Any top achiever will, without a doubt, attribute their success to discipline, hard work, and determination. These are attributes that cut across all spheres of life including the sales profession. However, it is important to mention that even as one endeavor to work hard, they should be wary of the dangers of overworking themselves to the point of burnout. This is a state marked with both emotional and physical exhaustion and can easily metamorphose to depression if not well managed.
It does not matter how good your products or services are; if there’s no one buying them, then your business is bound to fail. This shows how crucial the sales force of any organization is to its growth. If you’ve found some really good sales staff, you should do your best to retain them for a long period. By doing so, you not only benefit from increased sales but also save on hiring and training cost. Use the following insights to keep your sales employees working with you for longer.
In a previous post, we discussed how the ASC 606 standard can affect businesses and what you need to do to prepare. At the face value, it might sound like adopting the ASC 606 standard is all doom and gloom. But, looking at the changes keenly, there are some opportunities businesses can leverage. Here is a quick look at the benefits associated with the new revenue recognition guidelines that any business should take advantage of:
The ASC 606 is an International Accounting Standards Board (IASB) revenue recognition standard that introduces a structured way of reporting business earnings from contractual services. This standard requires businesses to recognize revenue based on the distinct deliverables outlined in a contract. Moreover, the pricing of these performance obligations, whether they are goods or services, must be captured in the contract while at the same time reflecting the value of money with respect to time.
Did you know that every salesperson has their unique selling style? In this case, a good salesperson isn’t just knowledgeable about the product but also his or her unique strength. As a sales manager or entrepreneur, understanding the different sales strengths your members possess will help you match their roles effectively. Consequently, you not only maximize their potential but also keep them motivated.