From the course: Financial Tactics and Tools to Run Your Business
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Forecasting demand
From the course: Financial Tactics and Tools to Run Your Business
Forecasting demand
As you look at the difference from where you are to where you want to go, the process of getting there is forecasting. And with forecasting what we're hopefully going to be able to do is to look at your business as it exists today and then understand what variables, what budgets, what improvements we can make in order to get you to a new place tomorrow. How is what we're doing today quantified? Can we see the operational metrics from your business as it is over an hour a day, a week, a month, and actually understand how the operational meets the financial? Once you could do that, the forecast is there to tell you where you think those demands could be when it's done right. And you build a really good financial model that is consistent, uses actual data and is able to report out the key information. Hopefully, you'll be able to see what levers you could turn to affect demand. For example, marketing budget is a very common one. If you know that your customer acquisition cost is $50 and…
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