Commission planning is an essential structural part of the business hierarchy. It is through a commission plan, that the sales reps receive a sales incentive after they successfully attain the sales target assigned to them. Offering sales commission to the sales reps within a business has been in practice for ages and is very much effective. The SPIFF or Sales Performance Incentive Fund offered by businesses to their sales reps acts as a temporary boost for the business and gives a temporary boost to the company’s performance. Hence, companies make sure to offer promising incentives to the reps, every now and then. Sales leaders assign certain targets to their subordinates, the sales reps, and on successful attainment of this assigned target, the sales reps are therefore eligible to receive the incentives for their work. Since this commission is handed out by virtue of the commission plan, apparently it becomes vital to make an effective and suitable commission plan for your business. Earlier, it was only done through the commission tracking spreadsheet excel but as of now, we have other alternatives available that lessen the workload and ease the job of designing commission plans.
What is the alternative?
The conventional method of sales commission planning involved the use of spreadsheets and thus was prone to errors, miscalculations and inaccuracies. Since it was manually planned and operated, at times the plans proved to be utterly useless and a failure. Eventually, it also sparked disputes between the reps and the administration of the business. The reps were at times not paid what they should have been actually paid leading to dissatisfaction in the minds of the reps.
Therefore, a necessity was felt to bring into action a better alternative. Well, what could be a better alternative than using software for the job? Since it is fully digitised, it offers accuracy unlike anything, is easy to operate and is also less expensive which makes it quite affordable. You certainly don’t want to compromise with the quality of effort your reps put in the work assigned to them, so in order to make sure that the reps are putting in all the effort needed, you must award them duly. It would motivate them to work harder and so you must pick the best of the best options from the alternatives available.
Key features of using a commission management software
Using a commission management software for a full-fledged and suitable commission plan would be the best decision. This software offers many unmatched features which ultimately make them the best alternative and preferable over manual sales commission planning. Let us discuss these said features in a bit more detail.
1. Accuracy: Undoubtedly, a software would produce about little to no errors in its calculations, hence, providing accuracy in the sales commission calculation.
2. Transparency: Transparency is maintained.
3. Improved and higher profit: Now that everything is being operated by a software the manpower which was to be used in filling in entries and operating the data, the same manpower can be utilised somewhere else which would increase the productivity of the business.
4. Easy accessibility: The data would be easily accessible for the reps; hence, they can easily look into their performances at any point in time and pace up their work accordingly.
Wondering where would you find all of these features in one single place, well! elevate sales commission software is your one-stop destination for the job. ElevateHQ is a fantastic piece of software, which comes with a totally unmatched package of features like accessibility, flexibility, real-time exposure and much more, which makes it the best and most suitable software for your business.