Here’s a question that comes up in my Business Acceleration Intensive ALL THE TIME:  How do I compensate salespeople — paid for performance? Or on salary?

While I can’t answer this for you guys specifically, through my blog, like I do at my BAI Weekends, I’ll start with an example or two to get you started.

BAI participant #97 shares: “I have a salesperson I am planning on paying a commission to secure corporate sponsorships. Her job will be to complete proposals, call companies, obtain sponsorships, and follow up throughout the year with them. I would appreciate your advice on how to structure payments to her. I was planning 100% commission (no base), but I am not sure of the commission amount.” Here’s a few solutions to consider:

Christine Comaford’s Rules of Thumb on Paying your MVPs: There is a learning curve for salespeople—often up to 60 days. Also, you must give your salesperson a standard process to follow, and it will take you some time to develop this if you don’t have it already. Follow these rules of thumb to get going. If you provide the leads and your commission-only salesperson closes them yet you are still involved, that’s worth about 10% commission.

If your commission-only salesperson generates and closes leads, that’s worth 20% commission. Always provide a quota and accelerators so salespeople have an incentive to exceed their quota. Here’s an example to clarify what I mean by accelerators: The commission-only salesperson gets 20% commission on all sales up to her quota amount. When she exceeds her quota, she gets 22% on all sales from there to the next level.

Don’t cap the amount of compensation salespeople get. This will kill their motivation once they reach their cap.

Paying Commission in Tiers

Use the following example to understand how the above scenario would work. Let’s say the salesperson has a quota of $100,000 annually. For all sales up to her quota of $100,000, she gets 20% commission. For every dollar of sales over her quota and up to 25% over it, she gets 22% commission (sales from $100,001 through $125,000). For every dollar of sales over 25% of her quota and up to 50%, she gets 25% commission (sales from $125,001 through $150,000). For every dollar of sales over 50% of her quota, she gets 27% commission (sales from $150,001 and above).

You can apply this commission rate quarterly or annually, depending on how you structure your compensation. If annually, you’ll have to pay a balloon payment at the end of the year to accurately account for the total of accelerated commission for the fiscal year. If your salespeople are paid a salary, you’ll probably want to start their sales commission at 5%, and have accelerators set from there on upward, using the formulas above.

If you’d like to learn from me LIVE, in PERSON, with a SMALL group of rockin’ CEOs, I’m taking my BAI weekends on the road and building communities of business builders all over the country. Because Business Acceleration is not a theory, and it’s NOT a joke. It’s your legacy. http://bit.ly/ComafordBAI

Christine Comaford, Executive Mentor
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

Christine is the leading authority on business acceleration and optimization.
She has built and sold 5 of her own businesses with an average 700% ROI.
She has served as a board director or in-the-trenches advisor to 36 startups.
She has invested in over 200 startups including Google.

Christine has consulted to the White House (Clinton and Bush),
as well as 700 of the Fortune 1000, and 300+ small businesses.
She repeatedly removes obstacles and optimizes performance in companies large and small.

I learned a long time ago that I don’t do nearly as well with keeping things straight and meeting my goals unless I have it all written down on a checklist. My guess is that you do something similar as well.

So today, I thought I’d share a checklist that I created that’s been very handy along the way in my entrepreneurial and intrapreneurial pursuits.

My Personal Financial Checklist consisting of the following steps:

1.  Figure Out Your Financial Goals: Extremely important. If it’s a pain for you, hire a professional, pay for a consultation or inquire from experts online. But whatever you do, don’t skip this step..

2.  Determine An Asset Allocation Strategy: This will be based on your risk tolerance, retirement goals, and current age. Again, asking a professional to help you with this step may be necessary.

3.  Secure Your Assets: Recoverable trusts make it easier for others when you pass away and helps avoid probate. (Don’t forget the pre-nup if needed).

4.  Interview And Hire A Money Manager.

5.  Transfer Funds: Make sure you monitor these monthly, meeting with your money manager quarterly.

I hope this gets you guys started.  Many of us spend SO much time building our businesses that we forget to plan our PERSONAL financial future.

To your amazing and immediate success.

Christine Comaford, 7 Figure Business Builder

CEO of Mighty Ventures, Inc.

