Financial forecast example for new businesses and startups
The financial forecast is an essential step when creating a business plan. The financial forecast allows you to anticipate the revenues and expenses of your new business over a given period.
Even if the exercise is sometimes delicate to carry out, it is nevertheless essential for any entrepreneur. Indeed, it allows you to define quantified objectives, which, if meticulously tracked, will allow you to grow your business in good conditions.
To help you, here's a financial forecast example as well as tools you can use to create yours.
Financial forecast examples for new businesses
Example of a sales forecast.
The sales forecast is used to estimate the company's turnover. It is generally presented by category of products and services, types of customers, or time slots.
In our financial forecast example, we have included below a sales forecast for a hostel, organised by categories of services with the bed's occupancy forecast broken down based on seasonality:
To ensure a fair and realistic evaluation of your company's revenues, You will need to base your forecast on thorough and reliable market analysis, including an analysis of what your competition offers. You will also need to think carefully about your pricing policy and distribution strategy beforehand.
Examples of financial statements to include in your forecast
Your forecast will need to include 3 financial statements:
- The P&L statement
- The cash flow statement
- The balance sheet
P&L statement
The profit and loss statement enables you to assess:
- the growth of the company by analyzing the evolution of the turnover over several years;
- the profitability of the company by looking at the difference between the expected revenues and the costs which will need to be incurred to generate these sales.
The main shortcoming of the projected income statement is that it does not take into account cash flows. Your profits should turn into cash at some point, but based on when your clients pay you, how much inventory you keep, or when you pay your suppliers, the cash flow could be very different from your profit.
To overcome this shortcoming, we need to look at the forecasted cash flow statement included in our financial forecast example.
Cash flow statement
The cash flow statement shows all anticipated cash movements for a given year.
It enables you to evaluate:
- the ability to generate operating cash flow;
- the company's investment and financing policies.
The cash flow statement is highly complementary to the P&L statement. Together they provide a clear view of the company's profitability, the cash generated by the operations, the investments made and the financing flows.
Balance sheet
The forecasted balance sheet, the last link in the chain, provides an overview of the company's net worth at a given moment in time and is part of our financial forecast example. It enables you to evaluate:
- the value of the company's assets;
- the weight of its working capital;
- the level of financial indebtedness;
- the book value of shareholders' equity.
The forecasted balance sheet complements the other two tables. Nevertheless, it has two weak points:
- It provides a snapshot of the company's net worth at a specific moment in time - giving a very static view of the company. Especially given the balance sheet is usually produced several months after the end of the financial year (and therefore the information it contains is already stale!)
- It gives an accounting vision of the company, based on historical cost, and not a financial vision, based on market value.
Where can I find other financial forecast examples?
At The Business Plan Shop, we offer an online software that includes a financial forecasting tool and helps you throughout the drafting of the business plan on top of financial forecast examples included in our business plan templates .
Using a software like ours to realize your business plan has several advantages:
- You can easily create your financial forecast by letting the software take care of the calculations and financial aspects for you.
- You are guided in the drafting process by detailed instructions and examples for each part of the plan.
- You get a professional document, formatted and ready to be sent to your bank or investors.
If you are interested in our solution, you can try our software for free here .
Our article is coming to an end. We hope that our financial forecast example has given you a better understanding of what this exercise is all about.
The forecast is a crucial element of a business plan that will be of particular interest to your financial partners if you are looking for financing; but don't forget that it is also a mean for you, as an entrepreneur, to evaluate the viability of your new business idea.
Also on The Business Plan Shop
- How to do financial projections for a new business?
- How to establish a Profit & Loss forecast in your business plan?
- How to do a financial forecast for a restaurant?
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3 Popular Sales Forecast Examples For Small Businesses
- August 18, 2021
- Small Businesses
When creating financial forecasts for their business, entrepreneurs often face difficulties. Yet, there are 3 popular sales forecast examples you can use when creating yours. They work for the most popular revenue models , from restaurants, to retail shops, to software companies and other online businesses.
If you aren’t sure what are sales forecasts, read our article and follow these 5 simple steps to create accurate sales forecasts for your business. Looking for examples instead? In this article we explain what are the most popular 3 sales forecast examples for (almost) any type of business. Let’s dive in.
What is a sales forecast?
A sales forecast is the financial projection of a business’ sales (or revenues, turnover) over a given period. Therefore, sales forecasts are a must have of any financial forecast: by projecting sales and expenses we can then prepare the 4 financial statements which constitute a financial forecast.
Often, sales forecasts are included within a business plan as part of your projected financial statements. Indeed, investors will want to see your business’ financial projections over a given period. Sales forecasts often are 3 or 5-years projections .
For more information on sales forecasts for small businesses and why they are important, read our article here .
Let’s now dive into the 3 most popular sales forecast examples which work for any type of business, from restaurants, to retail shops, to software companies and other online businesses.
Why are sales forecasts important?
Because sales forecasts are part of your financial forecasts, and ultimately your business plan, it is very important to get it right.
Sales forecasts help you set goals for your business
Sales forecasts aren’t simply a requirement for your business plan. Instead, they also help you set goals for your business. The sales you expect to generate as per your sales forecast should be used as a guidance for your budget and your business decisions later on.
You show you understand your business
Showing investors you’re not only a great entrepreneur but also a well-rounded and omniscient founder is very important to get the best deal. A great sales forecast will help understand how your business generates revenues, what are the different drivers affecting revenue and the potential risks involved.
Investors will give more credit to financial plans based on verified assumptions and reasonable targets. Calculate expected revenue using market size, market share and/or user adoption rates for instance. The more you justify your plan with verified assumptions, the more credible it will be.
You know how much you need to raise
Many entrepreneurs and founders do not really know exactly how much they need to raise.
Sales also drive expenses, so forecasting sales plays a pretty important role when assessing things such as your breakeven or the amount of money you need to raise . Miss the mark and you may be in trouble.
How much cash do you need to cover your losses over the next 12-18 months? The amount of money you need to raise is the result of your financial projections. This is very important to accurately estimate your revenues and expenses.
How to do a sales forecast?
Before we dive into the specifics of creating a rock-solid sales forecast for your small business, let’s first explain which approach you should follow.
Many entrepreneurs make the same mistake when forecasting their sales: they use a top-down approach. So what is bottom-up and top-down sales forecasting? Let’s use an example below.
- Top-down sales forecasting : we forecast sales using from the top down. For example, you make $500k in revenue per year and you forecast the next 3 years revenue by assuming you will capture 3% of your market size (assuming it is $100 million). By following this approach, your annual revenue is 3 years time is $3 million, a 6x increase from today.
- Bottom-up sales forecasting : we forecast sales using operational drivers (from the bottom up). For example, if your $500k sales are a function of your website traffic, we will forecast revenues based on this metric instead. Assuming website traffic increase by 50% each year (as you invest in paid and content), your revenue in 3 years time is $1.7 million, a 3x increase from today.
Bottom-up sales forecasting is the best approach for 2 main reasons:
- It allows us to relate revenues to another metric, helping us making sense of the projection. Does $3 million really make sense given this would mean multiplying website traffic by 6x over the next 3 years?
- Top-down approach requires us to make assumptions on the market size, which is often inaccurate for lack of publicly available data. Instead, bottom-up uses your own business’ historical data
Sales forecasts: 3 popular examples
1. location-based businesses.
If you are running a businesses with a physical location, such as a hotel, a restaurant, a repair shop or a retail store for example, forecasting sales boils down to forecasting street traffic.
Indeed, sales (revenues) are a function of the sales volume you generate (the number of “units” or products you sell). The sales volume itself is a function of the number of people who enter your store, and, by extrapolation, the number of people who pass by your store.
When forecasting sales for a new business, you should look at the location where your business will be based first. Assess the approximate number of people who are passing by.
Note: when assessing traffic, be careful to exclude any external factors (e.g. Christmas day), cyclicality and seasonality. Ideally, your assessment should look at a full week and all work hours in the day.
Once we have established the approximate number of people who pass by the street in a day, we will need to apply conversion rates, in order:
- How many people enter the store?
- Out of the people who enter the store, how many make a purchase?
Of course, if you already have some historical data (if you already run a store and are opening a new one), use your existing conversion rates. Else, make assumptions.
When making assumptions, you should use the data you have collected when making your own observations earlier. Use similar stores to yours, in a different street for example.
For example:
- 5% of people passing by your store enter
- 10% of people entering the store make a purchase
We can now create a simple sales forecast over a week, adding up the average traffic over a typical week:
2. Online businesses
Online businesses often acquire their customers via their website, or any type of online presence.
As such, unlike location-based businesses, sales (revenues) are a function of visitors (and not street traffic). The visitors can be visitors on a website, on a Appstore page (mobile apps) or any type of online lead acquisition page.
We often refer this type of acquisition as inbound acquisition . The traffic is two fold: paid and organic:
- Paid traffic : all visitors coming from paid marketing channels (Google Search, Facebook Ads, etc.). You are either paying for clicks, or impressions.
- Organic traffic : all visitors landing on your landing page(s) organically (either via a referral link, direct search, social media post, blog article, etc.)
Paid marketing is the easiest way to generate traffic. Yet, because you are paying for each paid visitor, you will need to monitor your Return on Ad Spend (ROAS) to make sure your paid marketing campaigns are profitable.
In comparison, whilst you do not directly pay for each organic visitor, organic traffic is not free. Organic traffic is earned from investment into SEO and content. Whilst investing into your SEO for instance does not pay immediately, the returns can far outweigh those of your paid marketing in the long run.
So, when forecasting sales for online businesses, we should make assumptions on traffic. For example assuming:
- 30,000 visitors last month: 20,000 paid and 10,000 organic
- 3% monthly increase
- 2% conversion rate
- $50 average purchase price
This is how could look like a simplified sales forecast example for an online business:
3. Lead-acquisition businesses
Lead-acquisition businesses are companies that make sales through their sales teams efforts. This is also known as outbound acquisition (vs. inbound discussed above).
With outbound acquisition, a business acquires customers through its sales team. Whether it is via phone, email, Linkedin or even in-person, the number of acquired customers is a function of the number of sales people.
Outbound acquisition is very common for business-to-business (B2B) companies. For example, Enterprise SaaS and B2B marketplaces use outbound acquisition to acquire their customers.
Outbound customer acquisition is therefore easier to forecast vs. inbound. The simple formula to estimate new customers over time is:
The number of closings per sales person is also referred to as the efficiency of your sales team = the number of customer one sales person acquire (or “close”) each month, in average.
For example, lets’ assume you have 20 sales people. Historically, your sales team has closed (“acquired”) in average 2 B2B clients per month per sales person. Assuming you have the same number of sales persons and the same sales efficiency in the future, we can reasonably expect 40 new customers per month.
