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Iconixx Insights BlogIncentive Compensation ManagementSales Performance Management

Timely performance management is key to sales success

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

Once an executive successfully implements an incentive compensation plan, the work isn’t quite done. It’s not enough to monitor results for a few months, deem a program a success, and move on. Instead, consistent and timely sales performance management is necessary for an incentive compensation management program to stay successful in the long run. Keep reading to find out how a supervisor can consistently motivate a team and promote higher sales on a regular basis. Track performance frequently Incentives such as bonuses and merit increases work, but it’s important for executives and managers to stay connected and informed about the results of the plans they put in place. Regular employee tracking is a must for high sales performance. Incentive and sales compensation software is great for employee tracking, as it uploads data regularly and frequently. Many companies choose to have the software automatically update sales numbers at the end of each day, so information is always accurate. Supervisors can check in on salespeople regularly to see how incentives and competitions are sparking motivation, and what if any changes need to be made. ICM software is a powerful tool that helps individuals monitor their staff, without feeling like they are micro-managing. Don’t be afraid to make adjustments Even the best ideas need a little reworking every now and then. Certain incentives work better for specific  individuals or departments over others, which is why sometimes an ICM plan needs to be tweaked to get the best results. Maybe a quarterly sales competition drove performance at first, but data now shows that numbers are lagging. In that case it might be time for a monthly sales competition, or a one-time contest with a significant reward to boost sales and get a team back on track. These changes keep a sales force motivated and alert, and can make an ICM plan a great success.

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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.