NY Times Best Selling Author of Rules for Renegades

Christine Comaford believes every entrepreneur has at least one multi-million dollar business inside of them. Her 7 Figure Business Formula has created over 153 multi-million dollar businesses. Learn the 6 proven steps to YOUR 7 Figure Business here: http://bit.ly/ComafordWebinar

Hi gang. We’re going to pick up where we left off last week regarding how to obtain financing for your own mighty venture. Rememeber though, if you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

We talked about getting investors to put money into your business, but if your company  is on the smaller side with fewer (initial) lofty goals and a more organic growth curve, a loan can be a good financing method.  Loans come in three tasty flavors:

–Secured Small Business Administration (SBA)
–Secured Small business bank loans
–Unsecured loans over the net

SBA loans are easier to get if you have assets to secure the loan with, a solid pre-existing banking relationship, and a high tolerance for bureaucracy. The process can be excruciatingly slow, but if you make it through, you can get a six-digit loan on pretty favorable terms.

A small business bank loan also requires a pre-existing banking relationship and high tolerance for bureaucracy, but you’ll get okay-to-pricey terms based on your credit rating.

An unsecured loan requires no collateral (a home or other asset) to secure it. Check out www.prosper.com (their current max $25k). If you demonstrate good will with prompt payments, you’ll be eligible for another, often larger, loan in time.

Now, the first secret about succeeding in the financing process…

Raise money BEFORE you need it, because the financing process always takes longer than anticipated. For institutional investors a realistic expectation is three to six months from the first meeting to the wire-transferred funds. Financings sometimes occur in far less time, but you must be prepared for the long haul.

Start raising money six to nine months before you’re due to run out of cash. Have a strong banking relationship already established in the event that you need a bridge loan to tide you over during an extended financing process.

This week, think about whether a loan is best for your business or if finding investors would be more to your advantage. Begin to outline a business plan that centers around your choice. If you’re REALLY serious about how to win in the financing process, being at my 7 Figure Business Summit is a MUST.

You can also find much more information on this – and all of my business acceleration tips, including needle movers, business model, mentorship, board of advisors, etc., at http://www.ResultsNowWebinar.com – it’s a GREAT opportunity to MOVE your biz (and get my personal mentoring).

To your success and your winning relationships!

Christine Comaford, The 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

PS:  This is the ONE event you must be at this year: http://www.7FigureBusinessSummit.com

Recently at a party, another entrepreneur asked me, “What’s your biggest investment right now?”  I’m sure he meant financially, but when I REALLY think of what I invest most carefully, I think of my TIME.

So when I invite you all to take three days away from your business and travel to San Francisco to work with me, I KNOW what I’m asking.  But let’s get clear about one thing.  Freedom isn’t free.  It’s got a straight line connection to one thing — and one thing only: RESULTS. And you CANNOT build those results without investing your time with a mentor.

Get this you guys.  You can’t go into a store and buy success. You can’t visualize it in your morning meditation.  You won’t find it under your pillow.  SUCCESS isn’t soft and mushy.  Success is a tangible reality and it comes from ROCKIN your results and bringing them to a 7-Figure Level of Success.

Mentoring you to 7 Figure Results is my mission.  I have 28 YEARS of building businesses, business acceleration and creating REAL results.  Without that piece of the puzzle, I hate to say it, but you can forget about success — even if you “make it” — you’ll be tied to your company 24-7-365.  That’s where a MENTOR comes in.

Once you learn the path to building REAL results, it’s like breaking out of that prison.  Your company becomes your freedom, instead of your sentence.  If you’re ready to work with me, I’ve got an invitation for you!  And if you’re not 100% sure of your investment and how the 7 Figure Business Summit fits into YOUR success plan, you can click the button at the top of the page and request a “Summit Strategy Session” with one of my team.

http://www.7FigureBusinessSummit.com

Christine Comaford, The 7 Figure Business Builder
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author of Rules for Renegades

PS:  http://www.7FigureBusinessSummit.com

Be prepared to read this blog and take some NOTES! There will be links and giveaways and strategies for success, so grab a cup a jo and let’s go go go!

As I prepare for this week’s free teleseminar, among the other thousand things that need to be delegated and solved as a business owner, I am forced to embrace that knowledge is THE MOST IMPORTANT gift we have to share with one another. I have NO interest in being the only self-made multi-millionaire and EVERY interest in leading a merry band of very wealthy men and women on a path of FREEDOM.

