How Managers Fail to Motivate Salespeople – and What They Should Do Instead

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StrategyDriven Marketing and Sales Article | How Managers Fail to Motivate Salespeople - and What They Should Do InsteadHistorically, salespeople have been “given” their goals. Whether we call these goals, targets or quotas, it’s all the same. Sometimes the goal is arbitrary, as in, “I know you can do better, so next year I’m raising your target by 25%.” Other times it’s prescribed. For example: “Whatever you did last year, this year’s target is 10% higher. And, by the way, your bonus will be based on a percentage of quota attained.” Neither of these approaches deliver great results. Here’s why.

We assume that the fact that their bonus, or in some cases their very employment, is contingent upon making quota. We assume that this is motivating. In fact, the very opposite may be the case.

Two immediate (and all-too-common) situations come to mind. Consider the highly likely scenario that they may not buy into the target you’ve come up with. If they’re thinking, “There’s no way I’m going to hit that!” that’s not motivation!

Here’s the second situation: Assume they fall way behind after the first quarter. What will happen? Very often, they simply give up, knowing that the bonus (or whatever incentive you come up with) is lost.

The problem is that these are management’s goals, not the salesperson’s. There are two improvements we may want to consider.

The first is to include them in the process, and negotiate their targets, getting their input. Start by asking them what they think they can do next year or next quarter. Ready for a surprise? They will often give you a higher number than the one you were thinking of. In this case, when you suggest something lower, they love you and will work harder for you. If you need to negotiate the number up, that’s OK too. Just the fact that they were included in the process gets them on board. There’s an old saying: People never argue with their own data.

The second, and best, option is to have a private conversation with each person individually about what’s going on in their world. Forget about your revenue targets for a moment. Ask them about their personal life and their personal goals. What do they want their lives to look like a year from now, five years from now, and in retirement? Here’s the amazing thing: Just by asking, you are implying that you want to help them get there! That’s the magic, although of course it is most powerful when you really mean it. When they believe that you are willing to help them achieve their goals, they will, perhaps for the first time, be truly motivated to help you achieve yours – i.e. quotas and targets.

There’s one other side benefit to using this method. Every once in a while you will come across someone whose personal goal is to be you in a few years. A person who wants to grow in the company. Someone who is looking for a mentor and didn’t know how to ask. Now, how great is that?

About the Author

StrategyDriven Expert Contributor | Kevin ShulmanAs a certified Sandler trainer, Kevin Shulman has helped individuals, companies, and professional organizations set and attain important goals for almost 30 years. He specializes in helping business owners, sales leaders, and salespeople grow their base of business and reach their full potential.

For more information, please visit https://www.sandler.com/resources/sandler-books/goal-setting-bootcamp/.

Vital Strategies To Improve Workplace Safety

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Are you prioritising workplace safety? There are so many reasons why you should be. After all, it is not only the ethical responsibility of those in charge but shows in an obvious way that you care about your employees, something that in turn can help to keep them motivated and loyal.

Additionally, by avoiding accidents and threats to safety before they have even begun, you can minimise additional risk to your business, including financial and public relations ones. To that end, take some time to learn how to improve your company’s workplace safety today. You’llYou’ll be glad you did.

Employee training

There is nothing better than comprehensive training for your workers if you want to improve safety in your business. Studies also show that well-trained employees ot only recognise and report potential risks much more frequently, but feel safer and more confident in the work they do as well.

With that in mind, thorough and up to date safety courses need to be completed by every worker. Be sure that they cover each aspect of their role, and provide additional outsourcing training for any heavy machinery or exceptionally high-risk situation such as working with chemical hazards.

Reward the behaviour you want to see

One of the most straightforward ways to encourage safer workplace behaviour is to reward it when you see it. Now, this does have to be done with care because giving out stickers and badges to adults isn’t going to work!

Instead, making the praise and rewards, you offer relevant for the people that it applies to is vital. For example, you could run a system of spot checks and give out raffle tickets to those displaying safe behaviour. Then over time, the team with the best safety record would collect the maximum amount of chances to win a prize. The prize itself needs to be worth the effort too, so a more significant bonus like a weekend away, or even extra time off paid often does the trick.

Signage is crucial

If you want your workplace to be as safe as possible, you mustn’t scrimp on the signage. It is always better to have more safety signage that you need. However, clarity is essential so you must make sure that information for people reading the sign you place in your workplace do not become overwhelming and therefore muddy the message.

Use occupational experts

What you may not realise is that there are a whole load of experts out there that can help you improve safety through your business. In particular, those specialising in occupational medicine will be able to tour your premises and find the areas that are most at risk of causing injury to your employees.

Physical therapists and health and safety experts can also help you work on and improve the ergonomics in your business. That is, setting things up in a way that doesn’t encourage injury or repetitive strain on any part of the human body. Something that can help you avoid longer-term injuries too.

Listen to your employees

Often it is workers on the front lines that notice issues with safety before anyone else. Unfortunately, unless action is taken at the management level, such problems can be left without improvement.

