Every business out there works for a profit and so do the employees. The sales reps in particular are dependent on the profits the company makes, because that would ultimately also profit themselves. Sales reps receive incentives apart from their salaries for achieving the targets assigned to them. The reps are offered incentives on achieving the sales target assigned to them, but they must make sure that they achieve the quota successfully within the specified time period, only then will they be able to receive an incentive for their work. The targets which are assigned to them are assigned on the basis of a plan which is made earlier and all the reps receive their incentives according to that very plan. You can either make the sales commission plan manually through sales commission plan template excel or consider using a judicious, sophisticated and comfortable option, the commission management softwares. Companies all around are now shifting from the old and conventional method of using Excel spreadsheets for the job to using the new and simplified softwares available.
How did the commission management softwares simplify the commission planning process?
Excel once proved very useful for sales commission planning, but as of now when the businesses are expanding and businessmen keep on multiplying their business offices and keep spreading from country to country, evidently, the number of employees also increase accordingly and so does the number of sales reps. Spreadsheets could have been more useful only if they offered a little more sophistication and a broader scope but the reality is, as of now, instead of simplifying, it would only complicate the process of commission planning hence, ruling out the question whether to use it or not for making a sales commission plan for your business. If your business is a small scale, you may consider using it but if it is not, if your business is widespread and operates in many offices you must prefer using commission management softwares. With the help of a software, you can keep all the data about you reps and their respective performances over the quarters stacked in one place and can use it for the growth of your business whenever needed.
How exactly do commission management softwares simplify the commission planning and managing process?
Using a software sales commissions means the entire process of commission planning and managing is going to be initiated and completed with just a few finger clicks. You would only have to fill in the data once and the software would thereafter track every single unit of sale made by an individual sales rep over a certain time frame. Let’s see what all fascinating things these softwares have to offer to its users.
- Accuracy: The most notable perks of using a commission management software would be that it would offer high accuracy and little to no errors and miscalculations.
- Data insights: It is what we have talked about earlier in this article about how by using one of the softwares you can stack all the data regarding the reps and the units of sales made by them.
- Transparency and easy accessibility: Letting the reps access the data regarding their performance would bring about transparency in the process and would also let them make necessary developments in their performance accordingly.
Your one stop destination, where you can include all the aforementioned features in your commission plan, is ElevateHQ. In addition to these features mentioned above, they also offer flexibility and real time exposure thereby making it the most fantastic piece of software which you must use for your business.