Now, assuming 1 new hire every 2 months, a sales forecast example for a lead-acquisition business could look like this:
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Run » finance, how to create a financial forecast for a startup business plan.
Financial forecasting allows you to measure the progress of your new business by benchmarking performance against anticipated sales and costs.
By: Emily Heaslip , Contributor
When starting a new business, a financial forecast is an important tool for recruiting investors as well as for budgeting for your first months of operating. A financial forecast is used to predict the cash flow necessary to operate the company day-to-day and cover financial liabilities.
Many lenders and investors ask for a financial forecast as part of a business plan; however, with no sales under your belt, it can be tricky to estimate how much money you will need to cover your expenses. Here’s how to begin creating a financial forecast for a new business.
[Read more: Startup 2021: Business Plan Financials ]
Start with a sales forecast
A sales forecast attempts to predict what your monthly sales will be for up to 18 months after launching your business. Creating a sales forecast without any past results is a little difficult. In this case, many entrepreneurs make their predictions using industry trends, market analysis demonstrating the population of potential customers and consumer trends. A sales forecast shows investors and lenders that you have a solid understanding of your target market and a clear vision of who will buy your product or service.
A sales forecast typically breaks down monthly sales by unit and price point. Beyond year two of being in business, the sales forecast can be shown quarterly, instead of monthly. Most financial lenders and investors like to see a three-year sales forecast as part of your startup business plan.
Lower fixed costs mean less risk, which might be theoretical in business schools but are very concrete when you have rent and payroll checks to sign.
Tim Berry, president and founder of Palo Alto Software
Create an expenses budget
An expenses budget forecasts how much you anticipate spending during the first years of operating. This includes both your overhead costs and operating expenses — any financial spending that you anticipate during the course of running your business.
Most experts recommend breaking down your expenses forecast by fixed and variable costs. Fixed costs are things such as rent and payroll, while variable costs change depending on demand and sales — advertising and promotional expenses, for instance. Breaking down costs into these two categories can help you better budget and improve your profitability.
"Lower fixed costs mean less risk, which might be theoretical in business schools but are very concrete when you have rent and payroll checks to sign," Tim Berry, president and founder of Palo Alto Software, told Inc . "Most of your variable costs are in those direct costs that belong in your sales forecast, but there are also some variable expenses, like ads and rebates and such."
Project your break-even point
Together, your expenses budget and sales forecast paints a picture of your profitability. Your break-even projection is the date at which you believe your business will become profitable — when more money is earned than spent. Very few businesses are profitable overnight or even in their first year. Most businesses take two to three years to be profitable, but others take far longer: Tesla , for instance, took 18 years to see its first full-year profit.
Lenders and investors will be interested in your break-even point as a projection of when they can begin to recoup their investment. Likewise, your CFO or operations manager can make better decisions after measuring the company’s results against its forecasts.
[Read more: Startup 2021: Writing a Business Plan? Here’s How to Do It, Step by Step ]
Develop a cash flow projection
A cash flow statement (or projection, for a new business) shows the flow of dollars moving in and out of the business. This is based on the sales forecast, your balance sheet and other assumptions you’ve used to create your expenses projection.
“If you are starting a new business and do not have these historical financial statements, you start by projecting a cash-flow statement broken down into 12 months,” wrote Inc . The cash flow statement will include projected cash flows from operating, investing and financing your business activities.
Keep in mind that most business plans involve developing specific financial documents: income statements, pro formas and a balance sheet, for instance. These documents may be required by investors or lenders; financial projections can help inform the development of those statements and guide your business as it grows.
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How to Create a Sales Forecast (Examples & Templates)
How to Forecast Sales – The Best Sales Forecasting Methods
Businesses around the world use a range of sales forecasting techniques. Here’s a closer look at some key methods you could use.
Opportunity Stage Forecasting
What is it?
This sales forecasting technique calculates the likelihood of deals closing throughout a pipeline.
Most businesses use a sales pipeline divided into a series of sections. The likelihood of converting a prospect increases the deeper into the sales process the prospect moves. To get the most from this technique, it’s critical that the team digs into the current performance of the sales team.
After that analysis, the probabilities might look something like this:
- Sales Accepted lead : 10% probability of closing
- Sales Qualified Lead : 25% probability of closing
- Proposal sent : 40% probability of closing
- Negotiating : 60% probability of closing
- Contract sent : 90% probability of closing
Using these probabilities, you can extrapolate an opportunity stage sales forecast. You’ll simply want to take the deal’s potential value and multiply that by the win likelihood.
Who should use it
This is a great sales forecasting method if you have access to historical data, lots of leads in your pipeline, and you need a quick estimate. It’s important to understand that this isn’t the most accurate option, though, given that many random factors are affecting those probabilities.
Length of Sales Cycle Forecasting
This sales forecasting method finds the average length of your sales cycle. This helps you to predict when your deals are likely to close and reveal opportunities for your sales team to expedite the sales cycle.
This method is simple. You can find the length of your average sales cycle using the following basic formula:
Total # of days to close deals / # of closed deals
Let’s imagine, for instance, that you find the following:
- Deal 1: 28 days
- Deal 2: 15 days
- Deal 3: 50 days
- Deal 4: 38 days
We closer four deals and it took 131 days to close them all together. This means that the average length of our sales cycle is 33 days.
Equipped with that information, we can look at our pipeline and estimate how likely we are to close deals based on how old they are. The closer a deal moves toward the average sales cycle length, the more likely it will be closed.
This is a great sales forecasting method for sales managers who want to learn more about the deals that are spread across their pipeline. For instance, they can use this method to differentiate between different types of groups.
Sales managers might find that the average sales cycle length is much shorter for web leads, for example, when compared to email leads.
Historical Forecasting
Historical forecasting is a very quick and simple sales forecasting technique. The process involves looking back at your previous performance within a certain timeframe and assuming that your future performance will be superior or at least equal.
This is a useful reference because it helps you to get to grips with seasonality and the outside factors that affect your sales. You might find, for instance, that the holidays are a particularly slow time for your business, and looking at historical data can help you to prepare.
With that said, historical forecasting has its issues. It assumes that buyer demand will be constant, which is no longer a given. This could mean you overestimate your sales statistics and operate using an accurate sales forecast.
This forecasting method is ideal for a business that needs a quick and easy way to project how much it will sell over a given period. With that said, historical data should be used as a benchmark as opposed to the foundation of a sales forecast.
Lead Pipeline Forecasting
This time-consuming sales forecasting method involves reviewing each lead within your pipeline and determining how likely the deal will be closed. That likelihood is determined by exploring factors like the value of the opportunity, the performance of your salespeople, seasonality, and more.
This is a time-consuming method, and it often makes sense for businesses with a lower number of high-value leads – it wouldn’t necessarily be efficient or make much sense for a SaaS business, for instance.
The big benefit of this method is the accuracy that it provides. If you have reliable and rigid data to base your analysis on, you will find that this method can give you a deeper insight into each lead.
This method makes sense for those businesses that have a lower number of leads. Inside salespeople, for instance, will want to get a clearer picture of every lead within their pipeline. This method isn’t appropriate for SaaS businesses that operate according to volume.
Test Market Analysis Forecasting
Businesses often launch exciting new products and services. But without historical data, it can be difficult to get accurate sales forecasts. Test Market Analysis forecasting is the process of developing a product or service and introducing it to a test market to forecast sales and get an approximation on future sales.
This limited rollout allows businesses to track the performance of the new offering and monitor things like consumer awareness, repeat purchase patterns, and more. This is a data-gathering exercise, and it feeds businesses with the information they need to create accurate sales forecasts.
This approach is perfect for those businesses that need to perform real-world experiments to gather useful information. A new business can use sales forecasting to use its sales data to predict where future sales can come from. This can limit the cost since it’s an effective way of having a busy sales pipeline. The limited rollout of the product is also useful from a product perspective, given that adjustments can be made according to feedback.
A big issue with this form of forecasting is that one test market may not be like the others. Your data might not reflect the wider reality, so it’s important that you make prudent choices that provide you with accurate information.
Multivariable Analysis
As the name suggests, this method calls upon analyzing a range of variables to get the clearest picture possible. This means that if the method is performed well, it can often provide the most accurate forecast.
If you use this technique, you will want to bring together factors like the average length of your sales cycle, the performance of your salespeople, historical forecasting, and more.
The success of this method hinges upon two key factors within your business:
- the accuracy of your salespeople and their reporting
- the quality of the forecasting tools that you use.
It’s critical that both of these factors are in place to make sure this forecasting method has the best chance of success.
Multivariable forecasting is most appropriate for larger and well-organized businesses with the data and tools necessary to blend various forecasting methods into one. If you need the most accurate forecast method possible, this could be it.
Intuitive Forecasting
Your sales people are on the front, and their experience is very valuable. They often have a good idea of how likely they are to close a particular deal and can use educated guesses to assess the situation.
Experienced salespeople can take emotion out of the equation and rely on their experience and knowledge to make accurate predictions. Some businesses decide to incorporate those gut instincts into the way that they forecast a particular sale.
Some businesses, for instance, will add a score to the conversion probability of their various prospects according to the gut feeling of their salespeople.
This intuitive forecasting method is particularly useful for businesses that lack historical data. Without the quantifiable data to provide the basis for your sales forecasting, you might have to turn to more qualitative assessments from your salespeople.
The downside of this sales forecasting method is clear, though. These assessments are highly subjective, and you might find that your salespeople are often more optimistic in their projections. This means those projections should be taken with a pinch of salt, but they are better than nothing.
Sales Forecast Examples
We know the theory, but how about the practice? In these awesome examples, let’s take a closer look at what those sales forecast methods look like.
Standard Business Plan Financials
This example from Tim Berry (chairman and founder of Palo Alto Software) looks at what a startup sales forecast might look like .
Tim sets the scene and describes Magda’s situation – she wants to open a small café in an office park.
He goes on to show how Magda would establish a base case, estimate her monthly capacity, and what type of sales she could expect. To wrap up, she goes through her month-by-month estimates for her first year and estimates her direct cost.
This is a great exercise and unmissable reading for new entrepreneurs dreaming up a new venture.
Sales Forecast Guide by Toptal Research
This simple sales forecasting guide from Toptal Research also includes a simple example that forms the basis of the guide. These simple visuals and data will give you a good idea of how you can put your sales forecasting efforts together and what it will look like.
This example also shows that you can attractively forecast sales and inform the sales teams. Sales forecasting doesn’t have to be boring columns of data, but you can bring your sales forecast to life with colorful visuals.
Detailed Sales Forecast by Microsoft
This detailed sales forecast template from Microsoft makes it simple for you to estimate your monthly sales projections.
The formula comes with pre-built formulas and worksheet features that result in an attractive and clear template. The template also relies on a weighted sales forecasting method based on the probability of closing each opportunity.
