Your business plan is hopefully changing with growth goals already set and it is the perfect time to make sure your comp plans are aligned with the New Year company strategy. Many companies get in the habit of forgetting to review this critical component of their business toolset and do not make the tweaks to keep the growth engine fully fueled.
Ask yourself these three questions when reviewing comp plans for the New Year.
- Are my comp plans aligned with the company goals, not only in revenue but in targeted growth or product areas?
- Are the goals realistic for both the sales team and the company, based in fact and not on just hope?
- Are we rewarding the behavior we want to see in the sales organization?
If the answer is yes to all three then you are off on the right path for successful outcomes for the year. Of course, the “devil is in the details” and quotas, territories, KPIs, resources and the rest of the business plan all need to be synced up as well, documented thoroughly and communicated early and often to the sales team for the fast start you need. A great New Year’s resolution you should be able to keep…