Contract Management Protocol (CMP), is an often overlooked process. Most small businesses take a “wait and see” or “play it by ear” approach to dealing with new clients. Why? It makes little sense. Instead it is worth discussing your contract review strategy, intake processes, operational forms, and accounts receivables practices etc. as it pertains to the various types of clients you intend to target in the operation of your business.
Even as a law firm the documentation and contract management forms I use in the functioning of my business varies depending on the business type, size of the business, general billing practices associated with the type of matter (e.g. transaction flat fee billing or litigation hourly billing), client’s personalities and level of sophistication.
In short, your contract management needs will depend on factors such as (1) client type (2) industry (3) your billing needs (4) general billing practices and (5) size of the engagement, just to name a few.
This is a discussion you want to have internally and with the assistance and analysis of a business attorney and perhaps a business consultant/coach. The attorney brings an objective and analytical approach to the process which further compliments your practical and performance based approach.