Brokers have the important task of handling their agent’s commissions. You get to deal with large quantities of accounts, multiple suppliers, and other factors that affect commission rates. Oftentimes, it becomes a headache, and dread the next month of commission operations. Complaints are just the cherry on top of the pressure you have already endured. Though it can be burdensome, we want to come alongside you and alleviate some of the stress. We have gathered four tips for handling energy commissions that will help limit field complaints.
Processing Energy Commissions Is Laborious and Daunting
Managing energy commissions is never a fun aspect of the job. Numerous variables can affect commission and make it difficult to calculate. The last thing you want is errors because you will need to recalculate all over again. It can be a frustrating and tedious process for many energy brokers. If that was not enough, after you spend hours calculating each commission and signing off on the checks, you will likely receive multiple complaints. Calculating commission is a time-consuming yet thankless job that many end up dreading.
This happens more than the industry would like to admit. However, it does not always have to be like this. By focusing on key elements, you can learn to handle energy commissions without fielding complaints.
Top 4 Ways To Handle Energy Commissions Without Fielding Complaints
Utilizing these techniques will transform your monthly commission operations from a dreadful event to a peaceful moment.
1. Establish a Finite Set of Commission Plans
As with any job, communication can make or break your business. Especially when it comes to finances. Having a clear outline that details how you will calculate energy commissions and when it will occur each month can eliminate any unrealistic expectations. Creating manageable and efficient plans can save you time and money. However, you must be sure to clearly communicate those plans with every party involved.
One note to keep in mind, the simpler the plan, the easier it will be to manage. Even when an honest mistake is made, it can break the trust between you, your energy suppliers, and your agents. When that happens, you have to work double time and have a multitude of meetings to rebuild that trust. When your credibility is hurt, it can turn other potential clients away from your services. At the end of the day, trust is the foundation of your success, do not let it slide over a silly miscommunication or unmet expectation.
2. Automate Everywhere Possible
We hear over and over again how stressful and time-consuming brokering energy can be. If every little task is done manually, you will never get any sleep! With that comes the human error that is inescapable. Regardless of how good you are at your job, you are bound to make a mistake. Calculations and reporting need to be done at such a high standard so that all of the information is flawless. When it does not meet that standard, you must be able to find the error and fix it before it is sent to agents or energy suppliers.
The information you send out should be reliable and accurate. When you automate a majority of your tasks, you can have the correct information. Further, it will be able to catch anomalies far quicker than you would be able to. This resource will require you to do some work on the front end to ensure it produces accurate information. Outlining your process, standards, and guidelines at the beginning will help the system know how to calculate the commission and other aspects of your business in the future. Once that is set up, implement times to check the input data but then you can leave most of the work to the edge cases. This will help you limit the number of errors and reduce the amount of time you spend fixing them.
3. Process Commissions on a Regular Schedule
For brokers and energy suppliers, their commission is their payroll. It is how they provide for their families, pay the bills, and buy groceries. When there is a problem or delay in their commission, it can cause stress and worry. When they are late, you are likely working in a frenzy to get them out the door and into their bank accounts as soon as possible. Phone calls and emails inquiring about their energy commission can delay your process even more.
Ensuring that your commission is correct and right on time will maintain good relationships. Automation is one of the best ways to ensure punctual and accurate commission payments. As we mentioned above, trust is one of the most important aspects of your business. When the commission is handled properly, it is guaranteed to foster a culture of trust.
4. Provide Full Transparency with Rich Reporting
Your agents are on the hunt for the best energy provider for their clients. When you offer search, sort, and filter capabilities, it can set them up for success by gathering all relevant information in one place. It offers valuable insight into energy trends, usage information, and payment structures so they can fully inform their clients of the options available.
On top of that, it is important for your reporting and analytics to be truthful and transparent. When agents do not understand how they are performing, they may not know which areas they can improve in. Having honest conversations about realistic reports can boost your team to a whole new level.
Get 3 Additional Ways To Handle Your Energy Commissions
And that’s not all! Our goal at POWWR is to make your job easier. We are constantly putting out resources and developing commission management software that will make a difference for you and your team. That’s why we could not just stop after four tips. To read more about these four tips and learn which other three we recommend, download 7 Ways to Handle Energy Commission.
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