To that end, you must listen to your employees when it comes to safety and never dismiss their concerns. Where possible, instituting a formal process for reporting issues concerning safety is the best approach here. The reason is that it helps you to see where the main problems lie and also track what you are doing to rectify them.

Cleaning and organisation

A clean and organised workplace is one that is most likely to have fewer accidents and injuries. In fact, because of the current situation, proper cleaning and sanitisation are just about as vital as they have ever been.

The thing is that it is super tough to keep a business organised and clean without the correct infrastructure. That is you need space in which to store items quickly when you aren’t using them, as well as the right cleaning materials and training on how to use them. Even having a schedule of what needs to be cleaned in each area every day will help make sure that the correct standards are upheld.

Provide the right equipment

Have you tried to open a can with a knife rather than a can opener? If so you will know that not choosing equipment specially made for the task in hand can make that task instantly more risky and likely to end in injury or accident. Well, the same applies to your business, and that is why it is so essential to provide your employees with the right and well-maintained equipment at work.

Of course, this applies to the equipment and infrastructure that you install within your premises too. Fortunately, when it comes to safety, there are plenty of things you can use like this mini ball valve which provides a manual shutoff for a liquid or gas system, even in a small space. The latter being something which will give that extra level of safety for your employees.

Breaks are vital

When you are under pressure, it is easy to encourage your employees to work as fast, for as long as they can without a break. However, studies have shown that breaks are an essential part of maintaining safety because they help to keep workers more focused and give their body a rest from repetitive actions as well.

With that in mind, it is your duty as an employer to set regular break times and ensure that workers abide by and use these.

Include safety issues in your meetings

Another way that you can boost workplace safety is to make sure that it is an integrated part of the way you run your business. That means you talk about it in meetings, and remind people of any particular issue is daily briefings.

When your employees get used to talking and thinking about ways that safety can be improved as a regular part of their day, you will find that incidents and accidents decrease.

6 Modern Business Growth Strategies Every Entrepreneur Should Know

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StrategyDriven Entrepreneurship Article |Business growth strategy|6 Modern Business Growth Strategies Every Entrepreneur Should KnowAbout 83% of successful business owners start their business from scratch, and while it is challenging, it eventually pays off. One of the biggest challenges that you will face as an entrepreneur is identifying various means to expand your business, but that does not mean it is highly impossible. Growth is a significant indicator that your business is on the right track and involves taking more risks, developing innovative ideas, and identifying the right audience. So, what can you do to grow your business in a way that suits the current times? These few strategies should help answer that.

1. Expand your locations

You will sell more if you are open and available in more places. Of course, that does not mean you have to open up your business just anywhere. It takes a fair amount of research, and you would have to consider several factors, such as its proximity to your target market, among many others. When you open your business at a new location, you aim to gain access to new markets and customers. You can choose to open a physical store at another site, and you can either run it or operate it as a franchise. Alternatively, if you run a digital business – or your current business has an online presence – you can expand your sales channels. You can list your products on other websites like Amazon or even use social media.

2. Diversify your product offerings

If you are into manufacturing, then it will not be a bad idea to expand your product lines. It could be as simple as adding more colour options or creating new product styles and designs. Scope out your competition to see what sort of product upgrades they have to offer, or you can identify a gap and fill that need. Before you expand your product offering, it would be best that you conduct research. Apart from researching your competitors, find out what your existing and potential customers would like for you to add.

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3. Have a reliable team

To run a successful business with growth potential, ensure that you have a reliable, dependable team behind you. Take your hiring processes seriously and employ high-quality motivated staff members who share your business’ ideals. Invest in your staff members by organizing training sessions to help them become more adept with their tasks and to make proactive decisions. As a business owner, you must motivate your employees by ensuring that they are adequately compensated. You must also ensure that you are as transparent with them as possible and let them know they can trust you too. You will see that your business’ turnover rate will be less when you build and maintain a healthy relationship with your team.

4. Get your business online

Every modern business must have an online presence, especially if you want to stay relevant. The internet allows you to reach a wide range of potential and existing customers. If you have not done so already, you should make your business’ digital marketing efforts a priority. You can hire digital marketing companies skilled at optimizing your website for better search engine results. They can also help you with retargeting, website building, and content creation. They create campaigns that are designed to generate traffic to your website and social media pages. Whether you are an influencer like Sierra Skyee, or you run a bakery, digital marketing companies can help expand your business.

5. Expand your customer base

Your customers are one of, if not the most important, drivers of growth for your business. You must maintain your current customers by ensuring that you regularly keep in touch with them. After all, a 5% boost in client retention might increase your profits by 25% to 90%. It is also equally vital that you reach out to new customers to expand your base. So how do you expand your customer base? You can share free newsletters on company news and updates. You can also ensure that your company has excellent customer service. You will also gain more clients by promoting your business on social media and always updating your website.

