Have you switched on the TV in the morning to the display
of a weather forecast which predicts heavy rain at certain times of the day? How did this affect your decision to go out? Did you prepare yourself with an
umbrella while going out or you went out without one? If my guess is right, you
prepared yourself for the rainfall by either going with an umbrella or a
raincoat. Now, that prediction of the future event, which in the above case is
a heavy shower is a forecast, a weather forecast.
But our emphasis here is on the business forecast.
What is a Business forecast?
Do you know that most inventions today were
once forecasts? There are many forecasting apps but our focus is on
the business forecast. Business forecasting simply means the process of making
predictions about a business’ future through analysis, data and insight. The
predictions made through forecasting doesn’t end at just predictions but
provides alternative courses of action. Today, many business owners, and
managers are tapping into the usefulness of forecasting, and as such are
seeking the services of experts in the field. You should read reviews of experts
on ReviewsBird.com to enable you make a well-informed decision.
The saying that to be forewarned is to be forearmed,
bears a hold here, as forecasts can be used to steer the activities of a
business towards achieving greater profitability. If the above is correct, then
how can companies and businesses leverage on forecasting to grow their
business? Put differently, what are the uses of business forecasting?
Business forecasting and it’s uses
Estimating Financial needs: Business forecasting plays a major role in estimating a
company’s financial needs. An incorrect estimate of capital needed for the
smooth running of a business could halt operations, while … Read More ...Continue reading »