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demand and sales forecasting

How to Make Demand and Sales Forecasting

The most important business forecasting is demand forecasting. If you, as an entrepreneur, know how much will be the demand for your products and services, it will be easier for you to forecast sales and costs that your business will make. After successful demand forecasting, it will be much easier to forecast everything else for your small business.

In the previous post, I wrote about some open questions related to business forecasting. This post is the second part of a series of posts related to business forecasting.

When it comes to forecasting, you simply want to find the following:

  • future behavior of variables (income, profit, sales per employee, region),
  • behavioral pattern and
  • prove that these behaviors will be relevant in the future.
entrepreneurial forecasting

Entrepreneurial Forecasting – Some Questions Answered

An entrepreneur’s life will be much simpler when he or she can see and predict the future. How their business will look like in the future. How will the competition look? What trends will exist in the market? You can find answers to these questions when you implement entrepreneurial forecasting.

All these questions are important, especially because of the decision-making process you will use today and in the future.

If you as an entrepreneur know how much will be the sales numbers for the next week, month or year, you’ll be able to align your spending according to those sales numbers. In such a way, you will invest only in things that you need in this period.

Because of that, I would like to answer several questions related to entrepreneurial forecasting.

sales forecast template for your business

Sales Forecast Template

The sales forecast template is one of the most useful entrepreneurial tools because many of your future decisions will be based exactly on sales forecasts.

One of the entrepreneurial tasks is to manage current business operations and prepare for future business operations. These preparations include some predictions or forecasting the future trends in which the business will operate.

The sales forecast is a simple prediction of the future sales of products or services that your business offer. The sales forecast is a starting point of all next financial projections. The sales forecast is based mostly on selling performance from the past of your products or services and other factors that can have an influence on the selling as unemployment, inflation rate, market trends, interest rates, customers spending patterns…