Let’s be very clear: Nobody likes sales forecasting. Long seen as an administrative task, it’s a pain for everyone involved. Setting up territories, quotas, compensation plans and pricing can be a complex once-off task with lots of stakeholders. But forecasting is a regular, weekly cadence of misery.
Despite this status as one of the most hated tasks in the office, sales forecasting is incredibly important for your business. Your sales forecast is much more than a prediction of the number that your vice president of sales is going to bring in at the end of the quarter. On average, 37 percent of sales management time is spent on forecasting. Sales forecasts are a way to self-assess your performance so far and a key indicator of the health of your company.