How Top Entrepreneurs Motivate Their Teams and How You Can Too
Written by Allan Lacoste, in Category Company Culture
Payment processing services are currently one of the most competitive fields of business, and it doesn’t look like that's going to change anytime soon. According to McKinsey & Company, global payments revenue is expected to increase by 6% every year from now until 2021. This is partly due to changing customer expectations, as well as enhanced competition between current and new market players.
It’s critically important for ISOs and MSPs to understand how entrepreneurs motivate their salespeople to ensure maximum performance and company success.
Keep Direct Sales Agents Happy
Research shows people are 12% more productive when they’re happy, which makes this a primary consideration for any company. Some proven ways to keep your team contented are:
A surprising number of companies fail on the basis of communicating well with their employees. It’s vital to keep your team up to date with events that affect the business. Knowing what’s going on around them allows them to fully understand their role in the team, and how what they do impacts the delivery of company strategy and plans.
Viable Work/Life Balance
The days are gone when workers clocked in and out on time and worked every second in between 9 and 5. Employees these days want the flexibility that enables them to perform their best work at times that suit them, and providing this enables them to maintain a viable work/life balance. Millennials are currently the largest generation in the workforce, and they play a major role in the payments processing industry. Research shows 82% of this group say work-life balance is a primary factor in their choice of occupation.
Have Confidence in Them
Few employees are effective if they don’t believe they have their employer’s confidence, so it's essential to understand how entrepreneurs motivate their teams by assuming they want to do well. Showing confidence in your team requires you to invest both the time and the resources to train them, ensure they have your company’s best interest at heart, and let them know you have faith in their ability. Don’t take mistakes personally, and focus on ensuring agents have all the tools they need.
Everyone’s efforts count, and even independent sales representatives need to feel what they are doing is important. Make sure your team knows you appreciate their work, using methods such as public recognition, performance bonuses, incentives, appreciation gifts, catering for meetings and arranging other activities. Above all, make sure you create opportunities for advancement that will keep them loyal and committed.
Provide Good Working Conditions
Everyone loves a comfortable work environment, and you don’t have to be Google to offer your agents pleasant surroundings. Suitable premises, coffee machines, pet-friendly days, games rooms and frequent celebrations are how entrepreneurs motivate employees in some of the most successful companies in the world.
All these options are in addition to the most important factor, however, which is the opportunity for direct sales agents to earn good compensation that meets their personal goals and fulfills their financial needs.9