Managing your commissions the RIGHT way
Commission based sales if very often a "feast or famine" kind of thing. When you're up, you're WAY up, and when you're down, you're WAY down. I have seen many of peers make some pretty big mistakes when it comes to managing those big checks when they come and I have made all those mistakes myself. If you're new to the commission based lifestyle, keep reading for some solid advice on how to manage the often inconsistent flow of cash.
Let's set the scene. You're relatively new on your sales floor and you're just getting the hang of selling your new product. You suddenly hit a run where every dial is a sale and no one can tell you no. you smash all of your metrics, break all your personal records and reach the top of your company's bonus structure that month. Your next paycheck is the biggest one you have ever gotten and you feel incredible. This is the reason you got into sales in the first place, for the fat stacks and the rush of success. If you're like most salesmen I worked with when I lived in Las Vegas, you're heading straight to the bar or the nightclub to drink hard and spend money buying round for your friends. Or maybe you're about to buy that expensive watch or put a down payment on a really nice car. Whatever your poison, you're about to celebrate in a big fat way. And why not? You're the world's best salesman and you have it all figured out now, right? Wrong. You know how I know? Because I made the same mistakes.
When you make your first fat stack, it can be tempting to go on some kind of spending spree, and I am not saying that you don't deserve a payday treat of some kind, but I urge you to resist the temptation to blow it all and to save the majority of that fat stack. Remember that in the commission game, you're going to have winning streaks and you're going to have losing streaks. When a losing streak hits, if you've done the smart thing and saved your fat stacks, it is so much less stressful to weather the storm. When you know you can pay your bills, take the time you need to go back to basics and remaster your sales process, you're going to greatly reduce the amount of time you spend in the slump.
If you're ready to get serious about not only making your money, but also crafting the type of mindset that will allow you to keep it, then it's time to schedule your 1:1 coaching today.
Now get out there and go make those fat stacks!
~Kat Jack
