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Business 183 views May 10, 2018
Expert tips for forecasting sales more accurately

By their very nature sales forecasts can be something of an inaccuracy but there are some things that you can do to make sure that you are forecasting your sales as accurately as possible. As part of a critical management strategy you need to make sure that you have a system of sales forecasting in place as well as robust sales management training.

The inexact nature of sales forecasting can make it tricky, but the trick is of course to know which direction things went wrong in and then turn your sales forecasts into an accurate picture of how your business is in fact doing

Separate numbers

It is widely believed that you should use one set of numbers to show the truth of how your business is doing, but this is a misconception. However, using multiple forecasts is the best way forward and will give you a far more accurate picture. Sales teams benefit from forecasts that are designed to meet a specific number whilst product management are more likely to be interested in a forecast that looks at a specific product. The only time that these different forecasts need to be put together are when someone at the top of the company wants to look at the overall picture.

Make time to update

Your forecasts are only going to work in your favour if you put the time into working on them, and this means making the time to keep tabs on them. You need to make sure that you set aside regular amounts of time to review your forecasts; this will help you identify any areas of potential issues before they have a major impact on your sales as a whole.

Be flexible

You can’t use just one single test when it comes to tracking all the information relating to all of your sales. You need to be able to develop a sales process that can adapt and modify itself to your targets as conditions change. In order to do this, you need to make sure that not only do you ensure that your sales forecasts are updated on a regular basis but also that you have a good understanding of all aspects of your sales system including the history of any individual sales person, product delivery and customer history. The more you understand the easier it is to make a better and more accurate assessment of your sales forecasts.

Don’t make it too complicated

It’s very easy to start adding complex projections and maths to your forecasting but there really is no need and in the long run it isn’t really going to help you to produce a more accurate sales forecast. You need to understand what you are looking at, and you need these figures to be understood by the other employees within your company, so sometimes simple is definitely better. There are specific software programs that can really help you to make your forecasts easier to understand and more accurate, building up a better picture of what is really going on within your business.