So I’ve done a few things to help that vision become reality. (Are you all laughing at “a few” ????) Yep, I think it’s obvious that part of my MISSION and my personal passion is share share share. You can tell that from this blog, you can tell that from my FB group, from my Twitter page ( @comaford ) and everything that my company, Mighty Ventures, does to support success seeking entrepreneurs every single day.

I know that some of you are struggling with finances — at BIG levels. Some of you own million dollar businesses and have been forced to reinvent the wheel every day. But there’s no excuses for not investing in your success. It’s a matter of priorities. ESPECIALLY if the stuff your investing in is free — so the I in ROI is just your time. Choose your teachers wisely, but DO invest.

My next teleclass is WEDNESDAY, and I’ll cover the MOST important information I’ve got to share: “3 Massive Mistakes Entrepreneurs Make That Keep Them
Overworked, Underpaid, and Feeling Trapped by Their Business.”

Although most entrepreneurs fall victim to these scenarios, I assure you, it is all Totally Avoidable! … and I’ll be sharing HOW on the call, as well. Be SURE to mark your calendar! The call is available via phone or through live web-audio… the details are here…

http://bit.ly/urPCZ

See you in a couple days!!

Christine Comaford
CEO Freedom Fighter

PS: Did you all get the Treasure Chest for Systemization? It comes down on Friday, so GRAB it NOW. http://bit.ly/1145pI

 Okay, first of all, if you read the entire list yesterday of what to do when you need to KEEP GOING, despite the criticism or rejection of others (even those you sometimes need and trust the most), then you get a merit badge for tenacity.  Here’s my other top 5 for overcoming adversity and moving FORWARD – despite roadblocks from rejection and criticism.

1) On the really dark days remember that you’re still alive, you still can make a difference in your life, your community, and the world at large. This round may be over, but the game ain’t over yet. Something great could happen tomorrow. 2) At the risk of ticking off everyone ever held ransom by a telemarketer, consider that every “no” actually means “maybe”—either you need to pitch in a more compelling way (explain their return on investment, success statistics, how you’ll help them crush their competitors) or you don’t have what the prospective customer needs yet. 3) Take 100 percent responsibility for your life—you are no one’s victim. This means no blaming, no complaining, no trying to change others! 4) When you’re stuck or psyched out after a failure, help others. Do some volunteer work. It’ll help you stop dwelling on negativity and will foster hope. 5) Make and post a list of your awesome qualities. I still do this today. It’s crucial to learn to boost your confidence and self-esteem.

Finally, visualize the things you want coming into your life. I like to imagine that all my goals have already been achieved on the nonphysical level. It’s my job to welcome them down to the physical realm. You can host many rejection parties, you can desensitize yourself to criticism, and still, every now and then you’ll fail. This is yet another reason why it’s great to have a mastermind group or an accountability partner or and fabulous friends. We all need to vent or brainstorm when we fail, and having a prefab failure or rejection recovery group works wonders. With practice you’ll learn to fail forward more often than not. You’ll learn to rock rejection and finesse failure.

Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

PS: If you’re ready to take your leadership and ROCK YOUR future AND YOUR PRESENT to the next level, I’m holding a special sale where you can participate in my entire Business Foundation Blueprint system.  http://www.mvlinks.net/june-special  *Although this offer really ended on June 30, I’ve put together a HUGE savings to give you a head start on your NEW, amazing, prosperous life. 

Rejection, unlike failure, comes in only one flavor: the external kind. Quite simply, this is when others just don’t want to play with you. I’ve been rejected by potential hires (“I don’t want this stinkin’ job”), staff members who quit or weren’t right for their role, sales prospects (zillions of these) who wouldn’t buy what I was selling, men who didn’t want to date me, friends who decided I wasn’t cool enough, you name it. When they say “No,” I say “Next!” Remember the Rock Rejection Mantra:  Some will, some won’t, so what, SOMEONE’S WAITING.

