How to Close Contracts Successfully Before Holiday Periods

As we approach the end of Q2, it’s essential for Sales, Procurement, and Legal teams to focus on closing commercial contracts. Imagine this scenario: you’re in the final days of Q2 – almost holidays, and a critical contract worth millions hangs in the balance. The pressure is immense, and every second counts.

To help your teams manage the hectic time before summer holidays effectively, we have laid the groundwork for smoother and better legal processes. Next to great preparation, during the last week we emphasize the importance of maintaining clear communication to ensure your contracts are signed before the end of Q2.

Clear Communication: The Key to Closing Contracts

Transparent and open communication with your customers and internal teams is crucial. Confirm the timing and process needs, address any concerns, and emphasize the urgency of reaching a final agreement. Here’s how you can achieve this:

Actionable Steps:

• Collaborate Closely with Internal Teams: Streamline the contract process by working together. Set daily meetings with clear goals to monitor progress.
• Open and Transparent Communication: Confirm timing and process needs with all stakeholders. Address any concerns promptly and reiterate the urgency of closing the deal.
• Proactive Risk Management: If a deal seems to be slipping into the next quarter, inform both internal and external teams immediately to manage expectations and risks.

Effective communication ensures that everyone is on the same page and working towards a common goal, reducing the chances of misunderstandings and delays. Here are three additional tips to complement clear communication and help you close your Q2 contracts successfully:

1. Prioritize Strategically

Focus on high-volume and strategic deals that are close to closure and must be finalized by the end of the month. Assess each contract’s likelihood of closing within the next week. If a deal seems unlikely to close by the deadline, consider pausing it and picking it up again in Q3.

Key Questions to Ask:

• Is this contract closing next week?
• Should we pause this deal and resume in Q3?
• Are we working on the right deals based on the company’s and Sales department’s top priorities?

By prioritizing strategically, you can ensure that your efforts are directed towards deals that are most critical to your organization’s success.

2. Encourage Team Collaboration

Cross-functional teamwork is essential to overcome last-minute hurdles. Management, sales, legal, and procurement teams must work together seamlessly to resolve any issues that arise.

Best Practices:

• Avoid working solo on complicated deals.
• Collaborate with both internal and external teams for maximum efficiency and alignment.
• Leverage the strengths of each team member to tackle obstacles and escalate matters when necessary.

By promoting collaboration, you can address challenges more effectively and ensure that all team members are aligned towards the goal of closing deals.

3. Manage Deadlines Meticulously

Keep a close eye on deadlines and review the full list of contracts to be signed, along with their requirements (timing, documents, approvals, etc.). Plan ahead to leave room for any errors.

Proactive Measures:

• Monitor critical dates and ensure all necessary signatures and documents are obtained in time.
• Plan a few days ahead to mitigate the risk of missing important deadlines.
• Keep track of all contract requirements to avoid costly mistakes.

Deadline management is crucial to ensure that no critical steps are missed in the final week of the quarter, enabling you to close deals successfully.

Conclusion

Closing deals in the final week of Q2 requires focus, prioritization, clear communication, and teamwork. By following these tips, you can navigate this busy period more effectively and finish the quarter strong.

If you need support managing your contract negotiations, please contact us at AMST Legal.