72. π10 Steps to Start your Business Forecast π
Nov 25, 2024
At the end of quarter three our Success Strategy Sessions focussed on business forecasting. To create a bespoke business roadmap for 2025 and also further project for a three and five year prospect.
Success Strategy Sessions are a one to one deep dive into your business. We look a goals, ACTion Plan and a Roadmap to your success.
A business forecast typically includes a projection of a company's future performance based on past data, market trends, and other relevant factors.
Ten steps we share to create your business forecast:
π« Sales Forecast
Predictions about future sales revenue, often broken down by product, service, customer segment, or geographic region.
π« Expense Forecast
Estimates of future expenses including operating costs, marketing expenses, overhead costs, etc.
π« Profit Forecast
Anticipated profits based on the sales and expense forecasts.
π« Cash Flow Forecast
Projection of the cash coming in and going out of the business over a specific period, helping to ensure there is enough cash to cover expenses.
π« Market Trends
Analysis of industry trends and market conditions that could impact the business operations and financial performance.
π« Economic Indicators
Consideration of broader economic factors such as inflation rates, interest rates, and exchange rates that could affect the business.
π« SWOT Analysis
Strengths
Weaknesses
Opportunities
Threats
Identification of internal strengths and weaknesses, as well as external opportunities and threats that could impact the business forecast.
π« Risk Assessment
Evaluation of potential risks and uncertainties that could impact the forecasted results, along with risk mitigation strategies.
π« Assumptions
Key assumptions underlying the forecast, such as growth rates, pricing strategies, market share expectations, etc.
π« Scenario Analysis
Consideration of different scenarios and their potential impact on the business forecast, helping to prepare for various outcomes.
By considering these components and factors in a business forecast, companies can make informed decisions and develop strategic plans to achieve their financial goals.
Thank you for reading, if this was useful please β€οΈ and if it could help someone in your network, please share it with them.
Thank you ~ Diana x
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