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Your sales forecast is probably wrong (but here’s what you can do about it)

Your sales forecast is probably wrong (but here’s what you can do about it)

Track Sales Performance And Pipeline Versus Target

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It’s tough to create accurate sales forecasts.

Gut feel just won’t cut it. Nor will a top-down percentage applied across all opportunities.

And often your forecast contains deals that get continually shifted to the next month at the last minute.

It’s no wonder most sales forecasts are inaccurate.

But it doesn’t need to be this way. And that’s why Derek Davis of Gilbarco Veeder Root and I ran a webinar about it.

The live version was attended by 86 people from 12 countries. This 10 minute edited-highlights version distils the essential information.

So listen to Derek and myself as we discuss:

  • How a single dashboard chart can double forecasting accuracy.
  • How to spot poor quality deals that have no chance of closing this month.
  • How to set realistic probabilities on opportunities.
  • How to compare your sales forecast with revenue targets.

 

Other blog posts by The Gary Smith Partnership on sales forecasting, pipeline visibility and salesforce dashboards include:

12 Must Have Charts For Your Salesforce Dashboard

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Why You Need To Compare Average Closed Won Opportunity Size

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5 Easy Tips That Will Make Opportunity Probability Your Trusted Friend

How and why to use Expected Revenue for Sales Forecasting

How and why to use Expected Revenue for Sales Forecasting

Not having an accurate revenue forecast is the bane of many sales managers’ lives.

Gut feel just won’t cut it. Nor will a top-down percentage applied across all opportunities. And the Expected Revenue report in salesforce is often dismissed as irrelevant or inaccurate.

That’s unfortunate. Because used correctly, an Expected Revenue report is a realistic forecast of future sales. A forecast that will stand up to detailed analysis and scrutiny.

But here’s the rub with Expected Revenue. If the Opportunity Probability is wrong then so is your Expected Revenue forecast.

And the Probability is usually wrong.

It’s wrong because in most salesforce systems, the Probability is linked directly to the Opportunity Stage. It reflects how far the Opportunity is through the sales process. It doesn’t say anything about the chances of winning the deal.

But this relationship can be uncoupled. It’s possible to automatically set Opportunity Probabilities based on proven historical evidence. Then the Expected Revenue report becomes a realistic revenue forecast and a key sales performance indicator.

And that’s one of the holy grails of sales management.

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