BRX Pro Tip: Better Forecasting
Stone Payton: [00:00:00] And we are back with Business RadioX Pro Tips. Stone Payton and Lee Kantor here with you. Lee, what do you feel like is the key or the keys to doing a better job of forecasting?
Lee Kantor: [00:00:12] Yeah, I think that a simple way to forecast a little better in your business, whether it’s sales or revenue or whatever you’re trying to forecast, is kind of do both a best-case scenario and a worst-case scenario. Your best-case scenario is if everything goes right and it happens in a timely manner, everything just bam, bam, bam. It just went just like you predicted it would. That’s your best-case scenario.
Lee Kantor: [00:00:36] Your worst case scenario is what is the lowest acceptable, acceptable goal that is reachable. That’s my worst-case scenario.
Lee Kantor: [00:00:46] So now once I see these two things, and I know that things rarely go perfectly in either direction, I have a pretty good idea of what’s ahead of me. But knowing the edges is going to help you manage the day-to-day craziness that occurs and keep you focused on achieving your goals, you’re going to get a better idea of what’s possible and what’s doable if you kind of play out best and worst case scenarios.
