Forecasting is a vital component of any small business plan, offering a glimpse into the financial future of your business. It helps you anticipate revenue, expenses, and growth opportunities, providing a clear roadmap for achieving your goals.
Whether you're a new entrepreneur relying on industry research or an established business owner analyzing past performance, effective forecasting ensures you’re making informed decisions.
By combining data, market trends, and realistic projections, forecasting not only strengthens your strategy but also boosts your credibility with potential investors and stakeholders. In this introduction, we’ll explore the basics of forecasting and how to create practical financial predictions for your small business.
Forecasting is a vital part of any small business plan—it helps you predict future performance, manage cash flow, and make informed decisions. In this episode, we’ll break down the forecasting process to help you plan for success.
What we’ll cover:
✅ The importance of forecasting for small businesses
✅ How to estimate revenue, expenses, and profits
✅ Tools and methods for accurate financial forecasting
✅ How to adjust your forecasts as your business evolves
✅ Common mistakes to avoid when creating projections
Whether you’re just starting out or refining your business plan, this episode will equip you with practical strategies to forecast with confidence.
Join us live for expert insights, real-world examples, and a Q&A session to help you get started. Don’t forget to like, subscribe, and share with your fellow entrepreneurs!
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Entrepreneurs featured in this episode:(Feel free to reach out for a virtual coffee)
Sondra Ray - https://www.linkedin.com/in/getitdonecoachinganvaservices
Peter Hingston - https://www.linkedin.com/in/peter-hingston-4089a51a6/
Marlon August - linkedin.com/in/marlonaugust
Hendrick Mohlahlo - https://www.linkedin.com/in/hendrick-mohlahlo-158941a3/
Lesetja Mokou - https://www.linkedin.com/in/lesetja-mokou
Susan Genis - https://www.linkedin.com/in/susangenisvirtualbookkeeper/
Other Links mentioned in the show:
Sondra's New quarterly compass link: https://gidcoaching.com/quarterly-compass/
Sponsors:
Intro music produced by Peach Jam Records - https://www.linkedin.com/company/peach-jam-records-inc/
Vocals by Cheyanne Summer - https://www.linkedin.com/in/cheyanne-summer/
Photography by Joanne Moorhouse Global Virtual Photography - https://www.linkedin.com/in/joannemoorhouse/
Video Intro by Sommerville Lombard https://www.linkedin.com/in/sommerville-lombard/
Timestamps:
0:09 Tribe Song
1:57 Sondra Ray: Hallo and welcome everybody
3:05 Susan Genis: How to do forecasting in a small business plan
9:03 Peter Hingston: Find somebody that can translate
12:23 Susan Genis: What tools should you be using at the beginning?
15:08 Lesetja Mokou: Know where I need to place my funds
18:58 Susan Genis: What are the difference between forecasting and budgeting?
20:12 Peter Hingston: Making an informed decision - Have your finger on the pulse
25:45 Lesetja Mokou: Be involved - know exactly what they are doing
27:04 Peter Hingston: Understanding the financials behind how you make a profit
30:51 Hendrick Mohlahlo: Need to have an idea of the story that your numbers represent
34:51 Susan Genis: Does an accountant need to be knowledgeable about your industry?
39:07 Peter Hingston: The numbers will paint the picture and guide you
43:51 Lesetja Mokou: It needs to be a realistic forecasting
45:44 Susan Genis: Forecasting is your GPS towards an endgoal
48:30 Sondra Ray: Wrapping up
50:19 Peter Hingston: May all your wildest entrepreneurial dreams come true