6. Merge or acquire another business

Another way to grow your business is by merging or consolidating or purchasing another business altogether. This move can reduce your competition, expand your product lines, and increase your market share.

Successful businesses do not grow overnight; they take years of commitment and smart strategies to succeed. If you desire your company to grow, why not consider these strategies and set targets to track your efforts?

Bitcoin: The Future Global Currency?

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StrategyDriven Editorial Perspective Article |Global currency|Bitcoin: The Future Global Currency?Bitcoin is the most popular cryptocurrency today. Similar to normal currencies, they are used in online transactions and paying for products and services in person. One key difference is that bitcoin is mostly decentralized and is not controlled by banks or governments. This has not cryptocurrencies from absolutely taking off, and notable futurists see the lack of regulation as driving their incredible growth.

Why Is It a Big Deal?

With everything in the world going more digital, the expectation is that bitcoin and other cryptocurrencies will come to replace standardized ‘fiat’ currencies. Bitcoin is a secure store of value that transcends borders. It can be used anywhere and the value of it is the same everywhere. This is a key attraction for many people.

Going Mainstream

Bitcoin maintains a degree of anonymity. Wallets (where the funds are kept), are void of a name as you would have on a bank account, and can instead be identified by their own individual ‘address’, made up of numbers and letters. Investing in bitcoin is basically made on the assumption that it will go mainstream eventually, and when it does start to get used in a more natural way, the value will rise.

A Limited Commodity

This idea is helped by the fact that bitcoin is a limited commodity. There are only 21 million bitcoins in total that will ever be in circulation, and there is no way to make more. The same cannot be said for fiat currencies. For these reasons and more, it has become one of the hottest asset classes in the last few years and has received huge amounts of investment from backers all over the world.

How Can I Get Involved?

In the past, investing in bitcoin was a difficult process as the technology was rather new, however, a lot has changed in a short space of time and the market has really opened up to the average consumer. Companies that back bitcoin not only offer easy ways to buy in but also ways of protecting your investment. Paxful lets you exchange bitcoin to PayPal, and will also give you a medium to securely hold and sell this bitcoin whenever you want to. This is one of the easiest ways to invest, and you will also have the added protection from PayPal when you exchange bitcoin to Paypal.

Do be aware that there are lots of platforms like NiceHash that make it easy to invest in different cryptocurrencies. So, if you’re looking to begin your journey here, the building blocks are already in place. These platforms often have a short learning curve so you’ll be trading in your favorite cryptos in no time.

Investing in bitcoin may not be as stable putting money in the stock market, but it has seen some incredible growth over recent years, and you should be sure to check it out as many people genuinely believe it to be a future-proof, global asset.

 

This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.

How to Transfer Business Skills to Manage Your Life

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StrategyDriven Practices for Professionals Article |Business Skills|How to Transfer Business Skills to Manage Your LifeStarting and running a successful business requires a great number of skills, including fantastic organization, great financial planning, and people management. If you are an entrepreneur, chances are you have worked to hone these skills to the peak of your ability. Yet they don’t have to be confined to your business world. These abilities can help you manage your personal life, ensuring you stay on top of your finances, personal investments, and work-life balance. By taking a holistic approach to your life, you’ll find you make better decisions, and that you’re able to approach your business with greater focus and positivity.

Managing Personal Property

When you buy a new house, it is never simply a personal decision. You are also investing in a property, one that you can profit from in the future if and when you decide to sell, and it’s worth using all your business acumen to ensure you make the right decisions. Properties come in all shapes and sizes, with all different circumstances attached, and it’s worth doing your research. For example, if you’re buying an apartment that falls under an owners corporation, this can have many advantages, but it’s worth investigating strata law as the bylaws that govern these bodies can be complicated. A specialized lawyer may be able to advise you and make sure you’re getting the best deal possible in this situation. Whatever the type of property you’re considering, treating it as a business decision as well as a decision of the heart will ensure you are investing in your future.

Overseeing Your Accounts

For some reason, many business owners with an incredible grasp of their company’s accounts and finance can fail to apply this same attention to detail to their own personal financial situation. Don’t let this be you. Keeping a close eye on the state of your accounts is a vital part of living a successful life, one that allows you to plan for the future and accomplish everything you desire. There are also tips and tricks you can pull from business models to help you manage your finances more easily. Just as you may have ‘pots’ of money separated for different departments in your business, why not apply this same structure to your own bank account? Put aside a budget each month for clothes, groceries, and casual spending, and make it more efficient for yourself to keep track of your expenditure.

Scheduling and Prioritization

Do you ever feel like achieving the perfect work-life balance is an impossible task? You’re not alone. Many business owners find it difficult to make time for themselves. One solution to this is simple: schedule personal time and social events into your calendar just as you would a meeting or a work deadline. This may seem frivolous, but in fact, taking time out to destress and spend quality time with family and friends is vitally important in maintaining your physical and mental health. In turn, this will affect your ability to concentrate, and therefore the health of your business.