Internal Forecasting Strategic Planning

Why an Accurate Sales Forecast Is Needed for an Effective Business Strategy

By ITR Economics on January 26, 2023

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ITR Economics

ITR Economics is the oldest, privately-held, continuously operating, economic research and consulting firm in the US.

There is a lot to consider when building out a strategy for your business. Your employees, your markets, your internal capabilities, technology, and even your plans for expansion must all be examined as you look toward the future. 

But how can you even begin building your strategy without accurate information to support your plans in 2023 and beyond? Your best ideas could easily become detrimental to your company if you get the timing wrong due to inaccurate data or flawed insights. This is why an accurate forecast is vital to an effective business strategy.

How an Accurate Sales Forecast Will Impact Your Bottom Line

Let us start by looking at sales data, as a company’s sales figures indicate the overall health of the business. Having an accurate sales forecast at your disposal is paramount to your success in building the right strategy. When you can effectively identify the potential positive opportunities and negative threats to your business, you will not get caught off guard and potentially have to change your entire business strategy on the fly.

Our accurate forecasts are much more than just reports delivered to your door. Our expert economists become an extension of your staff, offering clear guidance through the various ups and downs of the economy – they provide insights you can act on. This is why an accurate sales forecast can make the difference between profitability and losing money.

Seeing the future with our forecasts will help your business be ready for upcoming changes in demand, the marketplace, and customer expectations.

Without an accurate forecast, you might still be able to find out, for example, that you need a specific technology. But is the knowledge that you will need the technology in three months actually helpful when the technology requires a full year to implement?

What Is Included in an EVP Flex?

Our accurate forecasts are a key component of our Executive Vantage Point™ (EVP) consulting programs. EVPs are available in three tiers, each with its own distinct advantages. They are the EVP Flex, EVP 360, and EVP Platinum.

Each of these programs helps you clearly see how the overall economy and your markets are impacting and will impact your business, so you can make informed decisions.

Our EVP Flex package includes:

  • A three-year company sales forecast
  • Data and charts of your company’s current position in the market
  • Your company’s top macroeconomic and market-specific leading indicators
  • Management suggestions for maximizing profitability and mitigating risk
  • A quarterly consultation with an ITR economist to discuss your initiatives and our outlook
  • Monthly ITR Trends Report™ subscription for in-depth market analysis and forecasts
  • Corresponding leading indicator forecasts from the Trends Report to compare to your sales

ITR Economics’ Forecast Accuracy

The ability to see the future is a major competitive advantage for any business, as it helps lead to enhanced profitability and compound annual growth. ITR Economics has an unparalleled forecast accuracy rating and an astounding track record of seeing both positive and negative economic trends long before they occur. In fact, our overall forecast accuracy since 1985 is 94.7% at one year out, with a company forecast accuracy rating of 92.2% at five quarters out! Economics firms rarely publish their results, and not many come close to our accuracy.

Without accurate forecasts and the right people in your corner, your entire strategy could prove misguided and have to be abandoned. Make sure your company is set up for the future with help from ITR Economics. We are happy to get you on the right track with an EVP built specifically for your business.

Download a complimentary Annotated EVP Flex sample to learn more!

EVP Sample


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