Believe it or not, somebody out there always wants what you have. Keep looking, keep asking, keep the faith, and focus on finding this person. I repeated the Rock Rejection Mantra many times when my agent was pitching my first book—which was rejected unanimously by 22 publishers. So I reshaped it into a different book, what became the final version of Rules for Renegades. (You can get your own FREE copy of my book by clicking on the title – it’s my personal recession-buster for the entrepreneurial crowd.) After SEVENTEEN more rejections I  sold the book—with several editors interested. It sold once I decided, deep inside myself, that regardless of 39 rejections, this book was going to happen—even if I had to print it myself. I dropped the fear of rejection and focused on attracting a kick-ass editor, someone who really “got” what my book was about.

Like me, you’re going to experience adversity in life, and a lot of it if you take risks.  (And let’s face it, successful entrepreneurs take risks.) Here’s my Top 5 to stay on track (I’ll post 5 more tomorrow!):  1) Remember, it’s all an illusion. Failure has rewards; success has dangers. Learn from both, and move on. 2) Recall the vision that got you going. Spend a day working on your dream board. Don’t do anything else, just let that dream get back on its feet. 3) Practice the Law of Attraction: think about the things that will get you back on your feet, the people who will help you get up and running, the places you can go that will take you forward. Watch the movie “The Secret” again. 4) If people tell you, “You can’t” or “That’s a lousy idea,” congratulations; that usually means you’re on to something.  5) Sometimes you have to look the part, so do it and don’t complain about it. If necessary, change your look to get the respect you deserve, as I did to build a customer base of the Fortune 1000.

Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
NY Times Best Selling Author

PS: If you’re ready to take your leadership and ROCK YOUR future AND YOUR PRESENT to the next level, I’m holding a special sale where you can participate in my entire Business Foundation Blueprint system.  http://www.mvlinks.net/june-special  *Although this offer really ended on June 30, I’ve put together a HUGE savings to give you a head start on your NEW, amazing, prosperous life.

You can best leverage your time, meaning get more done in less time, by helping your team members know what you need and expect. This means you MUST spend time with them. I often STILL think my team members will receive my Vulcan Mind Meld and magically understand what I want… it doesn’t work that way. The most sensitive ones will definitely anticipate your needs/desires over time, tho many will need you to tell them exactly what you want when why and how it should be delivered. SOPs help a LOT here. As you document standard operating procedures you’ll get more leverage, higher quality work, and less stress!

http://www.StrategySessionNow.com    

I get a ton of questions on how to optimize social networking.  Some of those answers end up being pretty detailed, but some of them are about the very basics of how to use Facebook, Twitter, Linkedin, Blogs, etc., etc.  So once a week, I’m going to post the 1-2-3 Social Networking Basics for whomever of you needs this info to move your business forward and maximize the opportunities that networking offers in today’s online world.

Biz Building Facebook Basics!

First of all, like always, remember that your profile needs to be as complete as possible.  That means more than a picture – it means contact info, links to your website, daily updates (at least) about your status – and don’t forget to fill out that little bio box on your profile page under your photo. 

Next, definitely post pictures or videos at least once a week.  They get a ton of attention.  And change your profile picture regularly also.

Definitely hook your blog onto your Facebook Page and invite all of your “friends” to be fans.  (The best application for this is called: Network Blogs.)  You can sign up for mine by going to my profile.  The blog is on the bottom left of the page. (And while you’re there, be sure to join my FB Group: Business Renegades!)

Finally, be sure to announce all of your events to EVERYONE on your list, and send a reminder to all who respond YES or MAYBE two days before – or the day of the event, you can send out the call-in info to everyone and say, “Just in case you have time today – or didn’t get the call-in number.”To your success!

Christine Comaford, Business Accelerator
CEO of Mighty Ventures, Inc.
Author of NY Times Best Seller, “Rules for Renegades”
http://tinyurl.com/6xos94  

How does one go about finding a mentor who’s “been there before” and is willing to share their knowledge?

1. They must have had their own successful business.
2. They must have helped others build successful businesses.
3. They must have a program and or process that you can follow.

Effective mentoring requires both structure and access to expertise. It is also important to compensate your mentor somehow so that they do not feel used, disinterested or disconnected. A true mentor unleashes an army of powerful people and connections who are passionate about moving business forward. That’s the only kind of mentor you want.

To get a great tool on how to create this, feel free to join my Facebook Group, Business Renegades: http://tinyurl.com/6xos94 

Christine Comaford, Biz Accelerator
CEO of Mighty Ventures, Inc. |
NY Times Best Selling Author of “Rules for Renegades”
http://tinyurl.com/6xos94