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When designing an incentive compensation program, VPs of sales should consider how to best motivate a workforce on both an individual and group level. This requires foresight and an understanding of what workers need to thrive. Keep reading to find three ways to drive workers toward success: Positive recognition Workers need to feel positive reenforcement in the office if they are expected to keep pushing forward. If a salesperson has exceeded their goals for the month, a supervisor can publicly congratulate him or her in front of colleagues to let them know they are appreciated. Positive recognition can also come in the form of incentive pay, merit increases or bonuses. Many business owners and VPs of sales use incentive compensation software to help create a plan that will reward workers with positive reinforcement and encouragement. Perks In addition to recognition, a VP of sales can motivate workers through the use of perks. Certain benefits, such as casual days at the office, reduced hours and holiday parties all help foster a healthy and happy work environment. When staff members feel good about their workplace, they are more likely to succeed. Salespeople can earn these perks by hitting sales targets. In conjunction with traditional bonuses and merit increases, these creative benefits will keep workers on their toes and increase motivation. Reward the effort If an executive sets up a team-based competition and the teams fall short of a hitting a goal, it’s still a good idea for those teams to have their hard work accounted for in some way. They may not have reached their target, but supervisors can give out consolation rewards, such as gift cards, to recognize the efforts every worker made. This will encourage teamwork and improved performance for everyone at a company, while conveying to a team that their time and dedication are valuable.

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Ballast Point Ventures

Ballast Point Ventures is a later-stage venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast, and Texas. The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, financial services, and consumer goods. BPV has $200 million under management and seeks to make equity investments ranging from $3 million to $10 million.

Harbert Management Corporation

Harbert Management Corporation seeks to generate superior returns for their investors by identifying and investing in the most promising early growth stage companies in the Southeastern U.S. HMC seeks to capitalize on what it believes are compelling regional dynamics, such as a strong and fast-growing economy, significant research and development activities, and an established entrepreneurial community. The HMC team combines substantial investment, advisory, and operating experience with capital and networking contacts to support great entrepreneurial teams in successfully executing their growth plans. With offices in Birmingham, Alabama; Richmond, Virginia; and Gainesville, Florida, it’s well positioned to partner with entrepreneurs throughout the Southeast.

KBH Ventures

KBH Ventures was an early investor in Iconixx Software. KBH's investment philosophy plays a significant role in the firm's successful track record. KBH believes in running businesses to be cashflow positive and profitable every month. Startups and companies in a startup mode, such as one that has been purchased in distress, are expected to generate revenue within the first six months and reach profitability within the first 12 to 18 months. KBH also only invests in or acquires companies that are in the startup phase or have less than $20 million in revenues. KBH targets technology companies that offer business-to-business services.

S3 Ventures

S3 Ventures is an early expansion and growth stage venture firm with $200 million under management. It’s focused on information technology solutions that solve large business problems. S3 also invests in medical devices that improve the human condition. S3 invests in category-defining opportunities. It partners with the team and help focus methodically on what it takes to build a successful company. S3 today helps talented entrepreneurs take their technology and market knowledge and form valuable businesses in a repeatable fashion. Investment sizes start at several million or more for Series A, B, and C financing.