Even if you do not use this exact template, it’s a great file to use. It can give you a great idea of the information you need to include and how it might come together in a spreadsheet format.
Sales Forecast Templates
Looking for your own sales forecast templates to get a running start? Here’s a look at some of the most practical and useful templates.
Sales Forecast Template for Excel by Vertex42
This free sales forecast template helps you keep a handle on key information like unit sales, growth rate, profit margins, and gross profit.
The template is already set up to help you compare and analyze a range of products and services on a monthly basis. The chart also includes a range of sample charts that can be used to effectively and accurately communicate the contents of your sales forecast.
The same worksheet can be used to create monthly and yearly forecasts. You can play with the template to find the exact view and information you want.
Sales Forecast Template by Freshworks
This simple forecasting template helps you to put together an effective sales forecast. This finished product can then be used to grow your revenues and hit your quotas.
This template is particularly effective for small businesses and startups that need to project sales and prioritize deals at the early stages of their business. Freshworks also explains that the template can help businesses achieve a higher rate of on-time delivery and accurate hiring projections.
The free sales forecast template is very intuitive to use. Again, it’s great to flick through the spreadsheet to understand what you need in a sales forecast and how it can be put together.
Free Sales Forecast Template by Fit Small Business
This sales forecast template is perfect if your CRM doesn’t currently offer built-in sales forecasting. This template can make it much quicker to create a forecast from scratch adjusted to your own particular needs.
The template is available in various formats, including PDF, Excel, and Google Sheets. This is great news if you are creating your small business on your own terms and you have limited access to the software.
Again, this template is clear and simple to use. All of the fields are explained within the spreadsheet – you don’t have to worry about going elsewhere to find definitions.
Sales Forecasting Tools
Looking for sales forecasting tools to take your activities to the next level? Here’s a look at some of the standout options.
Pipedrive is a sales CRM that is designed for salespeople by salespeople. It is a robust CRM that includes all of the features a sales team needs to achieve sales success and grow their business.
The tool also includes a forecasting tool. This tool acts as a personal sales manager that helps salespeople to choose the right deals and activities at the right time. This helps salespeople to become better closer.
This function is, by all accounts, very useful for salespeople and managers alike. The forecasting tool can also be customized to match the specific needs of salespeople.
Smart Demand Planner
Smart Demand Planner is a consensus demand planning and statistical forecasting solution that understands how accurate critical forecasts are to a business.
The tool was built upon the premise that forecasts are often inaccurate and that this can cause a range of issues. Moreover, the traditional sales forecast often resides within a complex spreadsheet that is difficult to use, share, and scale.
The tool aims to fix those issues by aligning strategic business forecasting at all levels of your hierarchy. Smart Demand Planner offers an objective foundation for your sales activities that is statistically sound.
amoCRM is an easy and smart sales solution that focuses on the world of messenger-based sales. The platform understands the popularity and potential of messenger apps, so it offers a whole new way of using the channel to create valuable relationships.
The tool also includes visual, real-time reports that give salespeople and managers powerful insights. These analytics can be used to set targets and also forecast future sales. What’s more, they can measure performance and identify target areas.
The visual look and feel of the platform make this a very intuitive option. It is capable of driving value through accurate forecasting in businesses where messenger-based selling is critical.
As we have seen, forecasts are critical to the success of your business. They can be cost-effective for a new business, keep sales teams and reps informed, and more. However, every business also needs the leads to make those forecasts a reality. Learn more about UpLead today and how our platform can help you to find, connect, and engage with qualified prospects.
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Simple Business Plan Template (2023)
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Updated: Dec 16, 2022, 11:45pm
Table of Contents
Why business plans are vital, get your free simple business plan template, how to write an effective business plan in 6 steps, frequently asked questions.
While taking many forms and serving many purposes, they all have one thing in common: business plans help you establish your goals and define the means for achieving them. Our simple business plan template covers everything you need to consider when launching a side gig, solo operation or small business. By following this step-by-step process, you might even uncover a few alternate routes to success.
Whether you’re a first-time solopreneur or a seasoned business owner, the planning process challenges you to examine the costs and tasks involved in bringing a product or service to market. The process can also help you spot new income opportunities and hone in on the most profitable business models.
Though vital, business planning doesn’t have to be a chore. Business plans for lean startups and solopreneurs can simply outline the business concept, sales proposition, target customers and sketch out a plan of action to bring the product or service to market. However, if you’re seeking startup funding or partnership opportunities, you’ll need a write a business plan that details market research, operating costs and revenue forecasting.
Whichever startup category you fall into, if you’re at square one, our simple business plan template will point you down the right path.
Copy our free simple business plan template so you can fill in the blanks as we explore each element of your business plan. Need help getting your ideas flowing? You’ll also find several startup scenario examples below.
Download free template as .docx
Whether you need a quick-launch overview or an in-depth plan for investors, any business plan should cover the six key elements outlined in our free template and explained below. The main difference in starting a small business versus an investor-funded business is the market research and operational and financial details needed to support the concept.
1. Your Mission or Vision
Start by declaring a “dream statement” for your business. You can call this your executive summary, vision statement or mission. Whatever the name, the first part of your business plan summarizes your idea by answering five questions. Keep it brief, such as an elevator pitch. You’ll expand these answers in the following sections of the simple business plan template.
- What does your business do? Are you selling products, services, information or a combination?
- Where does this happen? Will you conduct business online, in-store, via mobile means or in a specific location or environment?
- Who does your business benefit? Who is your target market and ideal customer for your concept?
- Why would potential customers care? What would make your ideal customers take notice of your business?
- How do your products and/or services outshine the competition? What would make your ideal customers choose you over a competitor?
These answers come easily if you have a solid concept for your business, but don’t worry if you get stuck. Use the rest of your plan template to brainstorm ideas and tactics. You’ll quickly find these answers and possibly new directions as you explore your ideas and options.
2. Offer and Value Proposition
This is where you detail your offer, such as selling products, providing services or both, and why anyone would care. That’s the value proposition. Specifically, you’ll expand on your answers to the first and fourth bullets from your mission/vision.
As you complete this section, you might find that exploring value propositions uncovers marketable business opportunities that you hadn’t yet considered. So spend some time brainstorming the possibilities in this section.
For example, a cottage baker startup specializing in gluten-free or keto-friendly products might be a value proposition that certain audiences care deeply about. Plus, you could expand on that value proposition by offering wedding and other special-occasion cakes that incorporate gluten-free, keto-friendly and traditional cake elements that all guests can enjoy.
3. Audience and Ideal Customer
Here is where you explore bullet point number three, who your business will benefit. Identifying your ideal customer and exploring a broader audience for your goods or services is essential in defining your sales and marketing strategies, plus it helps fine-tune what you offer.
There are many ways to research potential audiences, but a shortcut is to simply identify a problem that people have that your product or service can solve. If you start from the position of being a problem solver, it’s easy to define your audience and describe the wants and needs of your ideal customer for marketing efforts.
Using the cottage baker startup example, a problem people might have is finding fresh-baked gluten-free or keto-friendly sweets. Examining the wants and needs of these people might reveal a target audience that is health-conscious or possibly dealing with health issues and willing to spend more for hard-to-find items.
However, it’s essential to have a customer base that can support your business. You can be too specialized. For example, our baker startup can attract a broader audience and boost revenue by offering a wider selection of traditional baked goods alongside its gluten-free and keto-focused specialties.
4. Revenue Streams, Sales Channels and Marketing
Thanks to our internet-driven economy, startups have many revenue opportunities and can connect with target audiences through various channels. Revenue streams and sales channels also serve as marketing vehicles, so you can cover all three in this section.
Revenue Streams
Revenue streams are the many ways you can make money in your business. In your plan template, list how you’ll make money upon launch, plus include ideas for future expansion. The income possibilities just might surprise you.
For example, our cottage baker startup might consider these revenue streams:
- Product sales : Online, pop-up shops , wholesale and (future) in-store sales
- Affiliate income : Monetize blog and social media posts with affiliate links
- Advertising income : Reserve website space for advertising
- E-book sales : (future) Publish recipe e-books targeting gluten-free and keto-friendly dessert niches
- Video income : (future) Monetize a YouTube channel featuring how-to videos for the gluten-free and keto-friendly dessert niches
- Webinars and online classes : (future) Monetize coaching-style webinars and online classes covering specialty baking tips and techniques
- Members-only content : (future) Monetize a members-only section of the website for specialty content to complement webinars and online classes
- Franchise : (future) Monetize a specialty cottage bakery concept and sell to franchise entrepreneurs
Sales Channels
Sales channels put your revenue streams into action. This section also answers the “where will this happen” question in the second bullet of your vision.
The product sales channels for our cottage bakery example can include:
- Mobile point-of-sale (POS) : A mobile platform such as Shopify or Square POS for managing in-person sales at local farmers’ markets, fairs and festivals
- E-commerce platform : An online store such as Shopify, Square or WooCommerce for online retail sales and wholesale sales orders
- Social media channels : Facebook, Instagram and Pinterest shoppable posts and pins for online sales via social media channels
- Brick-and-mortar location : For in-store sales , once the business has grown to a point that it can support a physical location
Channels that support other income streams might include:
- Affiliate income : Blog section on the e-commerce website and affiliate partner accounts
- Advertising income : Reserved advertising spaces on the e-commerce website
- E-book sales : Amazon e-book sales via Amazon Kindle Direct Publishing
- Video income : YouTube channel with ad monetization
- Webinars and online classes : Online class and webinar platforms that support member accounts, recordings and playback
- Members-only content : Password-protected website content using membership apps such as MemberPress
Nowadays, the line between marketing and sales channels is blurred. Social media outlets, e-books, websites, blogs and videos serve as both marketing tools and income opportunities. Since most are free and those with advertising options are extremely economical, these are ideal marketing outlets for lean startups.
However, many businesses still find value in traditional advertising such as local radio, television, direct mail, newspapers and magazines. You can include these advertising costs in your simple business plan template to help build a marketing plan and budget.
5. Structure, Suppliers and Operations
This section of your simple business plan template explores how to structure and operate your business. Details include the type of business organization your startup will take, roles and responsibilities, supplier logistics and day-to-day operations. Also, include any certifications or permits needed to launch your enterprise in this section.
Our cottage baker example might use a structure and startup plan such as this:
- Business structure : Sole proprietorship with a “doing business as” (DBA) .
- Permits and certifications : County-issued food handling permit and state cottage food certification for home-based food production. Option, check into certified commercial kitchen rentals.
- Roles and responsibilities : Solopreneur, all roles and responsibilities with the owner.
- Supply chain : Bulk ingredients and food packaging via Sam’s Club, Costco, Amazon Prime with annual membership costs. Uline for shipping supplies; no membership needed.
- Day-to-day operations : Source ingredients and bake three days per week to fulfill local and online orders. Reserve time for specialty sales, wholesale partner orders and market events as needed. Ship online orders on alternating days. Update website and create marketing and affiliate blog posts on non-shipping days.
