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What is Sales Forecasting

Glossary
Sales forecasting is the process of calculating and predicting potential revenue. The metric is based on the amounts of products or services sold and can be calculated weekly, monthly, quarterly, or yearly. The main reason to calculate is to measure the demand response to the marketing actions of the company.
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Why is sales forecasting necessary?

A significant amount of business decisions are made based on sales forecasting. The main ones include:

  • Hiring new employees: if there is a planned rise in sales, it might mean that you will require new staff members to satisfy higher demand.

  • Planning investment activity: On one hand, if you are planning to invest in a new project, without forecasting, you won't be able to determine the correct amount. On the other, if you are planning to attract new investors to your existing project, forecasting is a must to show its profitability.

  • Preventing possible complications: if you see a decline in the numbers, check if there are some issues you haven't discovered. These have to be fixed for successful product development.

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