Empowering Your Business Through Skilled Contract Management: How to Build an Expert Team on a Budget

For many growing businesses, the complexity of managing contracts and commercial negotiations requires specialised expertise. However, the cost of hiring experienced professionals full-time can be prohibitive. This is where Looking Glass Solutions steps in with a strategic offering designed to bridge this gap. Our unique approach helps businesses develop a competent internal team capable of handling complex contracts and commercial tasks effectively and affordably. Let’s explore how this service works, who can benefit from it, and what the process looks like.  

Who Needs This Service?

  Small to Medium-Sized Enterprises (SMEs) Expanding Operations:  
Scenario: As SMEs grow, they often find themselves handling increasingly complex contracts that are critical to their expansion. This might include partnerships, new supplier agreements, or distribution deals that require careful negotiation and management.  

Need for Service: These businesses may not have a dedicated in-house legal or contracts team capable of effectively managing these complexities due to budget constraints or simply because their current team’s expertise is not extensive enough in legal and commercial areas.  

Startups Entering into Significant Commercial Agreements:  
Scenario: Startups, particularly in high-stakes sectors like technology and biotech, often engage in pivotal agreements early in their lifecycle, such as IP licensing, venture capital financing, or strategic partnerships.  

Need for Service: These critical agreements can dictate the future success of a startup. Without experienced commercial guidance, startups risk entering into unfavourable terms that could hinder long-term growth. Developing internal capabilities with expert guidance ensures that their foundational agreements are sound and supportive of future expansion.  

Companies in Industries with Frequent Contractual Updates or Negotiations:
Scenario: Industries like construction, technology, and consulting frequently encounter the need to negotiate and update contracts due to changes in project scopes, technology advancements, regulatory changes, or market dynamics.  

Need for Service: Companies in these industries benefit from having a skilled contract team that can quickly adapt to and manage these changes. Regularly updating contract terms and handling negotiations with agility are crucial to maintaining client relationships and project success.  

Businesses Experiencing Rapid Growth or Scaling Challenges:  
Scenario: Companies experiencing rapid growth often struggle to scale their operations efficiently. This includes scaling their contract management capabilities to ensure they can handle an increased volume of agreements without compromising on the quality of oversight.  
Need for Service: Rapidly growing companies need robust systems and skilled personnel to manage this growth effectively. Developing a team with tailored training and expert support can prevent scalability from becoming a bottleneck to business development.  

Organisations Seeking to Mitigate Risks and Compliance Issues:  
Scenario: All businesses, especially those in regulated industries (such as healthcare, finance, and real estate), need to ensure that their contracts comply with applicable laws and regulations to avoid legal disputes and penalties.  

Need for Service: By investing in the development of a knowledgeable contracts team, companies can better manage their legal and regulatory risks, ensuring compliance and avoiding potential legal issues that could arise from poorly managed contracts.  

Why It’s Needed:

  Key Benefits:  
Cost Efficiency: Hiring junior staff and investing in their development can be more cost-effective than employing seasoned professionals full-time.  
Custom Training: Tailored on-the-job training bridges specific skill gaps, enhancing the team’s ability to manage unique business needs.  
Ongoing Support: Regular access to experienced advisors ensures that the team can handle complex situations confidently, reducing the risk of costly mistakes.

How It Works:

  Service Breakdown:  
Assessment of Needs: Looking Glass Solutions begins by assessing your current team’s capabilities and identifying critical skills gaps that need addressing.  
Tailored Training Program: Based on the assessment, a custom training program is developed, focusing on on-the-job learning. This program is specifically designed to address the unique contracts and commercial challenges your business faces.  
On-Call Expert Support: To supplement the training, Looking Glass Solutions provides an allocated number of hours each month where our experts are available on-call. This support allows your team to consult with seasoned professionals when facing complex contractual issues or negotiations.  

Examples of Implementation:

  A tech startup preparing for Series A funding might need to negotiate complex investment agreements. Looking Glass Solutions could train a junior legal officer to handle preliminary negotiations, with our experts stepping in as needed.  

A construction company dealing with multiple subcontractors and vendors might require regular contract adjustments and oversight. We could develop the skills of an on-site manager, ensuring they understand the nuances of construction contracts.  

Developing a contract and commercial team with Looking Glass Solutions is not just about filling a gap; it’s about empowering your business to grow and manage risks intelligently. By investing in your team’s development, you prepare your business to handle challenges more effectively and with greater autonomy.  

Ready to enhance your team’s capabilities? Contact us today to discuss how we can tailor our training and support to meet your business’s specific needs.