Importance of sales projections
Sales projections are an integral part to the success of your business. Putting a sale projection in place will plan for growth. Research your product or service so that you can make a comprehensive projection for your business. Some things you may need to take into account for a comprehensive projection might be:
- Estimation of sales
- Estimation of expenses
- Goals for growth
- Research on Industry trends
- Seasonal slumps
If you have been in business for more than one year, review sales trends (up or down) for the past year to project where sales should be for each specific upcoming quarter and the next fiscal year. Analyzing data on hand will determine projected growth for the next year and how to prepare. Reviewing past data will allow you to determine where to put necessary funds such as marketing, new products/services, etc or “The best bang for your buck”
Formulate your projections for a three-year business span. Follow the statistics quarterly and determine if each aspect of your projection is where you would like to be. Reviewing sales trends quarterly will give you time to make significant changes to your sales structure and change the overall path of business. Do you need more marketing? Are you reaching out to new prospects? Can you increase closing rates? These are all helpful questions when reviewing data.
Part of a successful business plan is incorporating marketing. Marketing programs can be a headache for those that are not in the business. Rich Enterprises Inc has many marketing programs that fit most businesses. Since we are specialized in the marketing arena, we do not accept every business that comes to us for services. We bring all our clients on board with the mindset that we will be a success for them and build business relationships long term. Let us help make your next sales projection a true success!