Forecasting Revenue More Accurately
Revenue forecasting is hard. But it's even harder when you don't have a process in place to help make forecasting more accurate. That's where we come in. At Revenueify, we have the expertise and experience to help reduce the complexity of creating a process to forecast revenue accurately. Our process starts with understanding your organization's unique sales process so that we can build an accurate forecast for you. If you're interested in learning more about how we can help get started forecasting revenue, reach out for a 30 minute overview today. We would be happy to chat with you about how our services can benefit your business!
Revenue forecasting is hard... It's even harder when you have variables such as supply chain constraints, revenue in the construction market, and customer needs ever-changing. With all these challenges, it makes it even more important to have a process to be able to forecast booked results along with recognized revenue results. At Revenueify we have the expertise to help reduce the complexity of creating a process to forecast revenue accurately.
Our process starts with understanding your organization's unique sales process. An organization can not have an accurate forecast if its understanding of the sales process is unclear. Our team will help you document and understand your organization's sales process.
After you have a defined process, we use our analytics to start building a model for your revenue forecast. Without analytics, a company is left to rely on intuition which can often be inaccurate. Revenueify uses data-driven analysis to improve forecast accuracy. We take into account things such as historical data, customer trends, different sales channels, and seasonality when creating our forecasts.
This data can also then be used to help sellers understand what type of funnel they need to hit their quota numbers. All too often, sellers are left in the dark about their progress towards their quotas. At Revenueify, we use data to help shed light on where each seller is in relation to their sales process is not repeatable. Ideally, we can then build these dashboards into your native systems to help create better visibility for your sellers.
Finally, there is a refining period and Revenueify helps to continuously refine your forecast models. Most organizations expect their models to be accurate upon rolling them out, but the truth is it takes time to hone in the data points as your sellers adopt to using a repeatable process. Depending on your organization, it can take 6 to 12 months to fully refine a revenue forecast with all the variables that can play into your revenue. Revenueify is the tactical sales process expert and we stay involved to help you continue to refine your process until it reaches its optimal accuracy level.
Spending the time investing in a revenue forecasting model will pay huge dividends back to your organization. Some results you can expect from this investment:
Having the right people when you need them. With an accurate revenue forecast, you can predict your labor needs and proactively get people on your team the certifications that need for the revenue that is coming. This can save you both from having too many people but also from creating customer disappointment for not being able to meet deadlines.
You can have inventory ready for projects. Just in time ordering is gone at least for the foreseeable future. If you can predict part needs in advance, you can do strategic buying on the front end to hedge price increases or potential delays in product shipping.
You can be a hero to your key vendors. Imagine talking to your key supplies with an accurate revenue forecast for their products. You would skyrocket on their list and in turn, they will work hard to meet your needs.
Your sellers will know what they need in their pipeline to hit their quota. In many organizations, the sales team might know their quota (Hopefully-- if not, we can help with that too!) but they don't know what pipeline they should have for the next 90 days, 12 months, and 24 months to obtain their prescribed quotas.
You cant steer a Parked Car
If you are ready to start taking the steps to accurately forecast your revenue, get a hold of us below. We would be happy to help you get started on the path to an effective and accurate forecast. If you are not ready to take on forecasting, check out our other solutions that can start building a baseline for your revenue organization.
Profitable growth starts with a well-thought-out sales process. Hiring sales executives, budgeting and forecasting, and sales process design- are all critical to revenue growth, but too often are an afterthought. Revenueify can help by becoming your outsourced CRO to drive these key levers.