Closing a deal is a crucial and often time-intensive process, and streamlining your closing procurement process can help you save time and money. From using advanced technology to organizing paperwork, here are a few tips for improving your closing process for better results.
1. Embrace Technology
In today’s digital world, there is no excuse for processing paperwork manually or relying on antiquated software. Invest in the latest technology that can help you manage contracts, track deadlines, and automate emails. When choosing the right software, keep in mind the type of documents outside counsel will need to review and sign off on to close a deal, including term sheets and mandatory SEC filings. By leveraging the latest technology, you’ll be able to streamline and expedite all aspects of the closing process.
2. Digitize Documents
By digitizing important documents, you’ll save time and money by reducing paperwork and streamlining processes. Having digital copies also allows outside counsel to quickly review contracts, complete any changes, and sign-off electronically. This way, you won’t have to worry about shuffling paper, making photocopies, or having contracts and closing documents delivered physically.
3. Create a Checklist
Successfully closing a contract requires attention to detail. Create a checklist to ensure you don’t forget or overlook any important tasks. This way, you’ll be able to better track progress and review the documents quickly and accurately. Once created, you can also share the checklist with outside counsel to keep everyone on the same page and organized throughout the process.
4. Standardize Processes
Streamlining your closing process is also about standardizing processes. From procedures in the data room to document review processes, ensure everyone involved is clear about what needs to be done, when, and by whom. Having consistent processes will help reduce paperwork and expedite both internal and external reviews.
Closing a deal can be time consuming, but there are a few things you can do to make the process simpler and more efficient. From investing in the right technology to creating checklists and standardizing processes, you can optimize the closing process to save time and money.