by Alex Schnee
As more mergers and acquisitions are conducted online, it only makes sense that contracts and documents will need to be kept in a secure location online, as well. However, if these files happen to be stolen on lost, this can mean some big issues for you and the company you are looking to work with. This is why knowing how to keep files safe during your business deal can make all the difference.
Here are some ways to keep your files safe while conducting business deals.
Password-protect your files
One simple way to keep files safe from those who you might not want knowing about your contracts is to use a strong password. This shouldn’t be anything you have used before, and you might want to consider changing it regularly if the deal is taking longer than several weeks or months. You can always use a random password generator to make it less likely that someone would be able to guess it, and you’ll want to safely send it to the people who you think will be most involved.
Limit access
You are only going to want to give away access to those who truly need to be able to see documents. This might mean lawyers and executives involved in the deal, but you might not want anyone else looking into the terms you negotiating. You will want to make sure that the files cannot be downloaded and shared with others that you don’t want, and you’ll also want to talk to the other party and share how important it is to you that your business deals remain just between designated individuals.
Track changes
It’s only natural that there would be changes to contracts, and if you have all of your documents online, you’ll want to make sure you track them during your contract lifecycle management. Not only can something be inserted or taken out that you might not be aware of, but you also want to be transparent with the other party when you are making alterations to the contract, as well. Many online programs allow you to show which changes have been made and also let you see if there have been any from a third party outside of your organization.
Encrypt messages
If you are planning on talking about the merger or acquisition over email or through a messaging platform, then you are going to want to make sure that the tools you are using have encryption as an option. This is often how information about files are shared, and it can be easy for them to slip under the radar. Encryption allows you to keep them safe and makes them much less likely to be hacked.
In summary
When you are conducting a merger or acquisition, you want to make sure that all of your files are safely in order and that you have limited the number of people who can access them. Once you have done that, you are on your way to getting the deal signed safely.