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Prioritize incentive compensation plans during quarterly meetings

By July 23, 2013January 16th, 2023No Comments

Incentive compensation plans are ideal for motivating a workforce. The right incentive compensation management program will drive sales forward and can even build team morale. The benefits of these plans are numerous, but when it comes to implementation, many executives fall short in one area: communication. In addition to doling out rewards for high performance, it’s important to communicate to staff about company progress and the effects of an ICM plan. A quarterly company meeting is the perfect opportunity for communication on a larger scale. Keep reading to find out how to incorporate ICM talking points into quarterly meetings: Relate success to individual performance Quarterly meetings are an ideal platform for sharing company achievements as well as areas for improvement. When holding a company-wide meeting, an executive can present statistics on how sales have improved, and relate increased sales with a successful ICM plan. Sales compensation software and business analytics can help make these presentations dynamic. These software programs gather company sales data and create colorful and easy-to-understand graphs and charts that can be shared with staff. This is also a great time to publicly praise a few star performers – a brief mention of impressive work will make those individuals feel valued and appreciated on a company-wide scale. Encourage communication In addition to congratulatory messages, quarterly presentations are an ideal place to welcome feedback on incentive compensation programs. During the meeting, after presenting information on the success of the programs, an executive can welcome further communication on ICM specifics and other topics via email or in-person after the presentation has come to a close. Encouraging open discussion between staff and supervisors not only shows a team that executives value their feedback, but also leaves room for fresh ideas that may benefit a business in new and exciting ways.

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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.