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Identify potential leaders using sales performance management

By August 3, 2013January 16th, 2023No Comments

Many sales companies have an effective incentive compensation plan in place. These programs can both increase sales and establish a company culture in which collaboration is a priority. Although these are undeniably important benefits, many executives and office managers overlook these ICM programs as a way to promote leadership among a sales force. Keep reading to discover how incentive compensation management and sales performance management can help mold solid employees into future company leaders: Keep an eye on team-based competitions  One of the most productive ways to motivate salespeople is to implement team-based competitions. These initiatives are not only effective in encouraging collaboration, but also provide an opportunity for a VP of sales to discreetly monitor sales performance and savvy communication skills amongst a group. As with almost every group initiative, it will become clear who takes on a position of leadership, versus those who take the advice of a leader, and contributing members who develop strong ideas without fighting to take on the role of group leader. Make informed decisions Informed decision making is one of the major benefits of sales performance management and accompanying software. An executive will be able to monitor interactions between team members and compare these results to hard sales numbers that are readily available in the sales performance software. An executive may discover that an alpha leader may guide a team effectively but fall short of sales expectations, while thought leaders bring in high numbers and revenues. From there, a VP of sales cam determine who would be suitable for a leadership role – there’s no rule that says the most vocal group member should be promoted. With a bit of communication and leadership training, a less obvious choice may just be the best person for the job. When an executive makes the call to select  an individual for a promotion based on solid and reliable information, a company will find itself on the way to achieving lofty goals.

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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.