the process of making
predictions of the future by the analysis of past and present data .Forecasting
is a valuable tooling any company for the growth process. There are three basic types of forecast—qualitative
techniques, time series analysis and projection.
Sales forecasting is the process of predicting future sales. Sales
forecast duration can be weekly, monthly, quarterly, half-annually, or annually.
As a businessman, it is important for you to know of what your future sales are going to be, whether you can manage your inventory , operating expenses, cash flow or plan for growth. The main purpose of sales forecasting is to provide information that you can use to make intelligent business decisions.
Sales are the lifeblood of each and every business so accurate sales forecasts enable companies to make certain business decisions, helps in analyzing business performance helps to manage its workforce, manage cash resources, purchase inventory, market new product, helps in financial planning and creating marketing strategies. Sales forecasting helps retailers decide how many types of a product to stock
Sales forecasting is a very important aspect of the financial planning of a business. SalesFundaa CRM software has a self-assessment tool that uses past and current sales statistics to intelligently predict future performance. Quick Sales Forecast helps track your opportunities and business performance
With an accurate sales forecast in hand, you can plan for the future of the organization. For example, if your forecast indicates a 50% increase in sales of products or services, you can expand your business in a new place, hire an organization staff to meet the demand, spend on marketing campaigns, conversely, if there is a decrease in sales forecast you can minimize operating cost, reduce company costs etc
Sales forecasting for an running business is easier than sales forecasting for a new business; the established business already has a sales forecast baseline of past sales. A business’s sales done from the same month, sales done in a previous year, combined with a graphical chart and business trends helps to predict future business.
If your business has more customer retention, you can check with them to see if their purchase levels are likely to continue that means revenue is generated from them.
Sales forecasting for a new business is complicated as there is no baseline of past sales. The process of preparing a sales forecast for a new business has many steps like researching your target market, your trading area and your competition and analyzing your research.
It allows financial planning for the company’s growth. Forecasting impacts stock prices and market expectations for public sector companies. It allows marketing teams to see if they can schedule promotional offers. Sales forecasting allows companies to predict the future and strategically plan accordingly to increase growth. Appropriate weights can be determined using a simple regression or machine-learning model.
The steps of the forecasting process are to decide what to forecast, evaluation of the correct data, select and test model, generate the forecast, and monitor accuracy. Forecasting methods can be classified into two types qualitative and quantitative.
SalesFundaa CRM software can perform sales forecasts, including forecasts, by customer, based on existing sales data. Our dashboard is user friendly and you get a graphical representation of Sales Forecasting, also you can check the forecasting of Enquiry by count, Enquiry by Value, Enquiry by branch, Enquiry value by branch, Quotation by value, Quotation by count, Call Report,
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