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Skills that make a great sales manager

By March 15, 2018January 16th, 2023No Comments

Managing a team of salespeople is difficult, and keeping morale up throughout the selling season can be a struggle. Any salesperson will experience highs and lows as the season wears on, and sales managers need to craft an incentive plan that offers consistent rewards and attainable goals. That will keep sales people focused and contribute to a successful cycle overall.

Newly promoted sales managers may find it difficult to start planning a compensation strategy for their team. Luckily, modern tools make it easy to identify successful strategies and create a plan that works for the majority of salespeople on the floor.

The data-centric approach
New sales managers may not know the strengths and weaknesses of each individual team member, and may not yet fully understand the intricacies of each individual salesperson’s territory. While the new manager will want to become very knowledgeable about these elements over time, they need to create a sales compensation strategy before they can develop expertise. To create something workable, sales managers should focus on data from previous quarters to create a solution that works in the future, according to Insight Squared, a business analytics firm.

Of course, it’s impossible to use a data-driven approach if data doesn’t exist, and that’s where a compensation management solution becomes invaluable.

Dedicated compensation management tools make it easy to track the success of different compensation strategies over time. More importantly, they make it easy to implement a complex compensation strategy that rates employees according to several metrics. This software ensures managers get more data, which allows for a fuller picture of individual performance.

Sales managers who integrate compensation management into their workflow will better understand how each salesperson is progressing toward quota and can adjust future decisions accordingly.

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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.