Sales Compensation: How to Set Up a Sales Compensation Plan
Advice for small businesses on how to create the best sales compensation plan for your sales team, by determining sales goals, performance measures, payout formulas, and the sales cycle of your business.
One of the biggest management challenges for a growing business is appropriate sales compensation. You know you need an incentive compensation plan that encourages your sales force to land new accounts and continue to upsell existing customers, but where do you begin figuring out the best way to compensate them? It often boils down to finding the right balance between base pay and commission. But other questions also may come in to play: Will a commissions-only model work for you? How do you set parameters for performance? How do you measure that performance?
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Tom McDonald, email@example.com; 608-788-5144; Skype: tsmw5752