What is Sales Forecasting?
Sales forecasting is a critical activity for all companies and should form the backbone of your business plan. It is a process of organising and analysing information in a way that makes it possible to estimate what your sales and profit will be for a period of time.
It can be the difference between just surviving and being highly successful in business. The future direction of the company may rest on the accuracy of your sales forecasting.
A well planned business, one which can act with confidence knowing that it has an effective quantified plan to deliver its financial goals, can focus on the important, more strategic issues rather than day-to-day fire fighting to obtain random targets.
Sales forecasting is a difficult area of management. Many companies carry out the process on an annual basis. However, business can change so dramatically during a 12 month period which could affect the company as a whole.
People measure a business and it's growth by sales, and your sales forecast sets the standards for profits, sales and growth.
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