As revenue grows, it’s important to start planning how your business will grow. That starts by forecasting your sales. Once you understand how much your business can generate in the future, you can understand where to spend and allocate resources.
In this tutorial, you’ll learn how to:
- Develop a sales forecast for your business
- Understand the benefits and drawbacks of different sales forecasting methods
- Identify trends and generate predictions for your business
Step 1: Understand sales forecasting
Sales forecasting is a crucial aspect of business planning that helps predict future sales based on historical data and market analysis. Accurate sales forecasts enable businesses to make informed decisions about inventory, staffing, budgeting, and growth strategies.