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Simplify business practices with incentive compensation plans

By September 3, 2013June 11th, 2024No Comments

In an economy that constantly calls on businesses to be innovative, trustworthy and modern all at once, it’s easy for a company to get wrapped up in complex practices that often end up backfiring. When companies spread themselves too thin and cast too wide a net to draw in as many clients as possible and to push sales, details can fall through the cracks and initiatives may fail to meet expectations.

A company doesn’t have to give up on achieving lofty goals, though. Instead, executives can simplify their lives and business practices by using sophisticated incentive compensation software. Keep reading to find out how these incentive compensation management software solutions can help a business gain focus without losing sight of long-term company objectives.

Reward groups
Financial incentives have proven time and again to be an effective performance motivator. However, when every staff member is out for themselves, it is possible that unhealthy competition and confusion will ensue. If an executive is trying to diversify business practices, rather than setting everyone out to achieve the same goal, they can use ICM software to group individuals into task forces, each designated to work toward a specific goal. (Alprazolam)

For example, if an East Coast company is trying to expand sales into the West Coast markets, as well as the South, an executive can create teams to tackle the separate tasks. By creating groups, A VP of sales will increase the likelihood of success – when more people are working toward a common goal, they will invest in the project in order to help the entire team earn a financial reward.

Simplified tracking
Incentive compensation software allows an executive to easily monitor sales performance – all they have to do is log into the program and soon they will be presented with up-to-date information on individual, group and branch performance. Having easy access to such valuable information will simplify business practices and give an executive insight into overall company 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.

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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.