Knowledge of the approximate future income lets you optimize spending, feel more confident in making investments, and avoid mistakes in budget planning. Smart sales forecasting allows your company to develop a competitive strategy based on this information. It helps estimate future revenue and plan the budget.Below we provide the main benefits of sales forecasting and explain why this process is necessary. Some junior marketers may neglect sales forecasting and think this step is challenging and unimportant. Read about its benefits in the next section. The sales forecasting process is an obligatory part of work in successful companies.
It allows them to optimize companies’ decisions according to the current situation in the market. Business owners can make decisions about shipping the raw materials, hiring staff, and spending on marketing based on the forecasts. Moreover, sales forecasting helps plan the usage of resources better.
Companies can estimate their budget for a certain period and be sure that they will have enough costs. It allows businesses to predict their short-term and long-term revenue, and plan their investments accordingly. We explain this process is so powerful below.Ī sales forecast is a benchmark that helps make more conscious business decisions. Such inspiring statistics show the importance of sales prospecting and its direct influence on the companies’ success. Why is sales forecasting important?Īccording to Intangent, companies with accurate forecasts are 10% more likely to grow their revenue over the previous year and two times more likely to become the top company in their field. We provide the factors affecting sales forecasting and outline its methods and examples. In the article, we explain why sales forecasting is important and highlight its benefits.
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