Business Development Compensation Plans

Business Development Compensation Plans-46
However, if you don't have experience in this area you often times find yourself dealing with the cobra effect (https://en.wikipedia.org/wiki/Cobra_effect).In a company like yours it is difficult to divorce sales responsibilities from your consultants "day job".I am running a consulting company and currently I am the only person doing business development.

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Their product costs several hundred dollars a month. I know there are a lot of details that need to be fine-tuned to design a compensation plan that will fuel and scale your sales efforts. Just like it's impossible to hit product/market fit without having your product hit the market, you won't get compensation/salesperson (and sales model) fit without having salespeople perform under your compensation plan highlighting the strengths and weaknesses of it. Book a free sales office hour with me and we'll chat in more depth about your startup compensation structure.You're looking for someone with whom you can collaboratively create a sales commission structure."I don't know the right way to do this, but I want to find out together with you.That being said you should likely engage with a expert in selling to discuss putting the right incentives and process in place to ensure that your efforts are effective.You better hire a BD Executive and provide the basic package that he or she needs.Business dev bonus - based on net revenue (this helps the consultants keep margin front-of-mind, comp is based on revenue net of cost of service and any quality concerns/unpaid invoices).You can split this into 2 parts: net new clients and/or existing client expansion - depending on what your goals are; and The trick for introducing a new comp plan based on business development is to make sure consultants don't take their eye off of the real reason they are there: providing quality services (utilization) to clients.I will pay you a base salary for the first couple of months while we develop the commission plan.If you want maximum money, go to a more established company that has everything in place already.Much like any skill business development (sales) needs to be trained and nurtured over time.You can certainly design and administer a comp plan that drives certain behaviors.

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