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 - and do something about them.
For example, accurately forecasting your sales and building a sales plan can help you manage your production, staff and financing needs more effectively and possibly avoid unforeseen cashflow problems.
While it's always wise to expect the unexpected, a well-constructed sales plan, combined with accurate sales forecasting, can allow you to spend more time developing your business rather than responding to day-to-day developments in sales and marketing.
This guide shows you how to put together a sales forecast and a sales plan.
Structure your business
Name your business
Register your business
Choose your premises
- How to employ staff for the first time
- National Minimum Wage and National Living Wage rates
- Carry out pre-employment checks
- Ensure your workers are eligible to work in the UK
- Get employers' liability insurance
- Issue a written statement of employment
- Set up your payroll and register for PAYE with HMRC