9 Actions to End the Year Strong in Contract Negotiations

Introduction

As the end of Q4 2024 approaches, legal and commercial teams face pressure to finalize contracts before the holiday break. The final weeks of the year present unique challenges, with tight deadlines, competing priorities and holiday disruptions. Success depends on aligning your team and prioritizing the most critical contracts with a focus on maintaining clear communication throughout the process.

With 20 December 2024 as the (most likely) last day to finalize contracts, prioritizing deals that directly impact your company’s goals is essential. At the same time, addressing dormant deals and preparing for next year when time allows will ensure a smooth transition into 2025.

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What We Will Cover in This Article

To finish the year strong and enter 2025 with momentum (while feeling rested), you need to focus on the following now:

1. Bring your teams together to align on priorities and processes.
2. Devote your full attention on clear communication, both internally and with customers.
3. Prioritize Q4 2024 deals, address dormant contracts and prepare Q1 2025 deals if time permits.

In this article, we will outline 9 actionable tips to help you organize your efforts, streamline workflows, and avoid a year-end scramble.

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9 Actions to Close Out the Year Successfully

1. Align Priorities Across Teams

The first and most crucial step is to bring all relevant teams together—Legal, Sales, Procurement, and Operations. Without alignment, resources can be wasted, and critical deals may slip through the cracks.

• Host Priority Meetings: Convene key stakeholders to discuss active contracts and set clear priorities.
• Set Realistic Timelines: Share anticipated closing dates and deadlines, taking into account holiday schedules.
• Address Bottlenecks Early: Identify potential obstacles, such as approvals or customer feedback, and plan to resolve them.
• Document Priorities: Create a shared list of deals and communicate expectations to all involved.

Why This Matters: A lack of alignment leads to confusion and delays. Clear communication ensures everyone is working toward the same goals.

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2. Finalize Q4 Deals That Matter

After aligning priorities, focus your efforts on closing Q4 2024 deals that are most important to your company’s financial and strategic objectives. These contracts often involve high-value agreements or partnerships where delays could have serious consequences.

• Assign dedicated resources to critical deals.
• Regularly update internal and external stakeholders on progress.
• Use the tools and processes your company has designated for tracking and approvals.

Key Question: Which deals are tied to year-end financials or essential company objectives?

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3. Prioritize High-Value Deals

Within the Q4 pipeline, high-value deals deserve special attention. These agreements often require more complex negotiations, multiple approvals, or input from senior decision-makers.

• Set weekly check-ins with deal teams to track progress.
• Identify potential risks or delays early and create contingency plans.
• Ensure executive stakeholders are available for final approvals.

Why This Matters: High-value deals typically have the greatest impact on your company’s year-end performance and strategic goals.

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4. Push Small Deals to Close Quickly

While high-value contracts demand attention, small deals should not be overlooked. These agreements are often easier to finalize and can contribute to year-end results with minimal effort.

• Set a goal to close smaller contracts early in December.
• Automate workflows where possible to speed up execution.

Why This Works: Small deals are low-hanging fruit that boost momentum and free up resources for larger negotiations.

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5. Address Dormant Deals Immediately

Dormant contracts – those that you have chased but have not heard back from or are unresolved – should be reviewed and addressed now.

• Discuss and determine if these deals can be realistically closed before year-end.
• For contracts that cannot be finalized, communicate plans to defer them to 2025.

Key Tip: Don’t let dormant deals distract from critical Q4 priorities. Clear them out to create focus and clarity.

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6. Communicate Proactively with Customers

Proactive communication is essential for keeping deals on track. Schedule touchpoints with high-priority customers to confirm timelines and address any outstanding issues.

• Share clear expectations for closing terms and deadlines.
• Follow up consistently to maintain momentum.
• Ask if certain specific closing requirements are important for the customer – for example signing protocols & timing.

Why This Works: Clear communication reduces uncertainty, builds trust, and helps avoid last-minute surprises.

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7. Enable Your Team with Clear Instructions and Tools

Ensure your team has access to the right tools and a clear understanding of how to use them. This includes contract management systems, signing tools, and repositories.

• Save contracts in designated locations for compliance and easy access.
• Track progress on negotiations, approvals, and signatures using your company’s approved tools.
• Refresh your team on contract thresholds, policies, and escalation processes.

Why This Matters: Standardized workflows minimize confusion and ensure contracts are executed efficiently.

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8. Review Processes, Not Just Contracts

A successful year-end close depends on streamlined workflows, not just finalizing agreements. Take time to review and address any gaps in your processes.

• Are all approvals aligned and documented?
• Have compliance requirements been met?
• Are decision-makers available for final signatures?

Why This Matters: Process inefficiencies can derail even the most well-negotiated deals.

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9. Review Q1 2025 Deals Only If Time Permits

Finally, if your team has capacity, begin preparing for Q1 2025. Use this time to lay the groundwork for contracts that will need early attention next year.

• Draft templates and standard terms.
• Schedule initial meetings with stakeholders for early January.
• Address any known issues that could cause delays.

Key Tip: Keep your focus on 2024 until all critical contracts are on track to close.

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Conclusion: Focus on What Matters Most

As the year draws to a close, success hinges on prioritization and clear communication. Focus your efforts on:

1. Bringing your teams together to align priorities and streamline processes.
2. Closing critical Q4 2024 deals that directly impact financial and strategic goals.
3. Resolving dormant deals or deferring them to 2025 with a clear plan.
4. Preparing for Q1 2025 only after year-end priorities have been addressed.

By following these steps and equipping your team with the right tools and processes, you can ensure a smooth year-end close and start 2025 with confidence.

We can also recommend a great article on this subject by Bari Williams, Head of Legal & Legal Content at LegalOn Technologies, see link on contractnerds.

For help with your contract negotiations and related processes, reach out to us via lowa@amstlegal.com or book an appointment with Robby Reggers here.