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.
This is an age-old question that crops up every now and then among salespeople and leaders. Furthermore, what an opportune time to talk about the gender advantage in sales when we are still celebrating International women’s month? Generally, we cannot underrate the fact that how well a person does in any job depends, by far, on them, regardless of their gender. Their effort, dedication to growing their skills, and focus on providing exceptional services sets them apart.
Early this month, United Airlines announced their decision to suspend the implementation of their new reward program that involved a lottery system. With the new plan, employees would enter a lottery system that provided them with the potential of winning big prizes if they had acceptable attendance records. According to the management, the new system was supposedly better and more exciting.