Create a Business Budget Forecast
So you want your business to grow. You spend the year flat out working your butt off doing as much as you can. You get to the end of the year and you check out your financials.
You haven’t made as much as you’d like and you feel like you’ve worked so hard for nothing.
How do you make sure you don’t do the same thing next year? Create a forecast for your business.
What is a Business Budget Forecast?
This is a plan of what you want to sell in your business for the year. How many of them you want to sell and any promotions you want to do to make those sales happen.
This then gives you a road map to follow for the year so you’re not flying blind and when you work hard you’re working hard for a defined reason.
This will be a great support to help you reach your goals by the end of the year.
How do you Create a Business Budget Forecast?
Follow these steps:
1) Write at the top a revenue figure you’d like to hit in the next twelve months
2) Use the ‘Promotional Planning Worksheet’ PDF
3) Set your overall monthly $$$ targets in ‘GOALS’ column
4) List out all the products or services you sell in the ‘SET PROMOS’ column
5) You might need to use a separate worksheet to see ‘how many’ X ‘how much each’ you will need to sell to achieve that goal, your ‘TARGET $
6) Use the ‘REVENUE GOALS’ to record your ‘TARGET’ as you work through the year
7) Record your ‘ACTUAL $’ and ‘SHORT $’ as you go
8) Sometimes when we release a promo we realise that we could re-purpose or reinvent a promo to do a relaunch, record that in ‘POTENTIAL PROMOS’ column
Hope that gives you a framework to start to pre-plan your forecast.
NOTE: This type of budget forecast won’t work for an e-commerce store that sells hundreds of items.
1) List your products
2) Work out your revenue goals
3) Create your table
4) Follow the steps above to complete your forecast
Need help? Let’s talk ??