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Why do most Sales Performance Management Projects Fail ? [Infographic]

By November 3, 2015June 11th, 2024No Comments

Reasons Sales Performance Management Projects Fail Innovations often bring challenges in addition to better, faster and cheaper solutions to industry problems. Sales performance management systems are the way of the future for sales-driven companies, though, the initial implementation of such systems can make things a little hairy, logistically. Below are four common problems that arise when implementing SPM systems to your company: Involvement One of the biggest reasons that sales performance plans fail is they are constructed without the input from the staff members they are slated to manage. When sales teams are involved from the planning stage of a new project, valuable information potentially critical to the project’s overall execution may arise that c-level planners may have missed. Training When it comes to company-wide participation, cross-department communication is necessary to get a new project off the ground. Bringing in senior company executives or figureheads is a great way to not only inspire your team, but also to help keep them on track. While scheduling may present a bit of an issue for company leaders, this step can prove critical to an SPM project’s success. Foresight  Because SPM projects actually affect many different parts of an organization, production and and other project timelines should be created with a little extra allowable deviation than normal. Plan for hiccups and unexpected changes to your company’s standard operating procedure. Understand that, in an effort to improve company productivity in the long run, shifts must and will be made across your business. Chaos Try not to overwhelm sales team members with too many changing responsibilities. The best way to plan for the oncoming changes is to assign alternative tasks for certain key members, as a way of providing alternative, backup training to key employees without training an entire alternative team. When dealing with SPM-related issues, always remain steadfast in your decision. Incentive and compensation management software is tailor fit for sales teams, and is a proven method to increase not only a department’s performance, but the company’s overall output long term.

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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.

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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.

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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.

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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.