business organisation

Like every other business organisation out there you too must want to grow your sales and increase your profits exponentially. Well, if that is a yes then do make sure that you are taking necessary measures in route to achieving this desire. You must ensure that you are offering an encouraging amount of commission to your sales reps, yes, you guessed it right we are talking about the SPIFF, Sales Performance Incentive Fund. It is the bonus that every business out there offers to their sales reps so as to motivate them into putting in more effort into their work and boost their spirits. It is a natural human tendency to work better and beyond your limits when promised a certain reward. The same goes with the reps, they are assigned a certain sales target which they must achieve within the specified period of time, on successful attainment of which, the reps are therefore duly rewarded with certain cuts which we call the sales commission.

These commissions are awarded to the reps on the basis of what we call a sales commission plan, it is a plan by virtue of whose criteria the reps are offered their share of incentives. Conventionally, this plan was made using commission tracking spreadsheet excel but as of now, there are alternatives that you can prefer to use, over the spreadsheets which we shall talk about in the later part of this article.

What points must you include or add in your commission plan?

A sales commission offered to the reps, in every way, provides your business an essential temporary thrust that not only boosts the performance of your business but also boosts the spirits of your reps. Hence, it becomes, of utmost importance, to make sure that the plan which you have made or have been using until now or would make hereafter is quite effective and is in the interests of all. Let us discuss some of the important points a commission plan must include.

  1. Organising the data properly: keeping in order, the data of all the reps working for your company in a particular region or in all your offices throughout the country or overseas, if any, is undoubtedly a very hectic job. It would demand utmost sincerity and attention to organise the data properly, but it has to be done so that your reps are properly offered their cut and are not deprived of what they deserve.
  2. Accuracy: Since, offering the sales incentives completely depends upon calculation, it is to be ensured that there shouldn’t be any sort of errors in the calculations and accuracy must be ensured. Only then can the plan be effective and would prove to be useful.
  3. Transparency: Your plan must offer transparency to your reps, such that they can resolve all their doubts being offered lesser incentives than what they deserve. 
  4. Accessibility: The data must be made easily accessible for the reps such that they can at any point of time go through it and look into their performances and make necessary changes to their performance by virtue of it.

How can you include all these in your plan?

It sure is out of question to expect a manual commission plan to offer all the above-mentioned features in its plan. This is where the alternative to it comes in. Instead of doing it manually, you can switch to softwares for the job. Software companies like ElevateHQ willingly take up the responsibility to make a full-fledged and dedicated commission plan for your business. ElevateHQ is the best of its kind, is easy to use and offers accountability, flexibility and also a real-time exposure.

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