A new year is just around the bend, and that means it’s time to start planning for the future. For small businesses, this often involves last-minute tax preparation items and projecting revenue streams for the upcoming year to best prepare for what lies in store. This kind of planning not only demonstrates good financial practices but also keeps your business aligned when it comes to transparency and trust in your organization.
If the idea of running full-scale financial forecasts is a little overwhelming, you’re not alone. Generating a forecast can be a blend of art, science and guesswork, forcing business owners to rely on past trends to predict future performance. And it’s important, too — poor forecasting can sabotage even the best business plan, compromising an otherwise promising company. The team at the Better Business Bureau (BBB) shares what you need to know if you’re looking to forecast next year’s sales. Read the full article here.