by Sench Johansson
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In an ideal world, salespeople and sales managers would be able to predict future sales results with a high degree of validity, at least for the period of one future sales cycle. This should hold true behindhand the length of the sales cycle.While it may be difficult to predict each individual piece of business forecasting sales numbers in the aggregate should be nearly as predictable as the sales forecasts most businesses make of manageable operations like their production processes. Sales management should be able to apply the same concepts of variance reduction (such as Six Sigma) to sales forecasts that other managers use to control non-sales processes.
The comfort of the business leaders is one of the important benefits in sales forecasting accuracy. Many business experts sentence the smallest negative variance in profit predictions, as a half of a percent shortfall in earnings can cause stock prices to plummet. For another type of companies who have less connection with public, it is expected that the impact of unpredictable revenue figures can be emphasized on budgeting, financing and discretionary spending.
Pipeline management and sales forecasting are the most important tasks you complete in sales because they help you schedule what activities to complete for each time period as well as give you an accurate indication of how trustworthy your sales pipeline really is. The overwhelming fact is that while even small variances in most areas of a business would be cause for major concern, many company leaders and their sales managers simply admit their incapacitation to accurately forecast revenue numbers. Keeping your team trained and developed in a way that is appropriate to their sales responsibilities is key requirement. Consider the type of training that brings your team the most impact, and do your due activities to find the right deliverable to fill that need. Look for a mentor or instructor to help you grow. Observe best practices and revert them in your operations.
Sench offers specialized consulting in sales forecasting, demand forecasting, demand planning and S&OP. Sench taught starting a business at the University of Oregon for 11 years. He is doing a SCORE workshop on business planning every quarter; and now working at business development centers.
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Sench Johansson
More Details about sales forecasting, demand planning, here.
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Keywords: sales forecasting, demand planning, demand forecasting, S&OP, business
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