Whether this is your first time hiring commission-only salespeople or you're looking to pad your team, attracting applicants isn't easy. Commission-only positions are a tough sell, so you have to do everything you can to get top talent.
Not sure where to start? We have you covered. Do the Prep Work First things first, do your homework. Before you even send out a job listing, prepare for your new hire. Figure out the compensation plan, invest in a feature-rich commission management tool, and ensure they have everything they need from day one. Do you have training lined up? What about the office space? Those details matter and can impact an applicant's perception of your company. Be Honest About the Details Don't beat around the bush once you get applicants in the door. Honesty is the best policy. No one wants to hear vague answers about incentives or pay. Be transparent and be clear about what the job entails. Provide the Tools They Need to Succeed There's nothing worse than being a disorganized mess. The last thing you want is to make mistakes and errors on the first commission payout. To avoid any hiccups, give your team the software they need to keep track of all their sales and commissions. A commission management tool can go a long way. Not only does it help them monitor performance, but it can reduce errors and provide real-time reports. Be Upfront About the Sales Process Every business has a unique sales process, and applicants need to know what they can expect. Whether they'll spend their day cold-calling or following up on established leads doesn't matter. Be upfront about how they will make their sales. Some people have strengths in one technique but are awful at another. Please don't drop your new hires into a situation they will immediately fail. Discuss training, talk about any scripts you might have, and provide tips to give them some insight into the process. Encourage Applicants from the Jump Finally, don't forget to be encouraging from the start. Set the stage and create the right power dynamic. Instead of listing off a slew of demands, try to enable them to take control of the position and instill a sense of ownership in their success. Commission-only employees need motivation and support. Their performance ultimately determines their success, but they need to know that they're in an environment designed to help them reach their full potential. When you follow these tips, applicants will feel confident vying for a spot on your team. Read a similar article about ADP integration for commission tracking here at this page.
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ASC 606 is a major update to accounting standards that was enacted in 2017 for public companies and 2019 for private companies. ASC 606 primarily deals in revenue recognition and how to make it more consistent across companies and industries. In this blog, we’ll summarize the five steps of ASC 606.
Identify the Contract A signed contract is not required under the new ASC 606 standards. A contract can be enforced if these essential parts:
Identify the Performance Obligation This means to identify the promise in the contract to transfer goods or services to the customer. The goods or services should be distinct and easily identifiable. You can consider something a good or service in a contract if:
Determine the Transaction Price This is what the customer will owe to the entity, whether the payment be in cash or in a non-cash form. Allocate the Transaction Price The transaction price should be allocated if the product is software-as-a-service, or SaaS. Since payment is recurring and continuous, there is an ongoing performance obligation. The seller can split this amount to be recognized as revenue upon each delivery. Recognize Revenue Revenue is recorded and recognized in the ledger. Learn More in an ASC606 Webinar As you can see, ASC 606 is exceedingly important to accurately recognize revenue. Accounting teams have been doing this for years now, but it helps to make sure all of your teams are informed and up to date on what ASC 606 means for companies and how it affects them. With an ASC606 webinar, you can learn how ASC 606 impacts businesses, the hidden traps you should be looking out for, and you can learn how sales ops can help your accounting team adhere to these standards more easily. Sign your team up for an ASC 606 webinar if you want to stay ahead of the curve this year. Read a similar blog about future of revops here at this page. |
AuthorEmily Clarke writes about business software and services like commission tracking platforms, softwares etc. Archives
March 2022
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