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Stay the course: Establish steady business practices with incentive compensation software

By July 18, 2013January 16th, 2023No Comments

Any salesperson can tell you that, although big annual sales and unexpected deals coming through are a huge asset to business, true success requires strong and steady sales numbers on a consistent basis. One way to ensure that staff are consistently motivated and working their hardest to drive in revenues is to use incentive and sales compensation software. These programs are valuable tools that allow executives and salespeople alike to monitor progress, track performance and discover new ways to encourage top sales. Keep reading to find out how incentive compensation management software can help businesses stay on track all year long. Deeper understanding of performance One of the best things about incentive compensation software is that it’s a transparent tool that gives individuals access to their own information. A salesperson can log into their personal account and immediately see their sales numbers, which will give them a better understanding of how they operate. A salesperson can look at a particularly high sales day, for example, and ask themselves how they managed to close so many deals. Was it because they got a great night’s sleep the night before, or was it because they used a slightly different sales tactic that day? Staff members will gain new insights into their performance and will then be able to understand what needs to be adjusted in order to raise their performance every day. Supervisors also have access to workers’ sales numbers, so they can monitor staff progress and see how incentives are affecting employee performance. Flexibility ICM software provides the flexibility to make changes to a program, even after it has been implemented. If a VP of sales is scanning through data and notices that sales numbers have been steadily slowing down, he or she can introduce a supplementary incentive plan to boost performance. An executive can set up frequent sales competitions with small rewards, such as gift cards, to nudge sales upward without having to redesign a plan. These small initiatives really make a difference, and can help keep sales consistently high.

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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.