Financial Analyst, Logistician, and Personal Financial Advisor

Introduction:My top 3 in assignment one are: Financial Analyst, Logistician, and Personal FinancialAdvisor; and the service I planned in assignment three is Financial Student Support. Now, I’m asale manager who have 12 sales employees work around the United States. With these basement,I would like to develop my sale team to become the best team which totally focus on thefinancial field, especially start with this service: The Financial Student Support.Section 1: What are the keys to success in time, territory, and self-management for yourrespective division?1. The importance of sales territory: Let’s talk a little bit about sales territory: it is a groupof clients or a geographic field that a salesperson is responsible for. So why establishingsales territory is important lead to success. Because of these following reasons:- Obtain thorough coverage of the market: I divide geographical areas to eachmembers in the group; each member will be responsible for some areas that he/shecan understand clearly. Their missions are approach client’s needs, assemble client’sinformation, analyze and determine potential clients by meeting clients (presentation- in university, phone call, internet tools, etc.Establish each salesperson’s responsibility: for each salesperson’s territory, they actas a sales management. So that, they are responsible for everything that a salesmanagement do, such as: assemble client’s information, needs; establish relationship – with clients, as well as how to prolong and increase sales proportion, etc.Evaluate performance: performance is the result of sales process that can bemeasured whether or not the salesperson doing well in their mission. The individualperformance is compared to district performance, district performance is compared toreginal performance, and so on. So that, individual territory can be compared togetherfrom the low to the high level of territory. With the help of computerized reportingsystems, I and my employees can observe individual territory; and identify the – success of selling efforts.Improve customer relations: relationship with clients is very important tosalesperson. So that, try to respond and answer any questions to clients, or makephone call ask about services, mistakes, etc is the best way to build relationship withclients. – Reduce sales expense: try to reduce cost and make more profit for company, like:avoid two salesperson are at the same territory; decrease trips; keep contact with – regular clients, etc.Allow better matching of salesperson to client’s needs: try to make combination ofsimilar clients and salesperson. So that, my employees can easily do their business – and meet client’s needs.Benefit both salespeople and the company: to motivate/encourage my team to trytheir best, I will ask for the better salary, benefits for them; and of course, the benefits will be following with the contracts they can get for company.2. The major of elements relating to managing the sales territory: the following is theseven key elements, which focus on how to manage, control time and territory ofsalesperson in the best efficiency ways, that each salesperson need to complete toimprove their sales-skills.- Salesperson’s territory’s sale quotas: the sale quotas is the motivation in motivatingsalesperson work in better ways because of the benefits (rake off). By set a detail salequotas for every member in every sales-territory, I’m sure that my sales-team will do- their best to achieve the sale-quotas.Account analysis: salespersons should firstly determine present and potential clients,then approximate client’s sale potentiality.Because there are many options and clients can customize their options as they prefer;so that, my team choose The Account Segmentation Approach, which is divided into3 level of options in the Student Support (full options, medium, and basic) for clients,to segment our client groups. I divide the 500 contracts on every semester into threelevels. There are many medium options or basic options; and they cover 80 percent ofcompany profit because they occupy 80 percent of total accounts. The following tableshow three level of options and its related information. Section 2: How are you going to be successful in planning, staffing, and training sales people?1. The relationship between a firm marketing plan, sales force, and the sales forcebudget.a. Marketing plan influences the sale forecast and the sale force budgets. Throughmarketing plans, such as the sale calls, present the FABs of product to clients, gettingpublished about the products, etc. the sale can be increased, which leads to increase the budgets and quotas. According to sale forecasts, the sales goals are created forproducts, personal salespeople, and company sections. In common, sales goals arehigher than sales forecasts. When marketing plans are in process into sales forecasts,the company will effectuate its sales force budgets.b. The sale force budget: the sale force budget is the total money is assigned for aperiod, often a year, which depends on the estimations of total payment during thatperiod and suggestion for funding the budget. Therefore, it depends on the saleforecast and the revenue generated for the company during the period of planning.c. Methods of growing the sales force budgets: in generally, there are three method ofgrowing the sales force budgets, which is arbitrary proportion of sales, executivejudgment, and estimating the cost of working each sales force. There are someexamples of costs in processing sales force: selling aids, transportation expenses,business salaries… Whatever methods are chosen, the budget is based on the salesforecast, marketing plans, project profits.2. The organization of my sales force. Working with the best results requires the cooperation of connecting and interrelationship of groups. In designing the organization ofsales force, I Determine my clients in each territory (markets around the U.S.) Ascertain the category of sales jobs to serve that market. List the job activities that salespeople have to do in that market. Structure the sales jobs fitted with clients. Establish the sales force constitution.To establish the sale force constitution, I divide my team into three groups in whichhave four member of each group working