Maximum processes automation
The less time spent on making a deal the more effective the work of the sales department. A pre-prepared standard contract allows shortening the transaction time by 1-2 days. For example, in UMG we have 18 standard templates, almost for all occasions. A sales representative will usually choose the most appropriate option and adapting it will take a minimum amount of time.
“Save” at the right time
Keep a record in writing of the results of each stage of the negotiations with your partners. It is recommended to consolidate achieved positions in memoranda or protocols (of understanding, of cooperation, etc.). Practice shows that “saving” the intermediate points reduces the duration of the negotiations and makes the work of contract preparation easier.
Being informed is being forearmed
One of the most important factors of an effective performance is ongoing communication. I believe that a lawyer must be aware of what is happening in the company. How is the process of executing a contract? How reliable does the other party appear to be? What was not taken into account, and what could be done better? The analysis of the results and the feedback from the sales professionals will help to answer these questions. Without these answers, a lawyer will not be able to take into account in the future the experience gained. Simply by observing the interaction between the sales manager and the client should allow a member of the legal department to respond to any situation in a fast and competent manner.
Each department working separately towards a common result is no longer sufficient. Today, those who understand the specifics of their colleagues’ activities are not one but ten steps ahead.
Make sure that lawyers and sales professionals can share their experience. Try to organise regular training sessions where cases involving activities from each department may serve as examples. For instance, tell the sales managers about the impact of contract quality on the financial results of a transaction. Our lawyers are aware of market trends and understand what sales professionals need in order to work effectively. This way, sales staff will not be lost when they first see a contract and will become familiar with the terminology. In turn, this will save time and, as a result, improve sales performance.
Go beyond the ordinary
Do not be afraid to delegate authority. As experience shows, it is an important factor when making a deal. If a partner at a meeting has signatory authority, things move faster, and the other party understands that a competent and responsible person is conducting negotiations with them. However, this tool should be used with caution.
Summing up, I would like to stress again that lawyers involved in the work of colleagues and aware of the specifics of the other departments’ activities will always provide better results than those who are focused only on their own “desktop”. Lawyers’ proactivity in business will help to close more deals in less time. In practice, this means greater business development and revenue growth, which is the main goal of any company.