When SMBs go digital with E-Sign Solutions
Small or Medium Businesses are all about getting more from less. That right there is the core essence of technology. Harnessing every ounce of functionality offered by transformative digital tech is the key to unlock the true operating potential of any growing business. When it comes to transforming the document signing workflow, E-sign solutions can go a long way in helping SMBs reduce expenses and TAT. Not only are digital signatures legal, secure, and efficient, but they also help growing startups operate with tighter budgets.
The whole point of implementing a digital signature solution is to get rid of all the vulnerabilities and inefficiencies brought forth by traditional, manual workflows. When we consider the fact that small businesses have to operate on a tight budget and have a lot of stakeholders to answer to, E-sign portals help fill in the gaps present in the admin workflow and eliminate deceptive hidden costs, which over time, can form a hefty sum. In the longer run, businesses stand to gain a lot compared to what they invest by implementing digital signatures. And here’s how.
Contracts are better executed when E signed
The most significant advantage of having digital signature software is that electronically signed contracts are just as legally binding as physically signed paper-based contracts. Along with security features like 256-bit encryption, password protection for documents, and online document storage, the integrity of sensitive documents remains intact so that the following documents can be signed online.
Founder’s agreements
What begins as a ground-breaking idea on a tissue paper between friends brainstorming at a café with the right catalyst can quickly grow into the next big thing in the market. Unfortunately, when that happens, the stakes are high, increasing the chances of disputes that can just as easily escalate to a judicial level. In such cases, if the contracts are tampered with or forged, the consequences are often disastrous. Therefore, it is highly recommended that such contracts be drafted and signed in a digital format using E signs to ensure that all stakeholders, investors, and co-founders stay on equal grounds.
A classic example of such an agreement going wrong would be the lawsuit filed against Facebook in 2012. Paul Ceglia, who has founded many other businesses, was arrested for forging evidence in his favor to procure a significant share in Facebook.
Employment offers
A well-drafted and digitally signed employment offer letter clarifies the responsibilities, benefits & salary, confidentiality, and invention assignment issues. In most cases, the investors or capitalists insist on getting the confidentiality and invention assignment letters signed to ensure that the business ideas invented during the employment do not cause any proprietary issues.
Service/Sales contracts
If yours is a service-providing company, then digitally signing your service agreements helps avoid lawsuits and conflicts that may cost your business a small fortune. A service agreement, when signed online, will help your company prevent disputes regarding the terms under which you provide your services and help clarify the liabilities. Using E sign to sign contracts will also help avoid conflicts regarding fees and additional charges.
In the case of a product-based company, a digitally signed sales agreement will go a long way in helping your business avert disputes regarding terms of sales, warranties, and price adjustments.
Also Read: Tips for businesses embracing eSignature solutions in 2023
Non-disclosure agreements
Protecting your company’s intellectual property can be tricky. Your employees are accessing confidential and sensitive information daily, increasing the chances of corporate espionage incidents. Stealing confidential information can damage the company’s image and may even cost a small fortune to get the situation under control.
Top 5 critical areas SMBs can focus on using digital signatures
Be it either in the initial stages when everyone is super excited about starting a new venture or during the prime of its operation, a few unforeseen blunders can cost your business dearly. The chances are that a startup may be working on something ground-breaking or on some product that can potentially become the next big thing. But due to certain shortcomings, this paradigm-shifting plan never came to fruition. Following are five critical areas SMBs can strengthen using digital signatures.
- Paperwork handling and management
- Protecting intellectual property
- Monitoring administrative costs
- Keeping an eye on customer experience
- Signing Letter of Intent manually
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In today’s hyper-connected world, conventional methods of signing and validating documents are increasingly being overshadowed by technological advancements such as electronic signatures.
However, let’s focus on one and the most straightforward one.
Adoption of this signing technology has been on the rise for some time now, particularly when dealing with legal, business, and government documents.
Enforcing decisions, especially in an organization setting, is not an easy thing.
The time you save while using e-sign technology makes you more productive by allowing you to focus on more important assignments.
E-signatures are more legally defensible than wet-ink signatures
