Contracting, An Introduction to Contract Management
Contracting is the bread and butter of any business.
Contracts are the bread and butter of any business. Working with contractors can improve every aspect of your business, from onboarding to retirement benefits. At Lewis-Price & Associates, we cater mission solutions to your business.
Standardize Your Contract Creation
A good blueprint will ensure any copy stands up. Not that your contracts should be copies of the other, but creating a skeleton for your standard contracts for your company will save you time in negotiations and selling your services. The legal department can approve business language that is thorough and concise that you can piece together in contracts. Incorporating your contract management into your office policies will help streamline contracting. Punctual responses, open communications channels, and steady onboarding and recruitment are excellent practices to build into your business structure.
Components of Excellent Contracting
- Contract creation, negotiation, and authorization require conversations with each party while creating contracts to ensure key stakeholders are happy. Professionals must outline expense authorizations, discuss and negotiate terms, and craft the contract with concise and exhaustive language.
- Contract awareness and document management are essential to any contracting company. While conducting business, all personnel should be aware of their contracts and maintain document organization.
- Contract compliance is an essential part of the job of any contractor. Ensuring all parties involved, including contractors and businesses, follow the terms of a contract. Professionals here would focus on payment terms, deliverables, and the intricacies of the client-professional relationship.
Upkeeping Your Contracting
As with any department of your business, keep track of key performance indicators (KPI) to show improvements or declines. Over time, your KPIs will exhibit your top-selling services and possible places of change, like switching from one-on-one training to mainly pre-recorded videos for onboarding. Training employees in the basics of contracting teaches your employees autonomy, what to look for in their contracts and those they sign on behalf of your company. Not only is onboarding a common issue, but administrative support could be a place to improve. With standardized contracts, it is possible to hire specific executive positions.
About Lewis-Price & Associates Inc.
Lewis-Price & Associates, Inc., is a fast-growing mission solutions company supporting federal agencies through premiere training, program management and IT services. Serving federal agencies across the government spectrum, from defense to civilian, we ensure the success of ongoing federal agency operations through effective curriculum development, professional coaching, program management, and administrative and technical services. Lewis-Price is committed to providing high quality, effective and on-time solutions to partners and customers through a team that values integrity, intention, and excellence in everything we do. Learn about how we can bring our unique approach to success to your organization today at lewisprice.com, and please follow us on LinkedIn, Facebook, and Twitter.