within the U.S. The four existing employeesare the district manager; and they have 3 lower position staffs.3. The two major elements involved in staffing the sales force-personnel planning andemployment planning.Staffing is the activity which that managers/employers hire and maintain thesalesperson into a company/group. Staffing has two significant factors: personnelplanning and employment planning. These two elements affect the whole process ofmanaging human resources of a sales force, including what type of people and how manyto hire; recruitment and selection-…these people to the right sales jobs-and disposingthem to the right territory. a. Personnel planning: people are the most significant factor in every aspects in life,from production to services, such as financial services. Personnel planning, includinghow many to hire and type of people, helps create a successful sales group.How many salesperson to hire is one of the difficult questions that makes salemanagers wondering. Actually, the key factor leads company/group to be successfulis the amount of salesperson hired. Sale managers need to balance the sales job,territory to hire enough amount of staffs.Type of people to be hired is also the problems to sale managers. They need tocategory type of people matchs to sale jobs. Actually, in this step, sale managers needto analyze their salesperson’s job, job descriptions, and job specification. Fisrt of all,sale managers determine the sale positions in term of specific duties or occupations;and through of this process, they can regulate individual accomplishment suitable forthe sales jobs. Secondly, job descriptions are the form of describing everythingsalespersons need to do, how to do, including the necessity, and responsibilites.Finally, job specification is the process that turns job descriptions into the peoplequalifications. Most sales manager consider these factors of a good salesperson:- Education: above the average level.- Personality: confident, mature, positive outlook of life, a detail career plan, etc.- Experience: experience in school, work-place, etc.- Physical attrubutes: good habits, good impress at the first time, etc.b. Employment planning: employment planning is the process of recruitment andselection salespersons suitable for sales jobs. While recruitment relates to looking for,interviewing new people for the job position, selection is the process of testing andchosing the best candidates for the job positions. Most of sales managers consider anduse these steps in selection process:- Application- Initial interview- Tests- Reference checks- Physical examinations.4. What is involved in training my sales force?Training sale force is the opportunities that salespersons can take advance to learnthe job, rules, skills needed for the jobs, etc. Actually, training process is also the processfor company to increase the sales, and of course, profits. As a sale manager, I will flexibly use one of three or three main training methods: discussion, role playing, and onthe-job training in training my sale force.- Discussion: case study or discussion groups.- Role playing: the detail and real situations that trainees take place in. The following isthe methodology in this training method: determine the sale issues; set up thesituation; cast the character (trainer or trainee play as a character); brief the- participants; act out the situation; and discuss, analyze the results.On-the-job training is the process of training that trainees observe how salesmanagers make a sale calls with clients; and then, the trainees do it by themselves, ofcourse, with the easy clients first.Because I manage a sales-group with 12 persons work within the U.S., so that, the place for training is combination between the meeting on the Internet and if necessary, Iwill be at the office where the new salesperson work. Actually, salespersons are trainedin the centralized training location primarily for all sale-territory. However, in my salegroup, I would like my employees to work in my style and the team’s culture. The bestpossible time for training program is the first day the salespersons work. They willstudying the company, sale-policy, skills, product information, etc.Section 3: how will you motivate, compensate, evaluate and lead your sales people?1. The five elements of the motivation mix as related to my salesforce; the basicmethods of compensating sales people and the chosen methods for my ownsalesforce; the three approach to leadership and suggestion for leadershiptechniques for improving my potential effectiveness.Sales managers often concern about how to motivate salespeople at different level:the motivation of the individual salesperson or the motivation of the whole sales force.However, sales managers need to examine how much motivation for successfulsalesperson. They also consider how to create a wonderful motivation program which isconnected with other colleaguesa. Compensation Plans.Compensation is one of the important rewards in sales filed, which show how salemanagers assess their staffs. There are three basic compensation plans: Straightsalary, Straight commission, and combination of salary and commissions. – Straight Salary Plans: this is the simplest plan. The salesperson receive a fixedamount of money as salary (weekly, monthly, or half of a month). The advantages to salespeople: guarantee a particular income The advantages to Management: simple to manage; and manager can create a – salary budget for the future via the fixed payment for salespeople.Straight Commission Plans: this is the full encouragement commission plan, whichmeans you have to work for earning money, if not, you get zero in money.This plan is the combination of fixed payment for a particular product/service oramount of products, the surplus proportion rate of assignment included into every unit – of product/service and a proportion at which assignments start or change is set up.Combination Plans: combination is a smart plans which a percentage ofsalespeople’s salary is paid and the rest is based on their incentive. In commonly, 80%is the salary, and 20% is the commissions. The 70/03 or 60/40 split are also the common combinations.b. Special Financial IncentiveSales career attract people in the way people can earn more money bases on theirincentive. For example, the total