The Need for Business Algorithms

The Need for Business Algorithms
Table of Contents

Table of Contents

A while back, I published a small post on business algorithms. I have been receiving some feedback on the subject, and several people have asked me to elaborate. 

This will likely be more than one article here since those who reached out are from various professions and industries. And, there is not just one algorithm type anyway. Algorithms can be developed to support and predict everything from sales performance to brick-and-mortar business traffic flow. If there is a business dependent on human behavior, and all businesses ultimately are, a qualified consultant can assess the company; identity, develop and capture the necessary analytics, and produce a viable algorithm for it. 

Algorithms

Building a salesforce

Let’s take a common but critical business challenge that affects most businesses: Building a salesforce. 

It is surprising how many companies and organizations approach this with minimal preparation, planning, and even a firm idea of what they expect the results to be. Some approach it by budget: “We have $X, so we can hire Y people at $Z each. Yikes! Others fill positions for no other reason than because those positions have always existed. Many give little thought to territory, ROI, sustainable markets, seasonal issues, and their industries’ trends and outlooks. 

There really is a better way, and it begins with a clear vision of what you need and what those whom you hire will be doing. 

Gather the Information You Need for Your Algorithms:

  1. How many people are you looking to hire? Why?
  2. What is the compensation structure? Large base salary and smaller commission or another percentage, or vice versa. Both can be lethal if handled incorrectly.
  3. Who will they be targeting? How will they target them? What company support and intelligence will they receive? 
  4. What marketing resources will be available to them?
  5. How will you track their progress? Which CRM will you use (client relationship management software)? See my article on CRM here. 
  6. What will their initial goals be, and how will they be scaled over time?
  7. What will their ramp-up and training time look like? 

This begins the process, and having this information is much of the foundation of how your algorithm will work. I will follow up with the next steps soon. 

Sales and Sales Training Specialist Frank Bastone can be reached at 718 662 8581, or schedule time for a chat here.