6. Financial Forecasts
Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and free marketing on social media, lean startups can launch with few upfront costs. In many cases, cost of goods, shipping and packaging, business permits and printing for business cards are your only out-of-pocket expenses.
Cost Forecast
Our cottage baker’s forecasted lean startup costs might include:
Gross Profit Projections
This helps you determine the retail prices and sales volume required to keep your business running and, hopefully, earn income for yourself. Use product research to spot target retail prices for your goods, then subtract your cost of goods, such as hourly rate, raw goods and supplier costs. The total amount is your gross profit per item or service.
Here are some examples of projected gross profits for our cottage baker:
Bottom Line
Putting careful thought and detail in a business plan is always beneficial, but don’t get so bogged down in planning that you never hit the start button to launch your business . Also, remember that business plans aren’t set in stone. Markets, audiences and technologies change, and so will your goals and means of achieving them. Think of your business plan as a living document and regularly revisit, expand and restructure it as market opportunities and business growth demand.
Is there a template for a business plan?
Yes, you can copy our free business plan template and fill in the blanks or customize it in Google Docs, Microsoft Word or another word processing app. This free business plan template includes the six key elements that any entrepreneur needs to consider when launching a new business.
What does a simple business plan include?
A simple business plan is a one- to two-page overview covering six key elements that any budding entrepreneur needs to consider when launching a startup. These include your vision or mission, product or service offering, target audience, revenue streams and sales channels, structure and operations, and financial forecasts.
How can I create a free business plan template?
Start with this free simple business plan template that covers the six essential elements of a startup. Once downloaded, you can edit this document in Google Docs or another word processing app and add new sections or subsections to your plan template to meet your specific business plan needs.
What basic items should be included in a business plan?
When writing out a business plan, you want to make sure that you cover everything related to your concept for the business, an analysis of the industry―including potential customers and an overview of the market for your goods or services―how you plan to execute your vision for the business, how you plan to grow the business if it becomes successful and all financial data around the business, including current cash on hand, potential investors and budget plans for the next few years.
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How to write a sales forecast for a business plan
Table of Contents
What is a sales forecast?
Why do you need a sales forecast, how do you write a sales forecast, top-down or bottom-up, writing your sales forecast, calculating a sales forecast, how can countingup help manage your forecasting.
Sales forecasts are an important part of your business plan . If done correctly, they can give accurate projections of your business’ cash flow, and let you better prepare for the year ahead. They can also make it easier to find the right investors . While it’s easier for existing businesses with plenty of data, you can still calculate a sales forecast for a new business .
In this guide, we’ll explore:
- How can you manage your forecasting?
A sales forecast is a prediction of your business’ future revenue. In order to be an accurate prediction, the forecast is based on previous sales, current economic trends, and industry performance. Having a sales forecast is a useful tool, because it gives you a better idea of how to manage your business.
Having a sales forecast is like using the past to have a peek into the future of your company. It might not be 100% accurate, but it can help you plan any future spending, or prevent any cash flow issues from occurring.
You can also use your sales forecast to monitor your business’ progress. For instance, if your business regularly performs better than your forecast, it could be a sign that your business is continuing to grow. On the other hand, if your actual sales are frequently less than expected, this could be a sign that your business is struggling and needs adjustment.
It’s important to remember that any projections you make aren’t guaranteed, there can be advantages and disadvantages of financial forecasting .
Now we’ve run through why having a sales forecast can help you run your business, let’s look at how to write one.
While there are two types of sales forecasting (top-down and bottom-up), one is a lot more accurate for small businesses than the other. A top-down forecast looks at the market as a whole and attributes a portion of the market to your business.
A top-down approach may work for large businesses that already own a significant chunk of the market. When forecasting for a small business, it’s easy to overestimate your market share. For example, a 1% market share may not seem like a lot, but a small restaurant owning 1% of the £89.5 billion UK market is extremely unrealistic.
The alternative to top-down is bottom-up. A bottom-up sales forecast starts with existing company data (like customer or product information) and works up to revenue. Since this starts with the company, it’s easier to
Your sales forecast is ultimately a prediction of your revenue over a set period. It considers the amount you think you’ll sell, and the cost of those sales. We’ve included how to calculate a sales forecast below.
A sales forecast consists of three separate values: revenue, cost of goods sold, and gross profit. For estimating values in the calculations below, it’s best to use any existing business data to be as accurate as possible.
To calculate your predicted revenue:
- Make a list of your available goods and services
- Note the price of each of your goods and services
- Estimate the expected sales of each good or service
- Multiply the price by the estimated sales to get your estimated revenue
- Add them all together to get your total revenue
For example, if your food truck business sold pizzas at £10 and burgers at £5, you would multiply these values by how much you expected to sell. For calculating a weekly sales forecast, you might estimate selling 60 pizzas and 80 burgers. Your predicted revenue for that week would be £600 for pizzas and £400 for burgers — giving £1,000 total.
In order to figure out how much profit you’ll make, you also need to calculate your costs for those predicted sales. To calculate your predicted costs:
- Figure out how much each good or service will cost per unit
- Multiply each cost by the projected sales
Using the same example as above, assume a single pizza cost £3.50 to make and a burger cost £2. Using the estimated sales, the total cost for your pizzas (3.5 x 60) would be £210, and £160 for your burgers (2 x 80). Combining these two figures gives you a total cost of £370.
The last step is to work out your gross profit , and it’s a relatively simple calculation.
- Subtract the total predicted cost from your total predicted revenue
Continuing with the example above, your revenue (£1,000) minus your costs (£370), leaves you with a projected gross profit of £630 for the week. Using this estimate, you can then plan how much working capital your business should have access to. It’s important to remember that these are only estimates, and your actual values can be higher or lower than your forecast.
If you want your forecasts to be as accurate as possible, you need to refer to all of your business’ financial data. Since collecting and collating this data can be challenging, you may want to use financial management software like the Countingup app.
When trying to calculate your sales forecasts, having an up-to-date log of your current sales can be hugely beneficial. By combining a business current account with accounting software, Countingup is the only software that provides real-time cash flow tracking.
The Countingup app also provides business owners with access to automatically generated profit and loss statements. These can prove invaluable when trying to stay aware of all your business’ costs.
Start your three-month free trial today. Find out more here .
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Writing a Business Plan—Financial Projections
Spell out your financial forecast in dollars and sense.
Creating financial projections for your startup is both an art and a science. Although investors want to see cold, hard numbers, it can be difficult to predict your financial performance three years down the road, especially if you are still raising seed money. Regardless, short- and medium-term financial projections are a required part of your business plan if you want serious attention from investors.
The financial section of your business plan should include a sales forecast , expenses budget , cash flow statement , balance sheet , and a profit and loss statement . Be sure to follow the generally accepted accounting principles (GAAP) set forth by the Financial Accounting Standards Board , a private-sector organization responsible for setting financial accounting and reporting standards in the U.S. If financial reporting is new territory for you, have an accountant review your projections.
Sales Forecast
As a startup business, you do not have past results to review, which can make forecasting sales difficult. It can be done, though, if you have a good understanding of the market you are entering and industry trends as a whole. In fact, sales forecasts based on a solid understanding of industry and market trends will show potential investors that you've done your homework and your forecast is more than just guesswork.
In practical terms, your forecast should be broken down by monthly sales with entries showing which units are being sold, their price points, and how many you expect to sell. When getting into the second year of your business plan and beyond, it's acceptable to reduce the forecast to quarterly sales. In fact, that's the case for most items in your business plan.
Expenses Budget
What you're selling has to cost something, and this budget is where you need to show your expenses. These include the cost to your business of the units being sold in addition to overhead. It's a good idea to break down your expenses by fixed costs and variable costs. For example, certain expenses will be the same or close to the same every month, including rent, insurance, and others. Some costs likely will vary month by month such as advertising or seasonal sales help.
Cash Flow Statement
As with your sales forecast, cash flow statements for a startup require doing some homework since you do not have historical data to use as a reference. This statement, in short, breaks down how much cash is coming into your business on a monthly basis vs. how much is going out. By using your sales forecasts and your expenses budget, you can estimate your cash flow intelligently.
Keep in mind that revenue often will trail sales, depending on the type of business you are operating. For example, if you have contracts with clients, they may not be paying for items they purchase until the month following delivery. Some clients may carry balances 60 or 90 days beyond delivery. You need to account for this lag when calculating exactly when you expect to see your revenue.
Profit and Loss Statement
Your P&L statement should take the information from your sales projections, expenses budget, and cash flow statement to project how much you expect in profits or losses through the three years included in your business plan. You should have a figure for each individual year as well as a figure for the full three-year period.
Balance Sheet
You provide a breakdown of all of your assets and liabilities in the balances sheet. Many of these assets and liabilities are items that go beyond monthly sales and expenses. For example, any property, equipment, or unsold inventory you own is an asset with a value that can be assigned to it. The same goes for outstanding invoices owed to you that have not been paid. Even though you don't have the cash in hand, you can count those invoices as assets. The amount you owe on a business loan or the amount you owe others on invoices you've not paid would count as liabilities. The balance is the difference between the value of everything you own vs. the value of everything you owe.
Break-Even Projection
If you've done a good job projecting your sales and expenses and inputting the numbers into a spreadsheet, you should be able to identify a date when your business breaks even—in other words, the date when you become profitable, with more money coming in than going out. As a startup business, this is not expected to happen overnight, but potential investors want to see that you have a date in mind and that you can support that projection with the numbers you've supplied in the financial section of your business plan.
Additional Tips
When putting together your financial projections, keep some general tips in mind:
- Get comfortable with spreadsheet software if you aren't already. It is the starting point for all financial projections and offers flexibility, allowing you to quickly change assumptions or weigh alternative scenarios. Microsoft Excel is the most common, and chances are you already have it on your computer. You can also buy special software packages to help with financial projections.
- Prepare a five-year projection . Don’t include this one in the business plan, since the further into the future you project, the harder it is to predict. However, have the projection available in case an investor asks for it.
- Offer two scenarios only . Investors will want to see a best-case and worst-case scenario, but don’t inundate your business plan with myriad medium-case scenarios. They likely will just cause confusion.
- Be reasonable and clear . As mentioned before, financial forecasting is as much art as science. You’ll have to assume certain things, such as your revenue growth, how your raw material and administrative costs will grow, and how effective you’ll be at collecting on accounts receivable. It’s best to be realistic in your projections as you try to recruit investors. If your industry is going through a contraction period and you’re projecting revenue growth of 20 percent a month, expect investors to see red flags.
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Sales | Templates
9 Free Sales Forecast Templates for Small Business
REVIEWED BY: Jess Pingrey
Jess served on the founding team of a successful B2B startup and has used a wide range of sales and marketing tools over the course of her 15-year career. She uses her industry knowledge to deliver the best answers to your questions about sales tools and sales management.
