This shows your contract by what stage they were in during a specific duration. The statuses are broken down so you can better understand the state of your business.
Contracts in the draft stage have not been sent out to customers for approval. It's best to not have too many drafts as customers really appreciate quick turnaround times on contracts. All drafts that are internally approved should be in the pending state.
Contracts in pending stage are waiting for customer approval. To ensure a quick turnaround time on approved contracts, please make sure you follow up on your customer and address any comments they may have on the contract. The best way to win business is to provide the great customer service.
Active contracts have been approved and signed by your customers. Please make sure all payments have been collected and recorded. These are also contracts that you must oblige to so make sure you execute on the terms agreed upon with your customer.
Here are some ways to improve contract turnaround times:
1) Improve quote terms and payment schedules- Discuss them with your customer before you send out the contract.
2) Send Marketing Collateral with Contracts to build credibility- Think about your customer's specific need and provide some additional information that you feel will help the customer understand the value you are providing. For example, pamphlet, videos on specific solutions, white papers, or best practices for these specific target markets.
3) Set the right expectations- Write better descriptions on the contract description. Be as clear and concise as possible.