Business Forecasting
One of the key issues with most small business owners and management is lack of timely, complete and accurate insights and reporting which hinders informed decision making.
All strategic decisions in your business are made on the basis of your understanding of their impact to your bottom line (i.e. impact on profit).
If your decisions are made on incomplete, inaccurate and old data, what does that say about the strategic decisions that are shaping your business?
Before you can forecast any data in your business you need to be able to obtain accurate and current data so that you can identify issues early, set a plan and make informed decisions that are based on facts and not solely rely on your ‘gut feel.’
Informed decision making is often the difference between a profitable business and a struggling one that is keeping you up at night
One of the key issues with most small business owners and management is lack of timely, complete and accurate insights and reporting which hinders informed decision making.
All strategic decisions in your business are made on the basis of your understanding of their impact to your bottom line (i.e. impact on profit).
If your decisions are made on incomplete, inaccurate and old data, what does that say about the strategic decisions that are shaping your business?
Before you can forecast any data in your business you need to be able to obtain accurate and current data.
Forecasting will help drive your business
Forecasting is about first understanding the key drivers in your business and how to implement processes to maximise these drivers.
When you have the right information at the right time you can stay in control because from this information, so many insights can be had such as:
- who your most profitable customers are
- is the business achieving the growth it budgeted/forecasted for
- you know whether the business is controlling costs
- whether you are meeting budgets, why or why not
- are your marketing campaigns effective and providing sufficient ROI?
- which product/service is the most profitable
- what is your break-even point
