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With board directors focusing more time on financial compliance, this author asserts life sciences and technology companies often neglect management of their technology-based product development. Entrepreneurs should establish scientific advisory boards to provide them with expert technology oversight and also to provide their formal boards with objective overviews of company technology.
First-time CEOs may find it daunting to establish their first board of directors. This topic expert details a four-step process to building boards that can help growth companies thrive.
This finance expert explains the Sarbanes-Oxley (SOX) legislation and how it impacts both public and private companies as well as boards of directors. This author shows the upside and downside of SOX compliance and asserts private companies aiming to grow (and go public) should take steps to become SOX-compliant early on.
Although HandR Block had always been philanthropic, Henry Bloch wanted to establish a company foundation truly committed to the needs of the community as opposed to furthering corporate objectives.
For Tom Wiggans, starting a successful pharmaceutical company wasn't enough; he has also worked tirelessly to support the biotechnology industry as a whole.
After many years studying sales organizations and working as a consultant, this entrepreneur offers practical tips for ensuring your sales force and compensation plans are highly effective. His premise: start with a great salesperson and pay them what they are worth. Otherwise, your sales compensation plan won't be worth anything.
This expert in sales and finance writes about how technology has helped meet the needs of his increasingly complex sales compensation structures as his company continues to grow and diversify. He shares how specialized automation software has simplified accounting, enhanced reporting capabilities, and provided management and sales reps effective tools for tracking production, revenues, commissions, and payouts.
To help motivate and reward his senior-level sales force, this entrepreneur writes that he uses phantom stock to allow associates to feel they own a piece of the company while retaining his full ownership of the firm. This compensation plan is based on sales reps' performance or time, and can serve as the basis for junior-level bonuses.
Rather than viewing compensation plans as a motivational tool, this entrepreneur believes they should be considered a means for managing risk and protecting the company's cash assets. He explains his firm's model, which is based on transferring more risk to sales associates, sharing resources across clients, and tying a portion of base salary to reaching certain revenue-related milestones.
This veteran entrepreneur recommends a top-down approach to ensure a company's overall strategic goals drive the compensation plan. When clear objectives (including revenue targets) are defined for the business, entrepreneurs can better determine sales targets as well as how sales reps can help grow the company.
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