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Issue# 33 | JANUARY 2012
Making a quick start for 2012: Creating "First Quarter buzz"
I want to share with you a key finding from the recent Pepperdine University 2012 Economic Forecast released this month. It contains the insights of over 3,100 small to mid-sized business owners. When asked which strategies would be used in 2012 to increase the value of their businesses, nearly 80% of respondents said it would be through increasing company revenues. | read newsletter |
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Issue# 32 | DECEMBER 2011
Holiday Bonuses—why or why not?
The subject of holiday bonuses always seems to generate much interest, generally right about this time of year.
In past years and decades, holiday bonuses were quite common. It was not unusual for many, if not most, employees to get a modest-sized extra payroll check at the end of the year. | read newsletter |
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Issue# 31 | NOVEMBER 2011
The Effective Use of "Non-Financial" Goals in Annual Incentive Plans
We are used to seeing executives and sales representatives annually rewarded for meeting their direct sales or profit goals. They are often rewarded with an incentive or bonus determined by performance versus management or ownership’s expectations. While these direct incentives and rewards are obvious there are also an entire series of incentives that can be also employed to these executives and employees that are based upon less direct measures of performance. | read newsletter |
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Issue# 30 | OCTOBER 2011
How to help your average seller be more successful in 2012
We often ask clients if they can name their best sales representatives or account managers. Frankly, that is generally pretty easy to do. But, can you segment your sales force into their 3 natural groups: Top-tier (best), Mid-tier (average) and Lowest-tier (challenged) categories? | read newsletter |
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Issue# 29 | SEPTEMBER 2011
Trends in the use and size of executive long-term incentives
I was recently asked by a client about the use and size of long-term incentives (LTIs) when applied to executive positions below the top level of the organization (Chief Executive Officer). To help answer that question we referenced information from a nationally-known survey of executive pay practices—The Towers Watson survey. Our findings are briefly discussed below. | read newsletter |
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Issue# 28 | AUGUST 2011
Now's the time to build better incentive plans for next year
2011 is passing quickly. In no more than 90 days, it will be time to approve the 2012 edition of your executive and manager incentive plans. So how should you use the next three months to improve those incentive plans for the coming year? We suggest you consider the following. | read newsletter |
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Issue# 27 | JULY 2011
Does your sales force have the summertime blues?
I do not have to tell you that we are now being visited by the hot and lazy days of summertime. The calendar says so, and signs are all about. And just like the weather, sales forces can have a tendency to get a bit lazy and rudderless when summer is in high session. I call it the "summertime blues." | read newsletter |
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Issue# 26 | JUNE 2011
Planning to Improve the Effectiveness of your Compensation Committee
Wilkening & Company believes that it is essential that the Compensation Committee (or any other Committee) of the Board of Directors plan and allocate its resources to address those issues or decisions that they will regularly face each year. In addition, the Committee must leave time for those last-minute emergencies that always arise. This is a challenge that any Committee or Board can successfully address if it looks ahead. | read newsletter |
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Issue# 24 | APRIL 2011
COLD CALLING: ARE THEY REALLY DOING IT
On more than one occasion we have discussed the necessity and virtue of cold calling in this increasing-difficult (and here to stay) economic environment. Your goal should be to capture market share while adding enough new clients to your rosters to both grow and replace any defections you incur. [You can reasonably expect your competition to employ the same market-share sales strategy that you do.] | read newsletter |
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Issue# 23 | MARCH 2011
LESSONS IN LEADERSHIP
I have always had an interest in history and have been known to read a military-history book or two. Just before the demise of our friends at Borders (we covered that ground last month), I purchased a hardcover book entitled: Neptune's Inferno; The US Navy at Guadalcanal by James D. Hornfischer. | read newsletter |
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Issue# 22 | FEBRUARY 2011
REFLECTIONS ON THE DEMISE OF BORDERS—IS THERE A LESSON TO BE LEARNED?
I was saddened to hear of the long-awaited bankruptcy filing by Borders, the book seller, last week. They will be closing the Mt. Prospect (Illinois) store where I have spent many evenings slowly exploring their many shelves for book, periodical and music titles of interest. I usually found what I wanted, and Borders probably has me on a list somewhere as a good customer—or at least oft-present. | read newsletter |
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Issue# 21 | JANUARY 2011
WILL YOUR CEO BE IN TOMORROW MORNING?
The recent news regarding Steve Jobs' continuing health problems sent a shudder through the financial markets and investors alike. Steve Jobs is the co-founder and long-time Chairman and CEO of Apple, Inc. He is largely the face and chief strategist of the famed computer maker. | read newsletter |
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Issue# 19 | NOVEMBER 2010
SO, YOUR SALES BONUS PLAN HAS NOT PAID OUT FOR TWO YEARS. WHAT TO DO IN 2011?
