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Stop Managing Compensation – Start Closing Sales

By June 26, 2020June 11th, 2024No Comments

Speed up decision making and execution for rapid revenue recovery

As we work our way through this pandemic, we’ve seen an uptick in companies who require the ability to promote immediate revisions to compensation for their sales and incentive programs.

These unplanned revisions must be easy to communicate – fast to apply – accurate to forecast and audit.

Empowerment and Speed

Agility needs to be grounded in the discipline of data. Your business must create or accelerate your analytics capabilities to provide the basis for answers, and perhaps more important, allow them to ask the right questions.

The word AGILITY is tossed around frequently in most business advise articles today.  Let’s break it down.

Agility – The ability to reconfigure strategy structure, processes, people, and technology quickly toward value-creating and value-protecting opportunities.  In a 2017 McKinsey survey, agile units performed significantly better than those who weren’t agile.

Three main outcomes were identified:

  1.  Improved Customer Satisfaction
  2.  Employee Engagement
  3.  Operational Performance

These areas make up the ‘agile impact engine‘, and when working together, produce a four outsome – improved financial perofrmance or INCREASED REVENUE.

The ability to track and measure stated outcomes is just as crucial as flexibility when strategizing for revenue recovery.  You need accurate and timely data to make and execute decisions that can make or break strategies for growth. You can only obtain that level of dependability or transformation through automation.

EXTERNAL FACTORS CAN ALTER YOUR PLAN

The current pandemic-triggered economic climate serves as an extreme example of the kinds of external factors which may alter the effectiveness of your revenue plan. You’ve probably realized it’s necessary to look beyond the typical adjustments and perform analyses specific to your industry outlook.

Decisions to provide short and long-term life lines:

  1. Adjusting Sales Quotas
  2. Modifying Performance Measures
  3. Lowering Plan Thresholds

Forecasting and modeling is essential; automation delivers the scalability and flexibility with the data  you need, when you need it.

BOTTOM LINE

Now more than ever it’s crucial to have technology that delivers flexibility, accuracy and speed – all essential in providing data to enable decisions which provide short and long-term life lines paramount for the success of your business.

One more thing.  A high level of Customer Satisfaction is essential.  You need a partner you can depend on in the business climate we find ourselves today . . . shoulder-to-shoulder, Iconixx is Making Your Life Better!

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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.