Pressed for time? Three critical tips to get back part of your day

Posted by Ian Group on May 29, 2020 11:46:23 AM

Pressed for time? Three critical tips to get back part of your day

By Ian Group & Alex Lazarevic

At ProDeal, we’re wholly accustomed to working as a distributed team: our company is spread out over three continents and five time zones! So how do we make this work? Through a commitment to communication, efficiency, and productivity.  

As a team of finance, legal and software industry professionals, we are also fully tuned into how this new normal changes the ways deals get closed.  We recently launched a 90 day work from home free trial for deal teams not used to collaborating and closing deals remotely. 

So whether you’re a team looking at ProDeal for added efficiency or are looking for ideas on how to make your business work, we’ve compiled three critical tips for improved communication and productivity to ensure every day is a success.

Tip #1: Keep the ball rolling

Are you on back to back calls all day? In March, CNBC reported that the average work day has been extended by 3 hours!  With lots of colleagues or clients looking to schedule your time, establishing a workflow for completion of tasks is highly important to getting back parts of your day.  When collaborating with anyone, establish clear timelines and define what completion means.  Sounds simple but most of getting a deal done relies on lengthy status calls and check ins to find out if things are completed. 

So how would this work in ProDeal? If you’re a lender reviewing borrower diligence, let your borrower know that when you’re signed-off on a deliverable, it will appear as final in ProDeal.  You can also take it a step further by changing the status of that deliverable’s folder to complete. This clear definition of completion will remove questions and keep the deal moving forward. 

Tip #2: Stay Secure

The FBI has reported a 300% increase in cyber crime since the beginning of COVID-19.  We’re no longer working within the protected walls of our companies.  So how can you ensure that you’re working efficiently while still staying protected? First and foremost, listen to your company’s guidance and policies. 

After following the rules, stay informed.  There are many cyber security blogs out there, such as:

You can also attend or organize an in-house seminar, like ProDeal’s free continuing legal education course on leveraging technology for data protection (click here for more information)

On ProDeal, we make staying secure simple.  We’re built with the highest security standards in place such as SSL/TLS, AES-256 encryption, multi-factor authentication and user permissions controls.  We’re also constantly innovating to take security to the next level with features like granular access management for your rooms and documents, document watermarking, and secure link sharing. 

Tip #3: Keep all crucial information at your fingertips

Reporting can be difficult and time-consuming but still stays among top priorities in our everyday work. Having all the relevant information is only one side of the equation while retrieving it proves to be challenging for small and big companies alike. 

While email is meant for communication it often becomes our document storage.  With the mountain of emails that come in every day, this can become highly overwhelming.  At ProDeal, we leverage our own software to keep documents organized and easily accessible.  We do this by creating rooms for new engagements. In those rooms we securely store all documents, reports, notes, meeting agendas and communications relating to that specific engagement.  No ifs, ands or buts about where to find anything.  

When it comes time to have an internal or external meeting, we leverage the smart checklist export to circulate a PDF to everyone involved. Apply filters to the checklist to export a quick punch list.  When a deal closes, use the closing binder export to get a fully hyperlinked inventory of all final closing documents. 

So what next?

We are always working on discovering and developing new ways to improve ProDeal users’ experience.  If you would like to learn more about how ProDeal can help with collaboration, document sharing, and checklist management, don’t hesitate to sign up for our 90-day trial

If you’re interested in a free CLE program on technology and legal ethics, you can click here or email ian@prodeal360.com for more information. 

And if you are already one of the many people streamlining your deals by using ProDeal, send us some feedback at success@prodeal360.com! We love hearing from our users and may just send you some swag as a thank you :)