Sales forecasting is the process of estimating future sales. Accurate sales forecasts enable companies to make informed business decisions and predict short-term and long-term performance. Companies can base their forecasts on past sales data, industry-wide comparisons, and economic trends.
It is easier for established companies to predict future sales based on years of past business data. Newly founded companies have to base their forecasts on less-verified information, such as market research and competitive intelligence to forecast their future business.
Sales forecasting gives insight into how a company should manage its workforce, cash flow, and resources. In addition to helping a company allocate its internal resources effectively, predictive sales data is important for businesses when looking to acquire investment capital.
Sales forecasting allows companies to
Predict achievable sales revenue;
Efficiently allocate resources;
Plan for future growth.
Topics Covered in this App are Listed Below
Sales Forecasting - Introduction
Factors to Consider
Generating Sales Reports
Balancing Time and Prospects
Word of Caution
Sales Territory Planning
Logistics vs Customer Service
Ranking of Customers
Common Territory Strategies
Sales Accepted Lead (SAL)