I guess the above title line says it all. It has been a tough two years for many companies and their sales forces. During that same period Wilkening & Company has provided ideas and advice on what to do when your sales compensation plan is not working due to lower-than-expected results, or other factors. But many of these steps have been exceptional (or discretionary) in nature and provide little direction on what to do to restart your sales-pay plan (and your sales force) for 2011. Let's look forward today. | read newsletter |
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Issue# 18 | OCTOBER 2010
WHAT TO DO NOW THAT YOU HAVE WRITTEN YOUR STRATEGIC STATEMENT
During the last two months, we have discussed the strategic-planning process. We have previously outlined:
* Using unique and tested methodologies for
determining what your company is today and
what it can be (September); and,
* How to create a clear and concise statement of
your company's strategy (August). | read newsletter |
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Issue# 17 | SEPTEMBER 2010
EMPLOYEE PARTICIPATION IN YOUR STRATEGIC PLANNING PROCESS
In our August 2010 E-Notes we spoke about the need for a clear and concise statement of a company's strategy. We consider writing such a statement to be the middle of the strategic planning process. At the point the statement of strategy is written, you are at the midpoint of strategy creation. We believe that because... | read newsletter |
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Issue# 15 | JULY 2010
TRENDS IN 2010 PEOPLE INVESTMENT
In past issues of the Corner Office Gazette, we have stated that one of the major issues for the CEO and Board of Directors in 2010 is retaining key executives and employees for the long-term so they will be there at the time of recovery. In parallel, we believe it is also crucial to keep all employees increasingly involved with your business (i.e. - keep their heads in the game while all of this economic flak is flying around them). | read newsletter |
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Issue# 12 | APRIL 2010
BOARD OF DIRECTORS SPRING TUNE UP
Spring is here.
We have found that this is a great time of year to look at some of the basic agreements or policies that make a Board of Directors effective. These agreements/policies are often called Board of Director or Committee charters. What is a charter? | read newsletter |
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Issue# 11 | MARCH 2010
THE FIVE "R5" OF SALES FORCE EFFECTIVENESS
There are five things that a company and its sales force must do right to gain and hold market share, close profitable client arrangements and effect long-term sales relationships. These are both simple and intuitive. They are... | read newsletter |
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Issue# 10 | FEBRUARY 2010
GETTING THE WORD OUT: SELLING THE NEW SALES PLAN TO THE SALES FORCE
For several months we have focused on how to redesign and change an under-performing (and generally costly) sales-compensation plan.
Let's say that you have followed our prescription, did the hard work and analysis, and gained the needed consensus to proceed. You now should find yourself with a new and better sales pay plan for your sales force—at least on paper. Now for the tricky part: selling it to your sales force. | read newsletter |
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Issue# 9 | JANUARY 2010
CHANGING LEGACY SALES-PAY PLANS
The history of most sales compensation plans can be tied to commission plans. Commission plans generally pay for sales volume in a territory or portfolio—without regard for factors such as sales growth, profitability or mix. So, when these types of plan are applied in a maturing market, large payouts can be annually awarded for little or no growth. Does that mean owners or managers are satisfied with zero or no growth? | read newsletter |
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Issue# 8 | DECEMBER 2009
OFFICE CHRISTMAS PARTIES
A BACKWARD GLANCE
When I think back on office holiday parties, I often see Jack Lemon (Days of Wine and Roses, The Apartment) with a martini glass in his hand or sometimes I see myself, with a glass of scotch, as I page through a cheery old John Cheever story of an exec's outward grace and inner corruption. | read newsletter |
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Issue# 7 | NOVEMBER 2009
BOARDS OF DIRECTORS
IF RIP VAN WINKLE AWOKE TODAY – PART 3
We have been discussing changes that have occurred in our practice areas over the last two decades to commemorate Wilkening & Company's 20th anniversary. Last month we talked about executive pay and long-term incentives. In the third of this series, let's talk about trends in corporate governance and Boards of Directors. | read newsletter |
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Issue# 5 | SEPTEMBER 2009
IF RIP VAN VINKLE AWOKE TODAY -
20 YEARS LATER
As you might recall, September 5th 2009 was the 20th anniversary of the founding of Wilkening & Company. To mark that anniversary, we are periodically looking at changes in our practice areas over the last two decades. Let's talk about sales force process and management today... | read newsletter |
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Issue# 4 | AUGUST 2009
THE POWER OF EMPLOYEE RETENTION
—IMPACT ON YOUR BOTTOM LINE
In July we told the story about the Chief Financial Officer who thought he could save a bunch of money by firing all of his costly experienced sales reps and replacing them with rookies. As the result of his prescription for "success," Wilkening & Company developed its Sales-Experience Curve that describes the quantitative benefits to all stakeholders of experience and tenure in the sales force—or in other like-skilled employee groups. | read newsletter |
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Issue# 3 | JULY 2009
It is a good time to remind ourselves that as this recession progresses, key selling and marketing jobs will typically take on increasing importance as firms begin to position for a recovery and strive to again breakeven by relying more on the top line. As we all know, there is only so much you can do with expense control & downsizing. Hence, key-existing and high-potential-prospective sales and marketing resources become crucial to the company as this recession ages. | read newsletter |
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Issue# 1 | MAY 2009
WHAT'S YOUR PLAN FOR THE RECESSION?
It is our experience that many executives have never managed through a market restructuring like that being experienced today. And in fact, many organizations are sloppy, unfocused and high cost, that is, they are FAT. This situation may put their businesses at risk. | read newsletter |
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© 2003- Wilkening & Company
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