Documenting Your Sales Compensation Plan
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I can’t tell you how many startups go through the effort to think through the best method to compensate their sales team but don’t take the next step to document it so that it can be clearly communicated. Deciding about the metric(s) on which to pay the sales team and the right split of base compensation versus sales commission is absolutely fundamental to any sales compensation plan. But that’s not enough.
If you read my other sales-related articles, you know there are several other factors that must be included in the full plan. Two of my mantras are that it must be simple and it must be clear. This article will describe what should be in the documented plan that you deliver to each commissioned sales rep and have them sign in acknowledgement. I have even included a template for you to use. So no excuses.
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Note: Some of the concepts described in this article are also covered in a video later in this same course module.