Whether it’s employment contracts, online software subscriptions, or other agreements, your company should use a business contracts management spreadsheet or other tool to keep track of your legal rights and responsibilities.
Renew or Cancel?
One of the primary benefits of using a spreadsheet to manage your business contracts is that a quick glance will remind you of which agreements are nearing the end of their current term.
You can make an informed decision whether or not to terminate or renew. This is particularly important where your subscriptions or other agreements are long-term (a year or more) and have an auto-renewal provision that obligates you to an additional term unless you take action to terminate.
Using a business contracts management spreadsheet also helps you identify redundant products and services you’re paying for under multiple contracts.
For example, you may learn you’re paying for several single-user licenses for the same software but there may be a multi-user license that’s cheaper than buying them separately.
With regard to online tools, it common to discover considerable overlap that makes one or more of your subscriptions redundant.
Related Article: How To Use Business Contracts To Prevent A Single Point Of Failure
For instance, you may discover you’re needlessly paying for multiple shopping carts, e-mail autoresponder services, social media distribution tools, hosting accounts, etc.
Once you’ve identified what’s redundant, you can pick the best and cancel the rest per the terms of your agreements.
Where To Get A Business Contracts Management Spreadsheet
You can create your own spreadsheet containing the important terms you want to track.
Or you can get a complimentary copy of the contracts management spreadsheet template created by Business Lawyer Mike Young. The template will save you time instead of starting from scratch whether you’re using Google Sheets, Microsoft Excel, or some other spreadsheet software.