How sales commissions & the right compensation plan help you grow your business, with Chris Michel

Comments? Suggestions? Text the show here! As your business grows and you start to hire dedicated salespeople, you're going to need a competitive commission plan. Not only is it vital to your sales organization, but your commission structure also directly impacts your financial strategy.In today's episode, my guest Chris Michel brings over 30 years of sales and management experience to help me dissect how sales commissions & the right compensation plan drives growth and affects your business. Chris is an Outsourced Sales Manager that coaches and guides business owners who are self-managing sales and should not be.In this episode, we look into:02:05 When is the best time to start hiring dedicated salespeople for your business.03:50 Why finding a business/marketing/financial/sales coach is key.07:50 What should an owner or founder look for when hiring salespeople?  12:40 What are the elements of a good commission plan/structure? 18:40 Building your compensation plan into your pricing.20:40 The disadvantages of overly complicated & frequently changing compensation plans.30:10 When is 100% commission the best way to compensate a salesperson?35:30 Should a Sales Manager also be placed on 100% commission?37:10 How do you structure the commissions when there are two salespeople working on one deal together? Resources: Chris Michel, Outsourced Sales Manager & Coach: https://coachchrisconsulting.com/Kathy Svetina, Fractional CFO:https://www.newcastlefinance.us/Blog post | How sales commissions and the right compensation  plan help you grow your business:https://www.newcastlefinance.us/post/how-sales-commissions-the-right-compensation-plan-help-you-grow-your-businessIs your growth causing financial headaches? Sales up, but profits lagging? Financial practices stuck in entry level mode?Don't worry, it's not you—it's your financial setup.Introducing NextGen Finance Blueprint by NewCastle Finance. This CFO-led roadmap: • Brings fuzzy finances into focus • Gives you a clear money picture • Creates a step-by-step action planReady to level up? Visit newcastle.finance/blueprint