Business
In this episode, Mike and Jody answer a listener question about building comp plans. Listen in to know what you should consider when building a comp plan and what you want to avoid. Questions Answered: What should I consider when developing a comp plan? What are common mistakes people make when doing a comp plan? Key Takeaways: Know what you are trying to accomplish Know what modeling you are comfortable using when thinking about the over-arching cost of sale. Know how much risk you are willing to take on in instances where someone exceeds the plan by a significant number. Mistakes Made: Going back and implementing what you did last year Applying the same concepts to next year Trying to make the comp plan the same for everybody across the team Comp based on validated opportunities Test your modeling to see where it breaks down Be direct and deliberate with all the stakeholders within the business Adjust for whatever variables you can isolate for Work to simplify as much as you can 3 distinct groups - 1st 50%, next 25%, last 25% to get to 100% on the variable side Have a question you would like us to answer in a future episode? Contact us: podcast@catalystsale.com - list "Listener Question" in the subject line www.catalystsale.com twitter Work With Catalyst Sale: Listen to our free resource (this podcast) and then put the action items into practice. Share your work with us via Twitter or hello@catalystsale.com Invest in a Catalyst Sale course - self directed. Find our courses here Hire us as a consultant/advisor within your team or organization Thank You Please send listener questions and feedback to hello@catalystsale.com or contact us directly on twitter, facebook or LinkedIn. This podcast is brought to you by Catalyst Sale - you can learn more about Catalyst Sale, and the products and services we provide via the following links. The Reset - a Catalyst Sale course Product Market Fit