Just as much as businesses need to deal with the problems and challenges in the present, they also need to be able to have a clear enough picture of what the future holds. Trends keep shifting, new demands keep cropping up and regulations keep getting modified. A competent business model always includes ways to predict or forecast the future proactively and function in accordance with those predictions in order to succeed. What is Business Forecasting? Business forecasting refers to the process of determining the future for the company in terms of economic volatility, market movement, consumer demand and growing competition. After doing its due diligence, a business must prepare short term-action plans, contingency plans and long-term operational strategies based on the previously determined forecasts. Forecasting is both an art and a science since it uses qualitative as well as quantitative data to predict the future. Accurate and timely forecasting is…
