Your reputation is at risk

In today's competitive global market, reputation is a key differentiator. To build it and keep it you must deliver on your promises-consistently and repeatedly.

Consumers and businesses have too much information and too little time. So brand and corporate reputation act as short cuts to product selection.

This means protecting and enhancing your reputation are crucial. Protecting it involves removing 'skeletons from the cupboard' and avoiding crises. Enhancing it means delivering on promises, and being a well-managed, responsible company and a good place to work.

Contracts are where you record your promises. By managing their formation and execution, you avoid crises-and ensure you deliver on those promises.

Ten risks inherent to bad contract management:

1 Contracts lacking critical terms

2 Loss of contract files/documents

3 Missing contractual deadlines and commitments

4 Your customers undercharged

5 Your vendors overcharging

6 Time and productivity inefficiency

7 Uncontrolled impact of external events and new regulations

8 Competitive disadvantage

9 Compromised customer loyalty

10 Loss of key knowledge when key employees leave