How to forecast your sales ~ B W C J AOMOLE

Thursday, 20 July 2017

How to forecast your sales

By BWC J A OMOLE July 20, 2017 No comments:

There are many sources of information to assist with your sales forecast. Some key sources are:

· Competitors

· Neighboring Businesses

· Trade suppliers

· Downtown business associations

· Trade associations

· Trade publications

· Trade directories

Sales Forecasting for a New Business

Step 1 Step 2 Step 3 Step 4

These steps for developing a sales forecast can be applied to most kinds of businesses:

Step 1: Develop a customer profile and determine the trends in your industry.

Make some basic assumptions about the customers in your target market. Experienced business people will tell you that a good rule of thumb is that 20% of your customers account for 80% of your sales. If you can identify this 20% you can begin to develop a profile of your principal markets.

Sample customer profiles:

· male, ages 20-34, professional, middle income, fitness conscious.

· Young families, parents 25 to 39, middle income, home owners

· Small to medium sized magazine and book publishers

Determine trends by talking to trade suppliers about what is selling well and what is not. Check out recent copies of your industry's trade magazines. Search the Business Periodicals Index (found in larger libraries) for articles related to your type of business.

Step 2: Establish the approximate size and location of your planned trading area. Use available statistics to determine the general characteristics of this area. Use local sources to determine unique characteristics about your trading area.

How far will your average customer travel to buy from your shop? Where do you intend to distribute or promote your product? This is your trading area.

Estimating the number of individuals or households can be done with little difficulty using statistics census data. Statistics family expenditure survey can identify what the average household spends on goods and services. Information on planned construction is available from a variety of sources. Directories the Yellow Pages can help identify names of companies located in your trading area.

Neighborhood business owners, the local Chamber of Commerce, the Government Agent and the community newspaper are some sources that can give you insight into unique characteristics of your area.

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