If you are still using the old, conventional and outdated commission planning then this article is particularly for you. Chances are your business might face the consequences of your negligence and sluggishness in regard to the sales commission plan. A sales commission plan is made after taking into consideration a lot of aspects like number of reps working for your company throughout its branches, units of sales the individual reps make on an average and much more. Sales commission plans are either made manually through spreadsheets or by using some sort of sales commission software and then the incentives are handed out accordingly. This plan acts as a base line on the basis of which all the reps receive their sales incentives. The idea behind offering a sales commission to your sales reps is that, with an intent to receive incentives on the sales they make, they tend to work harder and put in more effort than ever thereby increasing their productivity and the sales performance of the company.
The sales commissions therefore act like a temporary boost for your business which provides a temporary boost to the speed of the profit-making process in your business for a short lived period of time. But handing out sales incentives to the reps on a regular interval would somehow give a constant turbocharge to your business thereby increasing the overall pace and performance of the company. The reps are offered their fair share of sales commission only on successful attainment of the sales quota assigned to them. Sales leaders assign a certain quota to their reps, which is only a smaller unit of the long-term sales goal.
Why exactly should you give up on spreadsheets for sales commission planning?
If you own a large-scale business spread in multiple cities, states or countries and have been using spreadsheets for the sales commission planning process for your business, it is then advised not to continue with spreadsheets any further and give it a break rather choose something different, try your hand at some other alternative, well you can you guess where are we heading to. Yes! It is the commission management softwares but why is it that we must give up on using the spreadsheets any further. Let us see why?
- Manual calculation of the sales is prone to errors and miscalculations, leading to complexity in the process of handing out the sales commission. If an error is made it would thereafter be very problematic if not looked into.
- Stacking all the data about all the reps that work for you and collecting the data related to the unit of sales and maintaining it in the spreadsheets would only increase the complexities.
- Using spreadsheets for commission planning and managing can be very hectic and problematic. It can be very time consuming and could also cost you the manpower which you could have used elsewhere and added to the productivity of your business.
Why is it that you should rather use commission management softwares?
After having looked at why you must give up on using spreadsheets, let us take an overview on why you must consider using commission management softwares for the job. It is because of the many features that these softwares have to offer, of which the most notable one is sales commission plan template and is what makes it the best alternative to consider.
ElevateHQ is a software which offers high accuracy, flexibility, real time exposure and data insights. The benefits are multifold and hence the best making ElevateHQ your one stop destination for the job.
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