The Key to Recurring Revenue: Our Contract Management Template

Contracts are the #1 way for service companies to generate recurring revenue. Are you keeping up with these critical agreements, or are you missing out on reliable ROI? 

You only need one thing to capture your contracts: a contract management template. 

There’s never been a more important time to capture an accurate picture of your profitability, especially when costs keep rising and customer demands keep growing. Here’s what to look for in a good template: 

• Contract identification and tracking
• Date started, expiration date, # of days to expiration, and termination notice date
• Internal and external points of contact per agreement
• Additional information, such as delays, outstanding items, etc. 

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Download our contract management template here.

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How to Use Our Contract Management Template

Now that you have access to your new contract management template, let’s go through how to use the template together. 

First, lets get your company information put into the template.

Putting in the basics such as legal entity name, address, contact phone and email are all that is needed. The last piece is to pop in your logo, so this is branded appropriately for your organization.

Now that the basics are in, we recommend saving this now as the primary contract management template for your organization.

As we progress to the rest of the template, we can start populating active contracts. This will allow us to properly see where each contract sits and manage upcoming dates. 

As we start adding contract information into the template, it’s important to include all required fields as well as have a plan to keep this template updated. Refer back to this template and input information as often as necessary – daily is a good place to start to keep track of any and all changes.

We’ll begin by inserting information from left to right, starting with the contract identification number. Continue along the column until all columns are filled out, from category, name, date start, expiration date, and so forth. You can be as descriptive as you’d like throughout this form, but capturing the key pieces of information that you want to track and know is completely up to you and your team. 

As we continue across the template, you’ll see a section for keeping your points of contact up to date. Feel free to insert a name or email address here. Plus, you can keep a record of any information that does not fit elsewhere in the spreadsheet, or minor notes you want to remember. Insert them in the notes column.

If contracts are terminated, one way to notate this is to fill the row with a distinct color to indicate they are no longer active. 

Managing your contracts in one centralized template will help keep your profitability high and identify opportunities for renewal or additional revenue. Staying on top of these agreements makes sure you and your team provide timely and effective service and stay on top of dates. 

All that’s left to say is – congratulations! You’re now set up with your new contract management template and feeling organized. Good for you! This is a step in the right direction as you start to standardize your processes and track your open and completed contracts in a more organized fashion.  

However, there’s still a faster way to manage contracts and more. If you’re ready to level up beyond this template, give us a call and we’ll support you on your service maturity journey through automating and digitizing your field service operations.  Request your free consultation with the Service Pro team today!

Frequently Asked Questions

What is a contract management template?

A contract management template is a document (such as an excel, word, or PDF document) where a service organization documents and monitors the status of all service contracts from creation to completion. As a service organization scales and matures, the need for a technology platform (such as Service Pro by MSI Data) becomes more needed to efficiently manage the lifecycle of contracts for a service team. 

What’s the purpose of a contract management template?

The primary purpose of utilizing a contract management template is to gain visibility into contracts and service agreements, control over your service business, be able to monitor and track the progress of your contracts, and to stay organized as a growing business. 

What are the benefits of utilizing a contract management template?

Some of the benefits of using a contract management template are: 

• Having a more organized & stable service operation 
• Being able to properly plan for service work, especially recurring work
• Reduce the chances of missed appointments
• Gain visibility into your service metrics

How do I know if I need a contract management template?

This is different for each service organization, but if you are looking to grow and scale your service business, you will want to look at a path to better organization and structure. Having a process and a way to document and track your contracts will help you focus on the business instead of chasing updates and running blind. If you’d like to have a conversation about this further, schedule your free consultation here.