A sales forecast is an essential tool for managing a business of any size. It is a month-by-month prediction of the level of sales you expect to achieve. Most businesses draw up a sales forecast once a year.
Armed with this information you can rapidly identify problems and opportunities. You can then take action.
For example, accurately forecasting your sales and building a sales plan can help you:
- manage your production
- manage staff and financing needs
- avoid unforeseen cashflow problems
A sales plan and sales forecasting can allow you to spend more time developing your business rather than responding to day-to-day developments in sales and marketing.
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