WRITTEN BY: Bianca Caballero
Published September 8, 2022
Bianca is a staff writer at Fit Small Business who specializes in Customer Relationship Management (CRM) software.
This article is part of a larger series on Sales Management .
- 1 Simple Sales Forecast Template
- 2 Long-term Sales Forecast Template
- 3 Budget Sales Forecast Template
- 4 Month-to-month Sales Forecast Template
- 5 Individual Product Sales Forecast Template
- 6 Multi-product Sales Forecast Template
- 7 Retail Sales Forecast Template
- 8 Subscription-based Sales Forecast Template
- 9 B2B Lead Sales Forecast Template
- 10 CRMs with Built-in Sales Forecasting
- 11 How to Create a Custom Sales Forecast Template
- 12 Bottom Line
There are different free sales forecast templates available for Excel and Google spreadsheets and through customer relationship management software. These tools help you create projections you can use for things like goal setting, performance measurement, budgeting, projecting growth, obtaining financing, and attracting investors.
To save you time, we’ve compiled nine free forecast templates you can download below. Each downloadable file contains an example forecast that you can use as reference. We also included a blank template that you can copy and fill in with your own sales data.
1. Simple Sales Forecast Template
Our free simple sales forecast template will help you get started with sales estimates to plan and grow your business. This multi-year projection sheet can be modified in either Google Sheets or Excel. It can also generate future revenue estimates based on units sold, pipeline growth percentages, lead conversion rates, and your product pricing. This gives you an idea of how much your business can grow sales-wise in the next few years.
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Sales Forecast Template — Multi-year
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Sales Forecast Template - One-Year
2. Long-term Sales Forecast Template
Part of creating a sales plan is forecasting long-term revenue goals and sales projections, then laying out the strategies and tactics you’ll use to hit your performance goals. Long-term sales projection templates usually provide three- to five-year projections. These templates are accessible in both Excel and Google Sheets.
3-Year Forecast Template
Projection of units sold and gross profit from a three year-forecast template
Three-year projection of units sold
Long-term sales forecast templates are best for businesses looking to scale and want insights about how much working capital they can expect to be able to tap into for growth initiatives. This type of sales projection template is also often required when applying for commercial loans or through other channels such as outside investors or crowdfunding.
5-Year Forecast Template
3. Budget Sales Forecast Template
A budget sales forecast template shows expense estimates in relation to revenue to calculate how much you will be able to spend during a specified period of time. Budget templates allow you to enter income projections and available cash to indicate your spending capabilities for that period of time.
Budget forecast template example
Budget forecast template for services example
This type of template is best for new and growing businesses trying to figure out their future available expenditures. Additionally, businesses interested in making a large asset purchase, such as a company vehicle, piece of equipment, or commercial real estate, can use this template to see how much of the asset can be self-financed.
FREE Budget Sales Forecast Template
4. Month-to-Month Sales Forecast Template
The month-to-month (or monthly) sales projection template shows sales projections for a year divided into monthly increments. This type of revenue forecast template makes it easier to estimate your incoming revenue. This is because you can break down your pricing model, such as the average number units sold, on a monthly rather than an annual basis.
Month-to-month forecast example
This template is best for seasonal businesses that experience significant revenue fluctuations in some months compared to others. It’s also appropriate for businesses that want to view rolling 12-month projections as a key performance indicator (KPI). You can also use it to project one-year sales estimates before implementing major campaigns or initiatives, such as a growth strategy.
FREE Month-to-Month Forecast Template
5. Individual Product Sales Forecast Template
An individual product sales projection template can be used by businesses that sell one product or service or for projecting sales of a new (or any single) product or service. This forecast indicates how you expect the product to perform based on units sold and the price per unit monthly.
Individual product forecast example
An individual product forecast template benefits businesses that sell a product either through a storefront or ecommerce medium. It is useful for current businesses adding a new product to their arsenal that want to estimate sales exclusively for that product. It is also recommended for companies that need to track individual performance for the most popular or most profitable products.
FREE Individual Product Forecast Template
6. Multi-product Sales Forecast Template
This revenue projection template can be used to generate sales projections for a business that sells multiple products. Through this type of template, you can compare the estimated performance of distinct products by tracking the units sold and the price per unit. This will, in turn, yield a total sales revenue estimate.
Multi-product forecast example
The multi-product sales forecast template is best for retail or wholesale businesses selling a variety of products. It can also be used to project revenue of multiple product categories. Here, each “Item” represents a category rather than an individual product, and price per unit is calculated in aggregate.
FREE Multi-product Forecast Template
7. Retail Sales Forecast Template
A retail sales projection template projects revenue for brick-and-mortar stores since it includes data related to foot traffic. The retail sales template calculates projected revenue by year based on foot traffic, the percentage of foot traffic that enters the store, and the percent of those who convert (make a purchase). Since it has a field for “other revenue,” it can be used by retail stores that also sell online.
Retail forecast example
This template is mostly designed for brick-and-mortar retail businesses. However, combination ecommerce and brick-and-mortar businesses, as well as ecommerce operations, can also use this forecast template. The estimated customers passing store data field can be replaced with website traffic to convert this sales forecast Excel sheet into an ecommerce sales forecasting template.
FREE Retail Forecast Template
8. Subscription-based Sales Forecast Template
Businesses that rely on recurring revenue from sign-ups or contract renewals should use the subscription-based sales projection template. Enter data into the visitor and sign-up fields to show the visitor-to-sign-up conversion rate. Then, enter the number of new customers to show the percentage of sign-ups that convert to paying customers.
This template also helps you track customer churn. It calculates your churn and retention rate based on the number of paying customers at the end of the period compared to the number at the beginning, plus the number of new customers added. Knowing your churn rate is essential, since a high or increasing rate of customer turnover could indicate problems with your organization or its products or services.
How to Calculate Churn Rate:
To manually calculate churn rate, divide the number of lost customers by the total customers at the start of the time period, then multiply the result by 100. For example, if your business had 200 customers at the beginning of January and lost 12 customers by the end, you would divide 12 by 200. The answer is 0.06. Then, multiply that by 100, giving you a 6% monthly churn rate.
Churn Rate Calculator
Manual calculation of monthly customer churn rate
Subscription-based forecast example
The fields of this template can be altered for use by contract renewal businesses like insurance agencies, information technology (IT) companies, and payroll processors. For example, subscribers can be replaced with “leads” and new subscribers can be replaced with “presentations,” “free trials,” or “demos.” Then, change the churn rate to “non-renewed contracts” and you’ll be able to estimate new and recurring business revenue year-to-year.
FREE Subscription-based Forecast Template
9. B2B Lead Sales Forecast Template
A business-to-business (B2B) lead forecast template is used to estimate sales revenue from current deal opportunities in the sales pipeline through business leads. Businesses can use estimated deal values and the percent chance of closing those deals to obtain a sales projection.
B2B lead forecast example
This template is best for B2B organizations, aka businesses selling to other businesses or organizations, rather than business-to-consumer (B2C) organizations. It can also be used for direct sales prospecting activities and for businesses that submit business proposals in response to solicitation requests.
FREE B2B Lead Forecast Template
CRMs With Built-in Sales Forecasting Features
Spreadsheet-based templates are easy to modify. However, customer relationship management (CRM) systems generally offer more robust tools for managing revenue opportunities that can be converted into sales forecasts. They can be a valuable tool for providing sales predictions on premade charts through the data collected in the system. Below are examples of CRM platforms with built-in sales forecasting features.
- HubSpot CRM
HubSpot CRM can instantly create revenue projections or automatically produce these reports for you monthly or quarterly at no additional cost, saving you time and helping your business stay on track.
Users can easily generate sales prediction reports on HubSpot with their historical data. (Source: HubSpot )
Starting price: Free for unlimited users or $45 per month (annual billing) for two users
Visit HubSpot
Pipedrive can take information such as potential deal value and probability of closing for a lead or opportunity to provide sales estimates in highly customizable templates.
Pipedrive weighted deal forecasting (Source: Pipedrive )
Starting price: $14.90 per user, per month (annual billing)
Visit Pipedrive
Zoho CRM provides sales forecasting through its native integration with Zoho Analytics, which analyzes and visualizes the data. Users can customize their forecasts by viewing them on different visual channels, including line, bar, and scatter charts.
Zoho Analytics sales prediction (Source: Zoho )
Starting price: Free for three users or $14 per user, per month (annual billing)
Providing the right tools for your sales team to organize leads, communicate with prospects, and analyze sales data is crucial for streamlining a sales operation, one of many responsibilities of a sales manager. Other insights for managing your sales team can be found in our ultimate guide to sales management .
Visit Zoho CRM
How to Create a Custom Sales Forecast Template
Due to your personal preferences or having a unique business model, you may want to create your own sales forecast template for estimating future business revenues. Creating it requires you to consider your business model, forecast purpose, and sales process to design an easily fillable template. Here’s a step-by-step guide for creating a custom forecast template for your business:
1. Establish Your Source of Sales
First, establish your sources of sales revenue. This is determined based on your business model, and essentially refers to how your business makes money through sales of products or services. Below are some common examples of pricing methods a business can use to make money:
- Price per unit or product
- Subscription pricing (monthly or annual)
- Hourly rate
- Price per project or deliverable
Pro tip: Your business can use one or multiple methods for making money. More information and strategies about pricing for your business can be found in our guide on how to price a product .
2. Determine the Purpose of Your Sales Forecast
The type of sales forecast you need will depend heavily on your purpose or reason for generating the estimate. For example, to obtain a loan, you’ll likely need a long-term sales prediction for underwriting. If you want to know how much money your business can plan to spend throughout the next year, you’d make a budget sales forecast. Alternatively, you would make an individual product forecast template to track sales of a new product or service.
3. Identify Sales Activities
Next, determine the ways and how many leads or potential customers enter and move through your sales process. For example, your business may use online forms to get new leads into your sales pipeline and then a series of tactics that convert a percentage of leads into clients. Your business could rely on foot traffic, in which a certain average number of people enter your store each day, and of those, an average number make a purchase.
If your business sells via ecommerce, you might use marketing tactics like website ads to attract site visitors. Here, a percentage or the average number of prospects decide to buy based on what they learn on your site or special offers rendered. Regardless of your specific activities, you need to know how many leads move through each stage of your sales funnel process . Some of these numbers will be needed to calculate your projections.
4. Collect Data
Once your business model, forecast purpose, and sales activities are identified, compile information based on historical data or industry standards. Information about your prices (per unit, per hour, and so on) are estimated business generated in terms of products sold or hours billed, and sales funnel data.
Sales funnel data refers to the rates of potential customers or leads moving to the next stage until they are paying customers. This information allows you to make estimates for future sales revenue based on the percentages of leads that move through each stage of the funnel, and which ultimately convert.
