Sales are the soul of business. It helps you to fulfil your company's needs. Sales forecasting is a crucial part of the financial planning of a business. It is a self-assessment tool used for predicting future performance by past and current sales.
SALES FORECASTING helps to predict future sales. It helps companies to make an informed business decision and predict performance. Established companies can easily predict future sales from past business data but newly founded companies have to rely on market research and competitive intelligence.
Sales forecasting allows companies to
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It can be used if you want to find the forecast for a short period like 3 months, 6 months or 1 year. Generally 'a year' is more preferable. If demand fluctuates from one month to another then forecasting is done for the short period of time.
It covers the period of 5, 10 or 20 years. In many Industries like petroleum refinery, buildings, paper industry a long term forecasting is needed because their total investment cost is quite high.
In this method you can directly ask the customers whether they are thinking of buying in near future. In this method all the burden will be on customers, whether they want to buy it or not.
The salesman is the closest person to the customer. So he can definitely give his views on estimating customers reaction about the product and their future requirements. So sales forces can give their estimation for their particular area.
In this method, you have to arrange sales data in chronological order. Also known as 'time-series '. These time series are used to analyze forecasting for next year sales.
In this method, the forecasting depends on certain economic indicators which are generally published by central statistical organisations under the national income estimates.
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