you in complete control.
Your whole team has access — but you decide who gets access to what contracts. Who can view what, and who can edit what, is completely up to you.
Need to run a new deal past legal, ops and logistics? Set up a workflow — this will send the paperwork to each team only when it’s been approved by the previous one – making signoff 10x faster.
It’s all in the Cloud.
If you’ve got an internet connection, you can access all your files from anywhere in the world. Want to send a contract to someone else? It’s easy.
Easy editing with version control.
If you want to edit a contract, or create a new one, you have everything you need at the tip of your fingers. We also keep a revision history, so you can view and use old versions anytime you want.
Learning to use a new software can be tricky, but it’s a lot easier when you have a customer service team you can call. We’ll help you understand the software so it makes your life easier and not harder.
Is Contract Hound for you?
Can it save you time? And can it make your business work like a finely tuned machine?
More important — can it help you avert disaster?
Try it — for FREE — and find out.
Click below to get started with Contract Hound today.