Listen to this episode of Simplifying Legal for Small Business Owners using the player above or check it out on Apple Podcasts, Google Podcasts, Spotify, or wherever you get your podcasts.
Creating a legal strategy is very similar to creating a business plan. You’re just putting an emphasis on fitting legal into your overall business strategy. Even so, you need to have a strategy for different aspects of legal too, depending on your needs and the type of business you have.
In this episode, I take a look at a particular legal sub-strategy: developing your contract strategy. While the idea of having this kind of strategy may seem advanced, it really isn’t. I discuss what it is and who needs one, the areas for consideration of what to include in one, and how a contract strategy affects your business.
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In this episode:
[01:29] – Danielle quickly recaps episode seven: the steps you need to follow when creating a legal strategy for your business.
[03:26] – Before diving into what a contract strategy is, Danielle discusses who needs one for their business.
[03:52] – What’s a contract strategy? It’s fairly straightforward, and Danielle explains what it should cover.
[04:38] – Here’s what to consider when it comes to the types of agreements you enter, for now and in the future.
[05:52] – Consider the tone of the agreement as well. Do you need something formal or with plain language?
[07:44] – What provisions do you insist on having in your contracts? And conversely, what types of provisions are off-limits for you?
[09:01] – When deciding on your contract provisions, take this important aspect of your business into consideration as well.
[09:50] – How will you handle the actual contract creation process?
[10:47] – Involving an attorney may depend on your comfort level and capacity as a business owner to deal with contract creation.
[12:46] – What tools will you use to implement and manage your contract strategy?
[13:48] – Danielle briefly talks about how having a contract strategy in place can impact your business.
[15:00] – What happens if a client resists following your contract strategy? You can build potential responses to resistance into the process.
[16:17] – Danielle ends the episode with action steps you can take today.
