The Essentials for Increasing Sales

The Essentials for Increasing Sales

Success in sales demands a careful analysis of factors that create and build sales. This can be attained by utilizing incredibly intricate sales software creating by sales gurus like Mark Stiffler. It also demands that you find way to get and keep your sales team at peak operating capacity so they always are ahead of the competition. To get your team motivated to grow sales try these tips.

Tell your sales team where things stand

Some companies are reluctant to tell their sales team how things are going. They may let them know if a sales quota is reached and if someone is having an outstanding performance or someone may get fired one day because of poor performance but overall the team is not kept informed of how everyone is doing. This is the absolute wrong approach. The sales team shouldn’t be in the dark about how sales are going.

The top companies are much more likely to report on non-quota sales performance, focusing not only on sales-to-quota achievements, but also on qualitative goals that identify how well team members are selling. By opening up both your sales tracking approach and statistics to everyone, you letting them see who is doing well, and poorly and get the chance to discuss why. It fosters teamwork, healthy competition and gives those who are excelling an opportunity to be praised.

Provide great incentives

Every sales department needs a great incentive program at its base in order to get the team motivated to sell. Sales people typically gravitate to the position mostly because of the compensation package and so having an enticing one will go a long way to getting quality people on your sales team.

If there is a need to really push sales to another level whether temporarily or for an extended period of time, a good idea is to temporarily increase sales incentives. By offering more money, additional time off or a great gift is another great way to give employees a push toward meeting a higher goal. Studies have shown that non-cash incentives can be more effective than cash incentives so consider adding great trips or dinner at a top restaurant or show tickets as part of the incentive mix. This idea will get people talking and if the prizes are the right ones, everyone will push sales harder to get them.

Make it a Friendly Competition

Sales people are innately competitive, so if you play into this character trait, it can have a great positive effect on sales. Coming up with a competition that is both fun and rewarding will really be a hit with your sales department. More companies are utilizing a team competition where the pressure is on multiple team members and an option of winning gets shared and the response is generally very positive.

Weaker sales people may not feel that they have a chance to win but coupled with others on a team, they might get energized and motivated. There’s nothing quite like a little healthy competition to put the drive back into sales. The result is total team involvement, leading to increased sales and productivity.

Communicate the big picture

Smart businesses understand that getting employees to buy into the big picture is beneficial to growth. It is one of the things that gets people excited makes them feel like what they do actually matters in the success of the company.  So providing employees with a sense of the big picture can be a powerful tool for motivating them.

The goal should be to show them their role and importance to the success of the enterprise and then provide a clear path for them to fulfill that role. Focusing on their individual opportunities for advancement and specific benefits is most effective.

Use these tips to ramp up sales in your organization.

What is An S-Corporation Tax ID?

What is An S-Corporation Tax ID?

When you are ready to begin a business or if you are restructuring your business, a corporation may suit your needs, but there is a particular type of corporation that is different from all of the others. An S-Corporation tax ID is a federal tax identification number generated by the Internal Revenue Service (IRS) so they can know with whom to assign taxes to. The easiest part of setting up your S-Corp tax may actually be filling out the application to get the tax ID number. Everything else may become quite overwhelming.

Understanding The S-Corporation

When your business registers as an S-corporation your business can save on taxes. In other business structures when you get a tax ID number and have employees all of the net income can be taxed, but when you have an S-corp only the shareholder who is employed with the company is subject to the employment tax that must be filed. With an S corp tax ID number the profits and losses garnered through the business can be passed through to the owner’s personal tax return, similar to a limited liability corporation.

If it is beneficial to your company, a LLC can request for S-corp status which will allow your LLC to be taxed like an S corporation. You will need to contact the income tax agency in your state to you can be completely clear about your tax requirement.

Basic Benefits

If you are not going to have shareholders, and you are trying to keep it as simple as possible at the moment, you will still need an S-corporation tax ID number. With this tax ID number you can establish an open line of credit for your business, get business discounts on a company vehicle, office supplies, and other capital, and you could even qualify for a small business loan.

You will need a tax ID number no matter if you are an S-corp, or another type of business structure and will help you along through the process.