3 Ways to Bring Sales and Finance Together Again!
Sales and Finance are notorious for not getting along. Their squabbles harm company growth, and dealing with their bad blood can seem daunting. But it is possible to have a peaceful and prosperous office. Use these three strategies to align their individual goals with organizational aims:
First – Anticipate the Future
Don’t just guess – know. Finance wants predictability and control and Sales wants growth and better behavior, but both parties ultimately want the same thing. With an automated sales comp system, you can plan ahead with data archives and predictive modeling. Using these systems will satisfy both Finance’s need for analytical accuracy and give Sales the ability to offer motivating bonuses.
The key here is showing Sales and Finance the similarity of their aims – both have company success and revenue growth as their ultimate goal, but it can be hard to see that when one needs to spend money to get there and the other wants to make sure the company has that money to spend strategically. Change their perception by allowing each to perform intelligently and progressively with an automated program.
Second – Improve Comp Design
With accurate calculations to determine both reward levels and reward types, you can take steps to improve your compensation plan designs. This will help you avoid repeating SPIFs and plan designs that were unsuccessful, and allow you to focus on insightful growth. Consistent growth and responsiveness is key to maintaining the relationship between Sales and Finance, so make sure this is a priority.
Third – Revolutionize your Performance Metrics
In order to dramatically transform your performance metrics, you need to have access to the data that your comp software has been compiling. With this data as an empirical guide, your sales leaders can adjust specific rep performance based on transparent information, while Finance can easily track and analyze every adjustment and step along the way. Verification and measurement tools are your key to bridging the gap between Sales and Finance.
Remember here that information is the cornerstone of a good relationship between Sales and Finance. Without data there is often little trust between the two sibling departments, but that pressure is alleviated by the presence of accurate and empirical insights. Now the trust isn’t just something either department takes at face value, it is a verified and aggregated dataset that can be used to benefit the departments and the company together.
The fight between Sales and Finance is an old one, and it may seem daunting at first. But if you follow these three steps, you will see the animosity between these kindred spirits disappear overnight. To learn more about unifying and motivating your workforce, check out our components page!