You have 7 open positions, 10 new customers to onboard, and you’ve put Slack on silent because the #wins channel is blowing up. Hypergrowth is exciting.
But all this growth is counting on you. Your ever-growing to-do list has gone from ambitious to aspirational to delusional. And the worst part? Your teams feel the stress too. The problem is time. Let’s look at how you can navigate the wild waters of growth, without feeling like you’re going off the deep end.
Report in Real-Time
Keep your teams’ eye on the prize. Focus is key. The power of focus? You realize your goal 23% faster, and it feels 30% closer and 17% easier. The best-performing compensation plans offer reporting that is in real-time, individualized, and passive. According to the Forrester report “The State of Sales Compensation 2021”, reps who receive weekly updates on their comp plans perform better and are twice as likely to be top performers
Increased visibility and access to in-depth sales dashboards also creates efficiency, as noted in another Forrester study. In fact, providing visibility reduces inquiries fielded by your comp team by more than 90%, and remaining inquiries are easier to solve because relevant information is more accessible.
Prepare to Add More Plan Types
You’ll be adding new roles segmented by sales motion, specialized roles by vertical or territory, and management layers. And as you grow and the market changes, you’ll soon discover that compensation planning is never a case of “set it and forget it”.
So how can you keep up with it all? In a recent Gartner survey, 96.3% of Chief Sales Officers reported that they are investing in sales tech software. Specifically, products that give sellers an advantage, rather than solely benefitting management.
Sales compensation software does this in many ways. It helps you plan strategically, execute changes quickly and make it easy to leverage data to uncover how to outdo previous performance benchmarks. It should seamlessly integrate into your workflow with minimal investment or stress on your IT team. And it must be scalable – the sales compensation solution you choose should be able to grow with you, from start-up to enterprise.
Avoid Compensation Drama
As your business grows, keeping compensation consistent and fair also means change; either hire more people to do the work, squeeze more out of existing tools like Excel and Salesforce, or bridge gaps with error-prone manual workarounds. This compounds the compensation drama of inaccurate payments, shadow accounting and question after question on compensation errors.
Sellers are distracted, sales leaders are inundated with escalations, and time-crunched comp admins are exhausted. The key is to create a compensation environment that instills confidence, is transparent, predictable, and agile. Where salespeople can focus on selling, leadership can support their teams, your admins can spend more time on analysis, and you can strategically align comp plans with business objectives.
SPIF on Losses
You need to figure out how to keep growing. Having a better understanding of the verticals, territories, or segments where you’re winning and losing deals will help you make investments to sustain your growth. Finding that perfect balance can quickly bring rewards for both your sales teams and customers. Optimizing your territory and quota plans can help you manage sales complexity, meet your growth targets, and help create trust within your team.
Don’t Undervalue Your Time
Stop relying on all those spreadsheet tabs. It’s an afterthought to you and it also feels that way to your team. We get it, the math isn’t hard, which is exactly why it’s the type of thing you should not do manually. Remove friction from your processes, so that time is better spent on building a sales comp strategy that boosts productivity, identifies growth opportunities, and creates a team culture built on trust.