For example, assume 100 leads are generated, and you are measuring the qualifying rate of those leads in terms of demos set up. If 14 leads agree to a demo, your qualifying rate is 14%. Then of those 14, five agree to receive a proposal, making your conversion rate to the proposal stage 5%. Then, of the five remaining, two of them sign the contract and become clients, giving you a closing rate of 2% at the end of the funnel.
5. Create Your Spreadsheet to Project Sales
Now you’re ready to create a custom forecast template spreadsheet for your business. To use our example, you need to know things like the average number of opportunities (in this case, web traffic) as well as the average percent who make a purchase. In addition, enter the average number of units per purchase (or average dollar amount of purchases), and average price per unit to calculate your estimates.
We recommend using Excel or Google Sheets and create data field headers and cell functions as shown in the example below to automatically calculate projections:
Note: In the calculation examples shown above, such as those in the bottom row for “Estimated Sales,” the letter refers to the column and the number refers to the row. So (B4*B5)*B6 would mean Column B Row 4 (60 visitors who purchase) multiplied by Column B Row 5 (three items purchased on average) and then multiplying that by Column B Row 6 ($10 average price per unit).
Once your data fields are filled in and the cell calculation functions are created, further customize your business’ sales forecast spreadsheet with your preferred color schemes and data charts to better visualize the information. Both Excel and Google Sheets have premade templates for color schemes, charts, and graphs, as well as customization options.
Pro tip: Volunteering for sales management projects, including conducting sales forecasting and reporting activities, is one of our tips for advancing into a sales management role. For more career-advancing insights, read our step-by-step article on how to become a sales manager .
Bottom Line
Sales forecasting templates are available in both Excel and Google Sheets templates as well as other premade templates you can download, customize, and use. You may also take advantage of CRM features that organize, estimate, and visualize your company’s sales information, including sales predictions.
A CRM can save sales reps time in making projections as well as optimizing your sales pipeline to generate more leads and close more deals. We highly recommend CRMs such as HubSpot CRM, Pipedrive, and Zoho CRM, which all provide excellent sales forecasting features on top of robust sales management and lead nurturing tools.
About the Author
Find Bianca On LinkedIn
Bianca Caballero
Bianca Caballero is a subject matter expert at Fit Small Business who covers Sales and Customer service topics. Prior to working at FSB, she was in field sales and territory management. When she launched her career as a writer, she worked with companies from the US, Australia, and China. She gained expertise in writing and editing news, health, technology, and business articles. At present, she uses her decade-long writing experience to provide FSB readers with the best answers to their questions.
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Planning, Startups, Stories
Tim berry on business planning, starting and growing your business, and having a life in the meantime., standard business plan financials: sales forecast example.
Continuing my series on standard business plan financials , this is an example of a startup sales forecast. It’s a direct follow-up to yesterday’s How to Forecast Sales . The goal is to take a hypothetical case and open up the thinking involved, not so anybody just copies it, but rather to serve as an example. The underlying goal is to open up the idea that forecasting isn’t a technical feat; it’s something that anybody can do.
We had Garrett the bike store owner yesterday. Today it’s Magda, who wants to open up a new café in an office park. She wants a small locale, just six tables of four. She wants to serve coffee and lunches. She hasn’t contracted the locale yet, but she has a good idea of where she wants to locate it and what size she wants, so she wants to estimate realistic sales. She assumes a certain size and location and develops a base forecast to get started.
Establishing a base case
She starts with understanding her capacity. She does some simple math. She estimates that with six tables of four people each, she can do only about 24 sit-down lunches in an average day, because lunch is just a single hour. And then she adds to-go lunches, which she estimates will be about double the table lunches, so 48 per day. She estimates lunch beverages as .9 beverages for every lunch at the tables, and only .5 beverages for every to-go lunch. Then she calculates the coffee capacity as a maximum of one customer every two minutes, or 30 customers per hour; and she estimates how she expects the flow during the morning hours, with a maximum 30 coffees during the 8-9 a.m. hour. She also estimates some coffees at lunch, based on 3 coffees for every 10 lunches. You can see the results here, as a quick worksheet for calculations.
Where do those estimates come from? How does Magda know? Ideally, she knows because she has experience. She’s familiar with the café business as a former worker, owner, or close connection. Or perhaps she has a partner, spouse, friend, or even a consultant who can make educated guesses. And it helps to break the estimates down into smaller pieces, as you can see Magda has done here.
And, by the way, there is a lesson there about estimating and educated guesses: Magda calculates 97 coffees per day. That’s really 100. Always round your educated guesses. Exact numbers give a false sense of certainty.
Café monthly assumptions
She then estimates monthly capacity. You saw in Illustration 7-2 that she estimates 22 workdays per month, and multiplies coffees, lunches, and beverages, to generate the estimated unit numbers for a baseline sample month.
So that means the base case is about 1,500 lunches, about 1,000 beverages, and about 2,000 coffees in a month. Before she takes the next step, Magda adds up some numbers to see whether she should just abandon her idea. At $10 per lunch and $2 per coffee or beverage, that’s roughly $15,000 in lunches, $2,000 in lunch beverages, and $4,000 in coffees in a month. She probably calls that $20,000 as a rough estimate of a true full capacity. She could figure on a few thousand in rent, a few thousand in salaries, and then decide that she should continue planning, from the quick view, like it could be a viable business (And that, by the way, in a single paragraph, is a break-even analysis).
From base case to sales forecast
With those rough numbers established as capacity, and some logic for what drives sales, and how the new business might gear up, Magda then does a quick calculation of how she might realistically expect sales to go, compared to capacity, during her first year.
Month-by-month estimates for the first year
All of which brings us to a realistic sales forecast for Magda’s café in the office park (with some monthly columns removed for visibility’s sake). This is a spreadsheet view, so, if you’re a LivePlan user, all you need is to figure the assumptions and the software will do the calculations and arrangement.
Notice that Magda is being realistic. Although her capacity looks like about $20,000 of sales per month, she knows it will take a while to build the customer base and get the business up to that level. She starts out at only about half of what she calculated as full sales; and she gets closer to full sales towards the end of the first year, when her projected sales are more than $19,000.
Important: these are all just rough numbers, for general calculations. There is nothing exact about these estimates. Don’t be fooled by how exact they appear.
Notice how she’s working with educated guessing. She isn’t turning to some magic information source to find out what her sales will be. She doesn’t assume there is some magic “right answer.” She isn’t using quadratic equations and she doesn’t need an advanced degree in calculus. She does need to have some sense of what to realistically expect. Ideally she’s worked in a restaurant or knows somebody who has, so she has some reasonable information to draw on.
Estimating direct costs
We’ve seen direct costs already, in the previous section. They are also called COGS, or cost of goods sold, or unit costs. In Magda’s case, her direct costs or COGS are what she pays for the coffee beans, beverages, bread, meat, potatoes, and other ingredients in the food she serves.
Just as with the sales categories, forecast your direct costs in categories that match your chart of accounts.
So, with her unit sales estimates already there, Magda needs only add estimated direct costs per unit to finish the forecast. The math is as simple as it was for the sales, multiplying her estimated units times her per unit direct cost. Then it adds the rows and the columns appropriately.
Here again you see the idea of educated guessing, estimates, and summary. Magda doesn’t break down all the possibilities for lunches into details, differentiating the steak sandwich from the veggie sandwich, and everything in between; that level of detail is unmanageable in a forecast. She estimates the overall average direct cost. Coffees cost an average of 40 cents per coffee, and lunches about $5.00. She estimates because she’s familiar with the business. And if she weren’t familiar with the business, she’d find a partner who is, or do a lot more research.
wow this was very helpful thanks!
Dear There,
Somehow, I found the above-mentioned is very interesting in its simplicity explanation and guide through. FYI , I am an SME level, you could say a beginner ,trying hard as an SME category to build on my new product.
Of course the above coffee case was an excellent example, but would like to have a realistic outlook for my new product. how about giving me a hand in this?
If I have an answer from your side I will in a position to share with my concern.
Mutaz thanks for the offer, and best of luck to you … I’m overbooked, oversubscribed, not able to help with specific forecasts. Thanks for asking. Tim
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500+ Free business plan examples
Need help writing your business plan? Explore over 500 free real-world business plan examples from a wide variety of industries to guide you through writing your own plan. If you're looking for an intuitive tool that walks you through the plan writing process, we recommend LivePlan . It includes many of these same SBA-approved business plan examples and is especially useful when applying for a bank loan or outside investment.
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Example business plan format
Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format . You'll find that the plans in this library and most investor-approved business plans will include the following sections:
Executive summary
The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally only one to two pages. You should also plan to write this section last after you've written your full business plan.
Your executive summary should include a summary of the problem you are solving, a description of your product or service, an overview of your target market, a brief description of your team, a summary of your financials, and your funding requirements (if you are raising money).
Products & services
The products & services chapter of your business plan is where the real meat of your plan lives. It includes information about the problem that you're solving, your solution, and how your product or service fits into the existing competitive landscape.
Describe the problem you're solving, how your offering solves the problem, and who your potential competitors are. You'll want to outline your competitive advantages and the milestones you have in mind to successfully start and grow your business.
Market analysis
Conducting a market analysis ensures that you fully understand the market that you're entering and who you'll be selling to. This section is where you will showcase all of the information about your potential customers. You'll cover your target market as well as information about the growth of your market and your industry. Focus on outlining why the market you're entering is viable and creating a realistic persona for your ideal customer base.
Marketing & sales
The marketing and sales plan section of your business plan details how you plan to reach your target market segments. You'll address how you plan on selling to those target markets, what your pricing plan is, and what types of activities and partnerships you need to make your business a success.
Organization & management
Use this section to describe your current team and who you need to hire. If you intend to pursue funding, you'll need to highlight the relevant experience of your team members. Basically, this is where you prove that this is the right team to successfully start and grow the business. You will also need to provide a quick overview of your legal structure, location, and history if you're already up and running.
Financial projections
Your financial plan should include a sales and revenue forecast, profit and loss statement, cash flow statement, and a balance sheet. You may not have established financials of any kind at this stage. Not to worry, rather than getting all of the details ironed out, focus on making projections and strategic forecasts for your business. You can always update your financial statements as you begin operations and start bringing in actual accounting data.
Now, if you intend to pitch to investors or submit a loan application, you'll also need a "use of funds" report in this section. This outlines how you intend to leverage any funding for your business and how much you're looking to acquire. Like the rest of your financials, this can always be updated later on.
The appendix isn't a required element of your business plan. However, it is a useful place to add any charts, tables, definitions, legal notes, or other critical information that supports your plan. These are often lengthier or our-of-place information that simply didn't work naturally into the structure of your plan. You'll notice that in these business plan examples, the appendix mainly includes extended financial statements.
