In order to survive and thrive in today’s competitive environment, small businesses need to embrace technology and find innovative ways to improve their customer experience. One such way is by using electronic signature software to streamline the signing process.
As a small business owner or manager, you may wear multiple hats across departments and functions, overseeing hiring, HR, legal, sales, marketing, and even procurement. All this can make it difficult to keep the services on top and customers front and center because you are drowned in a slew of documents and paperwork that need to be signed.
Small businesses have a lot to gain when it comes to electronic signature software. Electronic signatures can save you time, money, and resources by automating the entire signing process from start to finish which helps to improve the customer experience and increase customer satisfaction.
Here, in this article, we will explore the top values that electronic signature solutions provide for small businesses and how they can help improve the bottom line.
Use Cases of e-Signature Software for Small Businesses
The following are some value-added services and features offered by an e-signature software.
Streamline Sales Contracts and Agreements
The electronic signature software allows you to quickly and easily create contracts and agreements that can be signed electronically by both parties. This means that you can streamline the entire sales process from start to finish, making it more efficient and saving time. It also helps to improve the customer experience as they are able to sign the contract at their convenience without having to meet in person or wait for a paper copy to be mailed. In addition, electronic signatures are legally binding in most countries, so you can be sure that the contract will be enforceable. Small businesses can also use electronic signatures to sign other types of agreements such as NDAs, loan documents, and more.
Simplify Purchase Orders and Invoices
Another way electronic signatures can help small businesses is by streamlining the purchase order and invoicing process. With electronic signatures, businesses can quickly and easily create purchase orders that can be signed electronically by both parties. This means that you can save time on the administrative side of things by not having to print out and mail paper copies of the purchase orders. Most importantly, the process is protected by multiple layers of encryption security that guarantee the identity of signers and the authenticity of the document.
Accelerate Vendor/Supplier Agreements
In addition to sales contracts and purchase orders, electronic signatures can also be used to streamline vendor and supplier agreements. As a growing business, you need to spend a considerable amount of time and effort managing relationships with suppliers and vendors and coordinating procurement activities. In order to achieve this, electronic signatures can be used to quickly and easily sign supplier agreements. This not only eradicates the risks associated with errors that come with manual paperwork but also helps reduce costs associated with paper document processing.
Easily Change Orders
Content development, website designing, construction, architecture, and engineering are some of the project-based businesses where change orders are a regular occurrence. A change order is basically a contract amendment that adds or deletes work to be performed on a project. Since clients can have their way with the project, they can also request for a change in the contract. If you’re managing a project-based business and dealing with multiple clients, electronic signatures come in handy when it comes to issuing change orders. With electronic signatures, businesses can quickly and easily create change orders that can be signed electronically by both parties. This means that you can save time on the administrative side of things by not having to print out and mail paper copies of the change orders. Most importantly, this helps to improve communication and coordination between all parties involved in the project.
Fill Out New Customer Forms in a Breeze
Another way electronic signatures can help small businesses is by streamlining the new customer form-filling process. With electronic signatures, businesses can quickly and easily create forms that can be signed electronically by both parties. Paper-based policy updates, consent forms, and liability waivers can be a thing of the past with electronic signatures. Businesses that offer custom goods and services can benefit from electronic signature software because, for these enterprises, final approval documents are vital to the customer experience. In fact, the time it takes to read, review, process, track, and file these forms can be considerable. For a customer, this can be overwhelming and frustrating. But with electronic signatures, businesses can quickly and easily create forms that can simplify the process.
Create Real Estate Contracts in No Time
With more and more people investing in real estate, the industry has seen a significant increase in the use of electronic signatures. Real estate contracts can be complex documents with a lot of fine print, and they often require the signature of multiple parties. This can make the process of creating and signing real estate contracts a time-consuming and daunting task. However, electronic signatures can help to streamline this process by allowing businesses to quickly and easily create contracts that can be signed electronically by all parties involved. This has resulted in an improved sales rep efficiency while reducing the risk of errors associated with paper-based contracts.
