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Performance Management Reporting Strategy and Process
Reporting Templates
To facilitate good communication between all members of the team, standardized reporting is recommended. The following is a basic list of templates that sales managers can use to report on their region’s business planning and coaching assessment/plans for their team members, as well as a template for assessing sales manager’s coaching skills:
Planning
- Individual Sales Team Member Sales Plan
- Regional Business Plan
- 90-Day Action Plan - Sales Team Member
- 90-Day Action - Regional
Coaching
- Field Coaching Assessment and Report
- Coaching Assessment and 90-Day Plan
- Performance Score Card (Quarterly report to Senior Management)
Strategy/Process
The objective is to provide senior management and the sales management team with a methodology and the tools to establish sales goals, track activity and results for each sales team, and assess/coach team members. It is extremely important to have a way to document and communicate each team member’s performance. The strategy and process needs to be implemented consistently and needs to be used to hold everyone accountable for their own performance. It should also challenge everyone to operate at optimum levels to meet/exceed business goals and objectives. There are two parts to the strategy:
1. Planning - Ideally, sales/business planning should be done “bottom up” with the sales team as follows:
a. Sales team members assess their territory and establish sales goals, budget, and a 90-day plan based on that assessment.
b. Each region (sales manager) evaluates each sales team member’s assessment, goals, and action plans relative to the group’s goals and business objectives. The sales team member’s plan is then accepted or is sent back to be modified if it is deemed incomplete or is not consistent with the group’s goals and objectives.
c. Each region (sales manager) consolidates the team member plans and develops their own annual regional plan.
d. Regional plans are then reviewed/modified and then incorporated into the group’s annual business plan.
e. Every quarter, each member of the sales team assesses the past 90 days and based on the results and market conditions, a new 90-day action plan is developed.
f. Each region (sales manager) assesses team members’ performance, consolidates the information, and develops the region’s 90-day action plan. Included with this plan are “performance score cards” that summarize field observations, coaching assessment, and the coaching plan for each of their team members.
Coaching
All sales and sales management personnel need coaching to meet/exceed performance standards in a dynamic and constantly changing industry like financial services. Some need it more than others. A proven and effective coaching process and follow-up strategy needs to be done by senior management with the sales managers and done by the sales managers with their team members on a regular basis and/or on an as needed basis. The results of the coaching assessment and coaching plan need to be documented and monitored on an ongoing basis. The following is an overview of the process:
a. All sales team members and each sales manager must be evaluated as to basic knowledge and skill levels relative to predetermined standards for their job function. Based on the assessment, plans are developed. “Coach” and “player” must agree to the plan and the goals/benchmarks that will be used to measure progress going forward. Coaching and performance assessment process and reports should focus on quantifiable/objective results versus goals that are consistent with the activities and behaviors necessary to be successful in the job. Ideally, performance and coaching goals/benchmarks should align with any compensation structure, which should be designed to incentivize desired behaviors/activities.
b. The “Performance Coaching Process” includes:
i. Field Coaching - One-on-one observations and assessment of real life situation
ii. Coaching Assessment and 90-Day Plan - Uses the results from field coaching, interviews, and team member feedback to assess overall performance and develop formal coaching goals and action plans.
iii. Performance Score Card - Summary report (Coaching Assessment and 90-Day Plan) developed by sales management for senior management
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