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Designing the right bonus plan for your business

Leave a Comment / Employees, Sales, Small Business, Small Business Owners /

Today’s employees have a wealth of information at their fingertips and many distractions competing for their attention. Maintaining focus and productivity can be challenging. One proven lever for promoting engagement is a performance-based bonus plan. When carefully structured, these plans acknowledge individual contributions while accelerating the company toward its strategic goals. However, if not optimally […]

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5 ways your business can build a stronger annual budget

Budgeting, Business Budgets, Cash Flow, Data Analytics, Sales, Tax Planning /

As summer gives way to fall, many businesses begin their budget-setting processes for the upcoming year. This annual rite of passage can be stressful, contentious and, perhaps worst of all, disappointing if your budgets often fail to achieve their objectives. The good news is that there are many ways to enhance your company’s budgeting process

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How can your business set the stage for organic sales growth?

Employees, Marketing, Organic Sales Growth, Sales /

For businesses looking to reach the next level of success, there’s no bigger star than organic sales growth. Simply defined, this is achieving an increase in revenue through existing operations rather than from mergers, acquisitions or other external investments. As you’ve likely noticed, coaxing this star into the spotlight isn’t easy. How can you set

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Business owners can rest easier with sound cash flow management

Accounts Receivable, Business Expenses, Cash Flow, Sales, Small Business, Small Business Owners /

Slow cash flow is one of the leading causes of insomnia for business owners. Even if sales are strong, a lack of liquidity to pay bills and cover payroll can cause more than a few sleepless nights. The good news is that you can rest easier by exercising sound cash flow management. Scrutinize your cycles

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Choosing the right sales compensation model for your business

Compensation, Employee Stock Ownership Plans, Employees, Hybrid Sales Model, Profit-Sharing Plan, Sales, Small Business, Small Business Owners /

A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople. But what motivates these valued employees? First and foremost, equitable and enticing compensation. And therein lies a challenge for many companies: Choosing the right sales compensation model isn’t

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Embrace the future: Sales forecasting for businesses

Sales, Sales & Marketing, Small Business Owners, Small Business Tips /

So, how are sales looking for next year? It’s not a rhetorical question. Your business should be able to look ahead and accurately estimate how its future sales are shaping up. This practice is called sales forecasting, and doing it well is key to better managing your company’s financial performance. Why it’s important Formally defined,

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Reinvigorating your company’s sales efforts heading into the new year

Customers, Employees, Fringe Benefits For Employees, Sales, Small Business, Small Business Tips /

Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there? When it comes to success, the driving force behind most businesses is sales. If products or services aren’t moving

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Could value-based sales boost your company’s bottom line?

Sales, Value Based Sales /

If your company sells products or services to other businesses, you’re probably familiar with the challenge of growing your sales numbers. At times, you might even struggle to maintain them. One way to put yourself in a better position to succeed is to diversify your approaches, so you’re not limited to a single method by

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Inbound vs. outbound: Balancing your company’s sales strategies

Sales, Sales & Marketing /

It might sound like the lingo of air traffic controllers — inbound vs. outbound, but businesses of all types must grapple with these concepts and their associated challenges when developing sales strategies. Inbound sales originate when someone contacts your company to inquire about buying a product or service, whereas outbound sales arise from members of

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Sometimes businesses need to show customers tough love

Customers, Sales, Small Business Owners /

“We love our customers!” Many businesses proclaim this at the bottom of their invoices, in their marketing materials and even on the very walls of their physical locations. Obviously, every company needs a solid customer or client base to survive. But, to truly thrive, you need to evaluate which customers are reliably contributing to the

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