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Sales Forecasting  plays a major role in your company’s success as it dictates how the business can grow and invest. An accurate sales forecast allows the sales and the business department to make informed decisions relating to setting goals, hiring, budgeting, and other revenue-impacting decisions. However, the problem lies in getting that sales number right. Thus, the right  sales forecasting tool   and   method   is vital to the success of any organization.  In this article, we have put together 3 basic steps to help you get started with  sales forecasting : 1.  Establish a sales process – The success of a sales forecast largely depends on how concrete the sales process is. Thus, establishing a sales process is vital. However, while structuring the sales process, you must define stages and different titles for customers.   2.  Set sales quotas- You need an objective to gauge the performance. Thus, the sales department has to set accur...

Currently, the problem of sales forecasting and inventory management is no doubt adverse in the market. What businesses are lounging for is useful  revenue forecasting software   and the different  sales forecasting tools   to sort their Inventory out. Generally, there are two problems associated with inventory management issues that come up due to the unrelated out-of-stocks, and that is:    - Unexpectedly high sales   - Overstocks happening due to low sales     Hence, it is essential to focus on some basic math:  Beginning Inventory + Merchandise Receipts – Forecasted Sales = Ending Inventory .    This means that as and when the independent retailer focuses on exactly how much to buy, the retailer immediately starts looking at how much has been brought in the past. Hence this is the reason why the retail math needs to work, and it comes something like this -     Ending Inventory + Fo...