Types of business plans explained
While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. To get the most out of your plan, it's best to find a format that suits your needs. Here are a few common business plan types worth considering.
Traditional business plan
The tried-and-true traditional business plan is a formal document meant to be used for external purposes. Typically this is the type of plan you'll need when applying for funding or pitching to investors. It can also be used when training or hiring employees, working with vendors, or any other situation where the full details of your business must be understood by another individual.
Business model canvas
The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.
The structure ditches a linear format in favor of a cell-based template. It encourages you to build connections between every element of your business. It's faster to write out and update, and much easier for you, your team, and anyone else to visualize your business operations.
One-page business plan
The true middle ground between the business model canvas and a traditional business plan is the one-page business plan . This format is a simplified version of the traditional plan that focuses on the core aspects of your business.
By starting with a one-page plan, you give yourself a minimal document to build from. You'll typically stick with bullet points and single sentences making it much easier to elaborate or expand sections into a longer-form business plan.
The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance.
It holds all of the benefits of the single-page plan, including the potential to complete it in as little as 27-minutes . However, it's even easier to convert into a full plan thanks to how heavily it's tied to your financials. The overall goal of Lean Planning isn't to just produce documents that you use once and shelve. Instead, the Lean Planning process helps you build a healthier company that thrives in times of growth and remain stable through times of crisis.
It's faster, keeps your plan concise, and ensures that your plan is always up-to-date.
Download a free sample business plan template
Ready to start writing your own plan but aren't sure where to start? Download our free business plan template that's been updated for 2022.
This simple, modern, investor-approved business plan template is designed to make planning easy. It's a proven format that has helped over 1 million businesses write business plans for bank loans, funding pitches, business expansion, and even business sales. It includes additional instructions for how to write each section and is formatted to be SBA-lender approved. All you need to do is fill in the blanks.
How to use an example business plan to help you write your own
How do you know what elements need to be included in your business plan, especially if you've never written one before? Looking at examples can help you visualize what a full, traditional plan looks like, so you know what you're aiming for before you get started. Here's how to get the most out of a sample business plan.
Choose a business plan example from a similar type of company
You don't need to find an example business plan that's an exact fit for your business. Your business location, target market, and even your particular product or service may not match up exactly with the plans in our gallery. But, you don't need an exact match for it to be helpful. Instead, look for a plan that's related to the type of business you're starting.
For example, if you want to start a vegetarian restaurant, a plan for a steakhouse can be a great match. While the specifics of your actual startup will differ, the elements you'd want to include in your restaurant's business plan are likely to be very similar.
Use a business plan example as a guide
Every startup and small business is unique, so you'll want to avoid copying an example business plan word for word. It just won't be as helpful, since each business is unique. You want your plan to be a useful tool for starting a business —and getting funding if you need it.
One of the key benefits of writing a business plan is simply going through the process. When you sit down to write, you'll naturally think through important pieces, like your startup costs, your target market , and any market analysis or research you'll need to do to be successful.
You'll also look at where you stand among your competition (and everyone has competition ), and lay out your goals and the milestones you'll need to meet. Looking at an example business plan's financials section can be helpful because you can see what should be included, but take them with a grain of salt. Don't assume that financial projections for a sample company will fit your own small business.
If you're looking for more resources to help you get started, this guide on how to write a business plan is a good place to start. You can also download our free business plan template , or get started right away with LivePlan .
Think of business planning as a process, instead of a document
Think about business planning as something you do often , rather than a document you create once and never look at again. If you take the time to write a plan that really fits your own company, it will be a better, more useful tool to grow your business. It should also make it easier to share your vision and strategy so everyone on your team is on the same page.
Adjust your plan regularly to use it as a business management tool
Keep in mind that businesses that use their plan as a management tool to help run their business grow 30 percent faster than those businesses that don't. For that to be true for your company, you'll think of a part of your business planning process as tracking your actual results against your financial forecast on a regular basis.
If things are going well, your plan will help you think about how you can re-invest in your business. If you find that you're not meeting goals, you might need to adjust your budgets or your sales forecast. Either way, tracking your progress compared to your plan can help you adjust quickly when you identify challenges and opportunities—it's one of the most powerful things you can do to grow your business.
Prepare to pitch your business
If you're planning to pitch your business to investors or seek out any funding, you'll need a pitch deck to accompany your business plan. A pitch deck is designed to inform people about your business. You want your pitch deck to be short and easy to follow, so it's best to keep your presentation under 20 slides.
Your pitch deck and pitch presentation are likely some of the first things that an investor will see to learn more about your company. So, you need to be informative and pique their interest. Luckily, just like you can leverage an example business plan template to write your plan, we also have a gallery of over 50 pitch decks for you to reference.
With this gallery, you have the option to view specific industry pitches or get inspired by real-world pitch deck examples. Or for a modern pitch solution that helps you create a business plan and pitch deck side-by-side, you may want to check out LivePlan . It will help you build everything needed for outside investment and to better manage your business.
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Are you an educator looking for real-world business plan examples for your students? With LivePlan, you give your students access to industry-best business plans and help them set goals and track metrics with spreadsheet-free financial forecasts. All of this within a single tool that includes additional instructional resources that work seamlessly alongside your current classroom setup.
With LivePlan, it's not just a classroom project. It's your students planning for their futures. Click here to learn more about business planning for students .
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Free Financial Templates for a Business Plan
Smartsheet Contributor Andy Marker
July 29, 2020
In this article, we’ve rounded up expert-tested financial templates for your business plan, all of which are free to download in Excel, Google Sheets, and PDF formats.
Included on this page, you’ll find the essential financial statement templates, including income statement templates , cash flow statement templates , and balance sheet templates . Plus, we cover the key elements of the financial section of a business plan .
Financial Plan Templates
Download and prepare these financial plan templates to include in your business plan. Use historical data and future projections to produce an overview of the financial health of your organization to support your business plan and gain buy-in from stakeholders
Business Financial Plan Template
Use this financial plan template to organize and prepare the financial section of your business plan. This customizable template has room to provide a financial overview, any important assumptions, key financial indicators and ratios, a break-even analysis, and pro forma financial statements to share key financial data with potential investors.
Download Financial Plan Template
Word | PDF | Smartsheet
Financial Plan Projections Template for Startups
This financial plan projections template comes as a set of pro forma templates designed to help startups. The template set includes a 12-month profit and loss statement, a balance sheet, and a cash flow statement for you to detail the current and projected financial position of a business.
Download Startup Financial Projections Template
Excel | Smartsheet
Income Statement Templates for Business Plan
Also called profit and loss statements , these income statement templates will empower you to make critical business decisions by providing insight into your company, as well as illustrating the projected profitability associated with business activities. The numbers prepared in your income statement directly influence the cash flow and balance sheet forecasts.
Pro Forma Income Statement/Profit and Loss Sample
Use this pro forma income statement template to project income and expenses over a three-year time period. Pro forma income statements consider historical or market analysis data to calculate the estimated sales, cost of sales, profits, and more.
Download Pro Forma Income Statement Sample - Excel
Small Business Profit and Loss Statement
Small businesses can use this simple profit and loss statement template to project income and expenses for a specific time period. Enter expected income, cost of goods sold, and business expenses, and the built-in formulas will automatically calculate the net income.
Download Small Business Profit and Loss Template - Excel
3-Year Income Statement Template
Use this income statement template to calculate and assess the profit and loss generated by your business over three years. This template provides room to enter revenue and expenses associated with operating your business and allows you to track performance over time.
Download 3-Year Income Statement Template
For additional resources, including how to use profit and loss statements, visit “ Download Free Profit and Loss Templates .”
Cash Flow Statement Templates for Business Plan
Use these free cash flow statement templates to convey how efficiently your company manages the inflow and outflow of money. Use a cash flow statement to analyze the availability of liquid assets and your company’s ability to grow and sustain itself long term.
Simple Cash Flow Template
Use this basic cash flow template to compare your business cash flows against different time periods. Enter the beginning balance of cash on hand, and then detail itemized cash receipts, payments, costs of goods sold, and expenses. Once you enter those values, the built-in formulas will calculate total cash payments, net cash change, and the month ending cash position.
Download Simple Cash Flow Template
12-Month Cash Flow Forecast Template
Use this cash flow forecast template, also called a pro forma cash flow template, to track and compare expected and actual cash flow outcomes on a monthly and yearly basis. Enter the cash on hand at the beginning of each month, and then add the cash receipts (from customers, issuance of stock, and other operations). Finally, add the cash paid out (purchases made, wage expenses, and other cash outflow). Once you enter those values, the built-in formulas will calculate your cash position for each month with.
Download 12-Month Cash Flow Forecast
3-Year Cash Flow Statement Template Set
Use this cash flow statement template set to analyze the amount of cash your company has compared to its expenses and liabilities. This template set contains a tab to create a monthly cash flow statement, a yearly cash flow statement, and a three-year cash flow statement to track cash flow for the operating, investing, and financing activities of your business.
Download 3-Year Cash Flow Statement Template
For additional information on managing your cash flow, including how to create a cash flow forecast, visit “ Free Cash Flow Statement Templates .”
Balance Sheet Templates for a Business Plan
Use these free balance sheet templates to convey the financial position of your business during a specific time period to potential investors and stakeholders.
Small Business Pro Forma Balance Sheet
Small businesses can use this pro forma balance sheet template to project account balances for assets, liabilities, and equity for a designated period. Established businesses can use this template (and its built-in formulas) to calculate key financial ratios, including working capital.
Download Pro Forma Balance Sheet Template
Monthly and Quarterly Balance Sheet Template
Use this balance sheet template to evaluate your company’s financial health on a monthly, quarterly, and annual basis. You can also use this template to project your financial position for a specified time in the future. Once you complete the balance sheet, you can compare and analyze your assets, liabilities, and equity on a quarter-over-quarter or year-over-year basis.
Download Monthly/Quarterly Balance Sheet Template - Excel
Yearly Balance Sheet Template
Use this balance sheet template to compare your company’s short and long-term assets, liabilities, and equity year-over-year. This template also provides calculations for common financial ratios with built-in formulas, so you can use it to evaluate account balances annually.
Download Yearly Balance Sheet Template - Excel
For more downloadable resources for a wide range of organizations, visit “ Free Balance Sheet Templates .”
Sales Forecast Templates for Business Plan
Sales projections are a fundamental part of a business plan, and should support all other components of your plan, including your market analysis, product offerings, and marketing plan . Use these sales forecast templates to estimate future sales, and ensure the numbers align with the sales numbers provided in your income statement.
Basic Sales Forecast Sample Template
Use this basic forecast template to project the sales of a specific product. Gather historical and industry sales data to generate monthly and yearly estimates of the number of units sold and the price per unit. Then, the pre-built formulas will calculate percentages automatically. You’ll also find details about which months provide the highest sales percentage, and the percentage change in sales month-over-month.
