To say that the Pandemic of 2020 has forced new behaviors into every aspect of life is a huge understatement. Think specifically about how behaviors have had to change (and still need to change) in sales because we now operate in what I call a “2D by 2S” world. Most selling right now is happening…
A well-functioning partnership between Marketing and Sales is critical to the growth of any business. But how do you get there and ensure that your efforts are coordinated and that investments in these areas are as efficient and effective as possible? This question is more important than ever as you look to accelerate growth in…
How to Develop a Sales Compensation Plan
Description: Not sure how to create a proper sales compensation plan for your small business? Here are some suggestions to get you started.
One of the keys to running a successful small business is developing a sales compensation plan — specifically one that’s good and fair. Unfortunately, many businesses don’t know how to develop a sales compensation plan.
In this post, we’ll set out to solve that problem. We’ll also delve into critical sales compensation plan details, such as setting goals, measuring performance, finding a balance between pay and incentives, and updating the plan to align with current market conditions.
As an eternal optimist, I can’t resist imagining the business environment after this “storm” has passed. My career has been focused on building and rebuilding businesses, so I’m hardwired to think this way. And because of the wildly varied experiences I’ve had working with startups and some of the largest corporations in the world, I see a major obstacle or opportunity (depending on your perspective) ahead once we are clear to resume our lives.
Tune up your Sales Engine in a Market Slowdown
Business owners and CEOs must reevaluate all business functions during a shutdown period. A key area to focus on is the sales function, including what adjustments will be needed to prepare a business for ramp up, and position a company to quickly capture new opportunities and revenue sources. Sales are the lifeblood of most businesses, and there are several steps that you can take to improve results during and after a period of market slow down.
Measurement matters. But it matters most if you measure what truly matters. And when it comes to sales, the sales metrics you choose can mean the difference between profit or loss. Between market leadership or dwindling share. Between success or failure. Let’s discuss what sales metrics matter most?
Early this year, I attended a networking event in Maine with a panel of six top CEOs from the Portland area. The focus of the panel was “60 Ideas in 60 Minutes.” This was a fascinating group that provided anecdotes on what made their businesses so successful and identified the key drivers to their success. This group made me think about several of my favorite quotes such as: “Be open to the different and do not let fear hold you back,” “When it comes to people, slow is fast and fast is slow,” and “Culture is paramount.”
A popular proverb says, “Vision without action is a daydream, and action without vision is a nightmare.” When it comes to sales, both vision and action are essential to sustainable, dynamic success. But how does a sales manager or sales executive put the right vision and the right actions in place to succeed? It starts…
Every business has its challenges. But when your sales cycle is seasonal, it introduces a host of unique issues that can threaten a company’s bottom-line sustainability and inhibit future growth. When you have uneven periods of sales and annual revenue depends on a narrow window of opportunity, planning carries a higher risk of being off-target and misdirecting cash flow. The reality is that if your season doesn’t go well, the whole year can be lost.
As you set your sales team strategy for the upcoming year, it’s important to keep the current year in context. After all, when you’re driving to a vacation destination, you can’t plan how far you want to drive tomorrow if you don’t know where you will end up today.