income monthly my staffs gain is $4,5000.00 inwhich $3,000.00 is the basic salary, the $1,500 is the money bases on their incentive;and moreover, they can take part in an incentive bonus plan, plus 10 extra welfare.c. Nonfinancial RewardThis is a reward for a salesperson who exceed the sales-goal, associates with nofinancial welfare. The purpose of this reward is to incentive good salesperson workharder. They are complimented in font of other salesperson and their bosses; and haveopportunities to be promoted to higher position.d. Leadership TechniquesTask behavior is the form of behavior that sales managers draw the mission andresponsibilities of a personal or team. This means sales managers teach their staffswhat need to do, how to do, when and where to do.Relationship behavior is the two-side interaction between sales managers andsalesperson, including listening, giving solutions and positive reactions to encouragesalesperson. In more detail, these four styles form in the leadership behavior is shownby the interaction between sales The leadership techniques can improve my potential effectiveness is – Be comfortable with each salesperson’s territory, clients.Obviously explain and show salesperson the way to gain their targets.Act as a coach who encourages salesperson to gain their individual and territory targets.2. Evaluate PerformanceThe level of performance at which salesperson can achieve is the final purpose thatboth company and salesperson want to gain. This adequate level of performance is themain part that sales managers need to motivate their staffs to get. At every the end ofparticular period (every six months, or end of year), sales managers will measure andevaluate the results via the salesperson’s performance.The performance evaluation is a comparison and assessment of salesperson’s effortbetween the past and the future with the target/goal assigned for each salesperson.a. Why salesperson must be evaluated?Through performance evaluation, sales managers decide to change in salary,upgrading or degrading, transfers, etc. There are three main reasons that make salesmanagers have to evaluate their staffs:- Assess the salesperson’s past production.- Create a sale plan to expand the salesperson’s future sales.- Encourage salespersons to improve their production.b. Who should evaluate them?- In normally, the salesperson’s immediate superior who has understanding andcomprehension about sales performance will evaluate the salespersons. Afterfinishing the whole performance assessment, the immediate superior will send it- to the manager’s immediate superior for final decisions.In some companies, sales managers are the person directly assess their staffs. Inother word, the district managers will assess their lower salespersons, and send it to regional sales managers for the final assessment.c. When they would be evaluated what performance criteria should be evaluated?The best possible time for evaluation is the end of each performance cycle.Because each cycle relates to a particular products, goals, etc. and not onlysalespersons can see their results, what they done, how they done but also salesmanager can assess and give adjustment immediately in case there are any miss-goalsor negative results.d. How I intend to conduct evaluation?I have three small groups work within the U.S. with three district managers. Sothat, I authorize the right of performance evaluation to them. Each district manager is responsible for directly and equally evaluating salespersons in their group. And then,these district managers complete the assessment note, including comments,recommendations, send them to me. I will assess and re-check the level of correctionof these reports, and finally make final decisions.Because of the specialty of my financial service (the Financial Student Support)which is mainly focus on two main semesters (the spring semester and fall semester),I decide to evaluate performance two time yearly (after the end of each semester).This decision help us review and assess exactly what we done effectively, what weneed to try more, and make plans/strategies for the next semester.Conclusion:The part IV give me a more detail overview of sale profession. The sale profession is notsimple like hiring many staffs, including good district managers, to make sale for you; but youhave to participate in the process too. It means, you have to determine your sales territory to doyour best; how to plan, hire and train salesperson; how to motivate, compensate, and evaluatesalesperson; and also some tools, techniques that help you in sale profession. This is only comefrom your incentive to study and spend time to think about them.In the first section (Time, Territory and Self-management), I know how to manage timeand territory, the key factor leads to success in sales-filed. In addition to this, the main factors inmanaging the sales territory, why salesperson have to choose their business area (territory), andestimating the break-even point per hour, day, week and year are the most interesting steps I havenever thought about before.The second section (Planning, Staffing, and Training salesperson) is the next importantstep in sales process. This section mainly show sales managers how to make a detail and propersale plan, how to recruit proper people and how many people need to hire, and the methods fortraining salesperson. This step helps sales managers forecast and create a budget for the salesprofession.Finally, the third section (Motivation, Compensation, Leadership, and PerformanceEvaluation) is the final section in the sale process which mainly focuses on the five factors ofencouragement, the basic procedures of compensation mix, leadership techniques leading tosales manager success, and why/who/when use the performance evaluation. This step is known as the most difficult step in sale profession cause of managing person is the highest level oftreatment between person and person. The sales managers need to know the fundamental truth ofleadership and use them flexibly to each personalities and territory situations. Moreover, salesmanagers need to equally evaluate each salesperson, discuss/interact of the salesperson’s pastand future performances. Reference:Futrell C. M. (2010). Fundamentals of Selling: Customers for Life through Service. New York,NY: McGraw-Hill/Irwin.