Conduct Intellectual Property Licensing and Other Legal Agreements Smoothly
Intellectual property licensing is the process of authorizing someone to use your intellectual property. This can be a complicated process, especially if you’re dealing with multiple parties and a lot of legal jargon. Since electronic signatures are legally binding, they can help streamline creating and signing intellectual property licenses and agreements. With things getting digitized and changes in the regulations, electronic signatures carry the same weight and legal effect as handwritten signatures. So, courts will recognize electronic signatures on intellectual property licenses and agreements just as they would a handwritten signature. This means that businesses can quickly and easily create contracts that can be signed electronically without having to worry about the legalities.
Parental Consent and Age Verification
There are a number of business activities that require parental consent or age verification. For example, if you’re a sports coach who deals with minors, you’ll likely need to get parental consent forms signed before your athletes can participate in your program. Similarly, if you run a website that sells age-restricted products, you’ll need to verify the ages of your customers before they can make a purchase. Electronic signatures can help streamline these processes by allowing businesses to quickly and easily sign agreements electronically. Also, electronic signatures can be used to verify the identity of the signer, which is important when dealing with sensitive information.
Modernize Employee Onboarding
The onboarding process is the process of integrating new employees into the workplace. This can be a time-consuming and daunting task, especially for small businesses. With electronic signatures, businesses can quickly and easily create contracts that can be signed electronically by both employers and new employees. The HR staff requires the new employee’s signature on a number of documents, such as the offer letter, non-disclosure agreement, and employee handbook. By using electronic signatures, businesses can save time and money associated with onboarding new employees.
Sign Non-Disclosure Agreements
A non-disclosure agreement (NDA) is a contract between two parties that outlines confidential information that cannot be shared. NDAs are often used in business relationships to protect sensitive information, such as trade secrets. Small and medium-sized businesses have started using electronic signatures for signing NDAs as it is a quick and easy way to get the agreement signed by both parties. With the right electronic signature software, your partners and clients can sign NDAs on a laptop or even smartphone or tablet in a secure and protected way. This allows you to work with third parties and contractors without having to worry about the confidentiality of your information.
Benefits of Using Electronic Signature Software
There are a number of benefits that electronic signature software provides for small businesses. Here are some of the top advantages:
- Simple and ingrown:
Electronic signature software is designed to be simple and easy to use. This means that businesses of all sizes can quickly and easily adapt to using electronic signatures and create contracts that can be signed electronically.
- Faster signing process:
The electronic signature software can help businesses speed up the signing process. This is because businesses can send contracts electronically to the signer, and they can sign the document without having to print it out and sign it manually.
- Improved customer experience:
Electronic signatures can improve the customer experience by making it easier for customers to sign contracts and agreements. This is because customers can sign documents from anywhere at any time, which is convenient for them.
- Reduce paper waste:
One of the benefits of using electronic signatures is that it helps reduce paper waste. This is because businesses no longer need to print out contracts and agreements for customers to sign.
- Well-timed:
Electronic signatures can be timed so that they are only valid for a certain period of time. Remote authentication can also be used to verify the identity of the signer. This helps to ensure that the contract is only signed by the parties who are supposed to sign it.
- Increased productivity and efficiency:
Electronic signatures can help businesses increase their productivity and efficiency. This is because electronic signatures can automate the contract signing process, which can free up employees to do other tasks.
- Better collaboration and communication:
Electronic signatures can improve collaboration and communication between businesses and their customers. This is because electronic signatures make it easier to track the progress of a contract and see who has signed it.
- Keeps track of your progress and workflow:
Electronic signatures can help businesses keep track of their progress and workflow. This is because electronic signatures can be used to create a digital workflow for contracts. This means that businesses can see where a contract is in the signing process and who needs to sign it next.
- Increased convenience:
Electronic signatures can be used to sign documents from anywhere at any time. This is convenient for businesses as they can sign contracts and agreements without having to meet in person.
- Cost-effective:
Electronic signatures can be a cost-effective way for businesses to sign contracts and agreements. This is because businesses don’t have to print out or mail documents, and they can use electronic signatures to save on paper and postage costs.
Conclusion
There are a number of values that electronic signature solutions provide for small businesses. These values include the following: a variety of use cases, customer experience, increased productivity and efficiency, better collaboration and communication, convenience, and cost-effectiveness. If you’re looking for a way to improve your business’s signing process, then electronic signature software may be the right solution for you. However, ensure that you choose software that is right for your business’s needs.