Forecasting is naturally imperfect.
It is imperfect because businesses are always changing, and economic conditions are always shifting.
So, as a founder, you have to be ready to adapt and deal with uncertainty.
Today, our host Christina Sjahli will take you into the world of forecasting.
In this episode, Christina will guide you through the art of forecasting by breaking down the key steps to creating an intentional forecast, even with the understanding that things can change along the way.
She talks about why forecasting is essential for any business.
Whether you're a seasoned entrepreneur or just starting out, grasping the essence of forecasting can serve as a formidable asset in ensuring your business's success.
Keep in mind, forecasting isn't just about predicting numbers; it's about shaping the future of your business with purpose and clarity.
Let's jump in!
Key Takeaways:
- Benefits of a good forecast:
- Early identification of deviations from predictions (positive or negative).
- Understanding the cause of these deviations.
- Ability to adapt quickly based on potential scenarios.
- Forecasting can help you:
- Predict future resource needs to support your mission-driven initiatives.
- Stay ahead of the curve and adapt to unexpected situations.
- Align your financial growth with your social impact goals.
- Make strategic investments that fuel both profitability and positive change.
- Start with Impact: Define the impact you aim to achieve so you can prioritize accordingly.
- Gather and analyze data: Analyze historical financial data and consider historical operational data. Understand what happened and the reasons behind it. Then assess potential future scenarios based on external factors (economy, market, marketing efforts). Finally, determine how to achieve goals without compromising your values.
- Utilize a Forecasting Tool: Input the gathered information and assumptions into a financial forecasting tool.
- Regularly Update the Forecast: A forecast is a living document that improves over time with updates.
Episode Highlights
- [02:30] Forecasting is an imperfect process.
- [03:33] Start with impact - Why you started this business in the first place.
- [05:12] Gather information - historical financial and operational data
- [06:34] Analyze the Data
- [07:10] Build Assumptions
- [08:05] Utilize a Forecasting Tool
- [08:30] Regularly Update the Forecast
Resources
- Connect with Christina Sjahli on LinkedIn
- Explore Profit Reimagined and discover how you can turn purpose into profit: Website and LinkedIn
- Discover if our Fractional CFO Services are your perfect fit by taking this quiz.
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