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Employee recognition, performance planning and sales management

By June 28, 2016June 11th, 2024No Comments

Planning, planning, planning.

Although it is easy to envision the financial possibilities of individual sales planning, the reality is a robust and comprehensive strategy that also includes performance and compensation planning is a necessity for industry leaders’ success, according to CRN. 

Planning for individual sales
All companies offer some sort of product or service that requires skilled sales people to close deals with customers, a task that has become increasingly difficult amid an inconsistent and changing U.S. economy. Oftentimes, employers and top company executives designate sales goals, objectives and quotas based on what they believe will maximize profits and what their perception of a manageable workload is. Generally, these plans have traditionally involved little to no input from the actual sales people behind the curtain. 

However, companies should implement sales planning strategies so employees feel they have some autonomy. Collaboration and mentoring are two concepts that John Convery, president and CEO of a Seattle-based consulting firm, recommend.

Senior advisors and salespeople should work together, he said, to accomplish common goals. Many successful companies use incentive compensation management (ICM) software to collaboratively track these sales, in addition to a “What if?” calculator that helps employees manage individual sales milestones.  

Planning for performance and recognition
Many employees find meaning in their work beyond the paycheck, and develop a personal relationship with their job that shapes their perception of themselves and has profound affects on emotional, mental and physical well-being. Because of these reasons, employee recognition is a must for companies who want to retain top talent while acknowledging the achievements of the individual or team. 

Recognizing employees boosts confidence, pride and overall work ethic and can be easily planned for through ICM software solutions. This means employers can integrate professional development plans or milestones into compensation and performance packages that can be tracked through ICM. For example, companies can incorporate accomplishments such as elite sales clubs into performance structures that allow employees to gain admission to additional professional opportunities. 

Planning for compensation
Compensation plans are what set competing businesses apart from each other by their ability to attract, acquire and maintain top talent in their fields. 

All of these practices can be structured to fit into a compensation bundle that ultimately sets the stage for prolonged personal and corporate financial growth. When employees see that there are built-in financial incentives for top tier work, they are more likely to produce results that end with them receiving compensated recognition for their exceptional performance. 

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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.