How do you forecast strategic planning and revenue forecasting for 2021?
Do you use previous years?
Start with a blank page this year and go back to the fundamentals:
- Is your industry or category growing, treading water, shrinking, or potentially becoming entirely obsolete? If your answers are the latter options, you may need to reinvent your business.
- Who are your key targets and customers? Not the ones that bought from you in 2019, but rather the ones that will be spending money in 2021.
- Are they increasing or decreasing their spending on what you do?
- Are they increasing their spending in other product categories or support that you could offer but haven’t been promoting?
- Does your staffing/resource plan map to your sales/revenue plan? For example, if you do tech support or managed services, are 80% of your techs trained in a system that isn’t in demand while the other 20% are overloaded with requests? Can you cross-train them to open up your bandwidth for services that are in demand?
- Are your sales opportunities one-time deals or ongoing recurring revenue propositions? If your immediate opportunities are one-time only, are you leveraging contractors and strategic partners for these rather than staffing with full-time employees who will be without something to do in 3 or 4 months?
What are your strategic planning and revenue forecasting experience?