March 26, 2023
Written by UJJI Team
When working in a start-up, predicting the future can be slightly unpredictable. We here at UJJI are no strangers to this. Creating sales forecasts is a crucial task that requires an appreciation for data and the unforeseen factors that might come one’s way.
Such a role helps ensure that a company clearly understands its potential revenue and can identify any areas of weakness in the product line. That being said, forecasting sales is not always an easy job, especially when there are many internal and external contributing factors that can impact this task.
A significant roadblock to be aware of when forecasting is potentially underestimating or overestimating sales. The former can lead to cash flow problems down the road, while the latter can cause one to overspend on inventory and marketing. The key is balancing the two, considering all extraneous variables.
The best way to achieve this is to focus on the target market and acquire a deep understanding of their needs. Accurate sales forecasts can be attained with knowledge and awareness of a target market, bringing the organisation closer to success.
Successful forecasters pay attention to their soft skills, such as their communication and problem-solving abilities, and understand the importance of continuously practicing and developing these. To better your communication with the teams you need data from, join the pathway Improving Interpersonal Communication and learn how to get the most out of your professional conversations. Also, forecasters must be able to focus on the task at hand and disregard any distractions; for this, the game Get Work Done can be your best friend.
Embracing Change is an insightful session to help you consider the ever-changing and ceaselessly iterating factors surrounding the work landscape. This contains a bite-sized learning pill, like a mini-podcast, that can open your eyes regarding changes that affect sales.
Many fear forecasting sales is way too tricky… but with time, exposure, and persistence, it’s a role you can feel empowered in
Want to learn more about how to unlock your team’s full potential in spite of your fast paced environment?
UJJI’s easy and fun e-learning experience helps teams develop skills around problem solving, productivity, communications leadership and adaptability. Check out this short video or book a demo with our team now!