Download Basic Sales Forecast Sample Template
12-Month Sales Forecast Template for Multiple Products
Use this sales forecast template to project the future sales of a business across multiple products or services over the course of a year. Enter your estimated monthly sales, and the built-in formulas will calculate annual totals. There is also space to record and track year-over-year sales, so you can pinpoint sales trends.
Download 12-Month Sales Forecasting Template for Multiple Products
3-Year Sales Forecast Template for Multiple Products
Use this sales forecast template to estimate the monthly and yearly sales for multiple products over a three-year period. Enter the monthly units sold, unit costs, and unit price. Once you enter those values, built-in formulas will automatically calculate revenue, margin per unit, and gross profit. This template also provides bar charts and line graphs to visually display sales and gross profit year over year.
Download 3-Year Sales Forecast Template - Excel
For a wider selection of resources to project your sales, visit “ Free Sales Forecasting Templates .”
Break-Even Analysis Template for Business Plan
A break-even analysis will help you ascertain the point at which a business, product, or service will become profitable. This analysis uses a calculation to pinpoint the number of service or unit sales you need to make to cover costs and make a profit.
Break-Even Analysis Template
Use this break-even analysis template to calculate the number of sales needed to become profitable. Enter the product's selling price at the top of the template, and then add the fixed and variable costs. Once you enter those values, the built-in formulas will calculate the total variable cost, the contribution margin, and break-even units and sales values.
Download Break-Even Analysis Template
For additional resources, visit, “ Free Financial Planning Templates .”
Business Budget Templates for Business Plan
These business budget templates will help you track costs (e.g., fixed and variable) and expenses (e.g., one-time and recurring) associated with starting and running a business. Having a detailed budget enables you to make sound strategic decisions, and should align with the expense values listed on your income statement.
Startup Budget Template
Use this startup budget template to track estimated and actual costs and expenses for various business categories, including administrative, marketing, labor, and other office costs. There is also room to provide funding estimates from investors, banks, and other sources to get a detailed view of the resources you need to start and operate your business.
Download Startup Budget Template
Small Business Budget Template
This business budget template is ideal for small businesses that want to record estimated revenue and expenditures on a monthly and yearly basis. This customizable template comes with a tab to list income, expenses, and a cash flow recording to track cash transactions and balances.
Download Small Business Budget Template
Professional Business Budget Template
Established organizations will appreciate this customizable business budget template, which contains a separate tab to track projected business expenses, actual business expenses, variances, and an expense analysis. Once you enter projected and actual expenses, the built-in formulas will automatically calculate expense variances and populate the included visual charts.
Download Professional Business Budget Template
For additional resources to plan and track your business costs and expenses, visit “ Free Business Budget Templates for Any Company .”
Other Financial Templates for Business Plan
In this section, you’ll find additional financial templates that you may want to include as part of your larger business plan.
Startup Funding Requirements Template
This simple startup funding requirements template is useful for startups and small businesses that require funding to get business off the ground. The numbers generated in this template should align with those in your financial projections, and should detail the allocation of acquired capital to various startup expenses.
Download Startup Funding Requirements Template - Excel
Personnel Plan Template
Use this customizable personnel plan template to map out the current and future staff needed to get — and keep — the business running. This information belongs in the personnel section of a business plan, and details the job title, amount of pay, and hiring timeline for each position. This template calculates the monthly and yearly expenses associated with each role using built-in formulas. Additionally, you can add an organizational chart to provide a visual overview of the company’s structure.
Download Personnel Plan Template - Excel
Elements of the Financial Section of a Business Plan
Whether your organization is a startup, a small business, or an enterprise, the financial plan is the cornerstone of any business plan. The financial section should demonstrate the feasibility and profitability of your idea and should support all other aspects of the business plan.
Below, you’ll find a quick overview of the components of a solid financial plan.
- Financial Overview: This section provides a brief summary of the financial section, and includes key takeaways of the financial statements. If you prefer, you can also add a brief description of each statement in the respective statement’s section.
- Key Assumptions: This component details the basis for your financial projections, including tax and interest rates, economic climate, and other critical, underlying factors.
- Break-Even Analysis: This calculation helps establish the selling price of a product or service, and determines when a product or service should become profitable.
- Pro Forma Income Statement: Also known as a profit and loss statement, this section details the sales, cost of sales, profitability, and other vital financial information to stakeholders.
- Pro Forma Cash Flow Statement: This area outlines the projected cash inflows and outflows the business expects to generate from operating, financing, and investing activities during a specific timeframe.
- Pro Forma Balance Sheet: This document conveys how your business plans to manage assets, including receivables and inventory.
- Key Financial Indicators and Ratios: In this section, highlight key financial indicators and ratios extracted from financial statements that bankers, analysts, and investors can use to evaluate the financial health and position of your business.
Need help putting together the rest of your business plan? Check out our free simple business plan templates to get started. You can learn how to write a successful simple business plan here .
Visit this free non-profit business plan template roundup or download a fill-in-the-blank business plan template to make things easy. If you are looking for a business plan template by file type, visit our pages dedicated specifically to Microsoft Excel , Microsoft Word , and Adobe PDF business plan templates. Read our articles offering startup business plan templates or free 30-60-90-day business plan templates to find more tailored options.
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Business Plan Example and Template
Learn how to create a business plan
What is a Business Plan?
A business plan is a document that contains the operational and financial plan of a business, and details how its objectives will be achieved. It serves as a road map for the business and can be used when pitching investors or financial institutions for debt or equity financing .
A business plan should follow a standard format and contain all the important business plan elements. Typically, it should present whatever information an investor or financial institution expects to see before providing financing to a business.
Contents of a Business Plan
A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan:
1. Title Page
The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date, and the company logo.
2. Executive Summary
The executive summary is the most important section because it is the first section that investors and bankers see when they open the business plan. It provides a summary of the entire business plan. It should be written last to ensure that you don’t leave any details out. It must be short and to the point, and it should capture the reader’s attention. The executive summary should not exceed two pages.
3. Industry Overview
The industry overview section provides information about the specific industry that the business operates in. Some of the information provided in this section includes major competitors, industry trends, and estimated revenues. It also shows the company’s position in the industry and how it will compete in the market against other major players.
4. Market Analysis and Competition
The market analysis section details the target market for the company’s product offerings. This section confirms that the company understands the market and that it has already analyzed the existing market to determine that there is adequate demand to support its proposed business model.
Market analysis includes information about the target market’s demographics , geographical location, consumer behavior, and market needs. The company can present numbers and sources to give an overview of the target market size.
A business can choose to consolidate the market analysis and competition analysis into one section or present them as two separate sections.
5. Sales and Marketing Plan
The sales and marketing plan details how the company plans to sell its products to the target market. It attempts to present the business’s unique selling proposition and the channels it will use to sell its goods and services. It details the company’s advertising and promotion activities, pricing strategy, sales and distribution methods, and after-sales support.
6. Management Plan
The management plan provides an outline of the company’s legal structure, its management team, and internal and external human resource requirements. It should list the number of employees that will be needed and the remuneration to be paid to each of the employees.
Any external professionals, such as lawyers, valuers, architects, and consultants, that the company will need should also be included. If the company intends to use the business plan to source funding from investors, it should list the members of the executive team, as well as the members of the advisory board.
7. Operating Plan
The operating plan provides an overview of the company’s physical requirements, such as office space, machinery, labor, supplies, and inventory . For a business that requires custom warehouses and specialized equipment, the operating plan will be more detailed, as compared to, say, a home-based consulting business. If the business plan is for a manufacturing company, it will include information on raw material requirements and the supply chain.
8. Financial Plan
The financial plan is an important section that will often determine whether the business will obtain required financing from financial institutions, investors, or venture capitalists. It should demonstrate that the proposed business is viable and will return enough revenues to be able to meet its financial obligations. Some of the information contained in the financial plan includes a projected income statement , balance sheet, and cash flow.
9. Appendices and Exhibits
The appendices and exhibits part is the last section of a business plan. It includes any additional information that banks and investors may be interested in or that adds credibility to the business. Some of the information that may be included in the appendices section includes office/building plans, detailed market research , products/services offering information, marketing brochures, and credit histories of the promoters.
Business Plan Template
Here is a basic template that any business can use when developing its business plan:
Section 1: Executive Summary
- Present the company’s mission.
- Describe the company’s product and/or service offerings.
- Give a summary of the target market and its demographics.
- Summarize the industry competition and how the company will capture a share of the available market.
- Give a summary of the operational plan, such as inventory, office and labor, and equipment requirements.
Section 2: Industry Overview
- Describe the company’s position in the industry.
- Describe the existing competition and the major players in the industry.
- Provide information about the industry that the business will operate in, estimated revenues, industry trends, government influences, as well as the demographics of the target market.
Section 3: Market Analysis and Competition
- Define your target market, their needs, and their geographical location.
- Describe the size of the market, the units of the company’s products that potential customers may buy, and the market changes that may occur due to overall economic changes.
- Give an overview of the estimated sales volume vis-à-vis what competitors sell.
- Give a plan on how the company plans to combat the existing competition to gain and retain market share.
Section 4: Sales and Marketing Plan
- Describe the products that the company will offer for sale and its unique selling proposition.
- List the different advertising platforms that the business will use to get its message to customers.
- Describe how the business plans to price its products in a way that allows it to make a profit.
- Give details on how the company’s products will be distributed to the target market and the shipping method.
Section 5: Management Plan
- Describe the organizational structure of the company.
- List the owners of the company and their ownership percentages.
- List the key executives, their roles, and remuneration.
- List any internal and external professionals that the company plans to hire, and how they will be compensated.
- Include a list of the members of the advisory board, if available.
Section 6: Operating Plan
- Describe the location of the business, including office and warehouse requirements.
- Describe the labor requirement of the company. Outline the number of staff that the company needs, their roles, skills training needed, and employee tenures (full-time or part-time).
- Describe the manufacturing process, and the time it will take to produce one unit of a product.
- Describe the equipment and machinery requirements, and if the company will lease or purchase equipment and machinery, and the related costs that the company estimates it will incur.
- Provide a list of raw material requirements, how they will be sourced, and the main suppliers that will supply the required inputs.
Section 7: Financial Plan
- Describe the financial projections of the company, by including the projected income statement, projected cash flow statement, and the balance sheet projection.
Section 8: Appendices and Exhibits
- Quotes of building and machinery leases
- Proposed office and warehouse plan
- Market research and a summary of the target market
- Credit information of the owners
- List of product and/or services
Related Readings
Thank you for reading CFI’s guide to Business Plans. To keep learning and advancing your career, the following CFI resources will be helpful:
- Corporate Structure
- Three Financial Statements
- NEW CFI Template Marketplace
- See all management & strategy resources
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Forecasting and business plan, introduction:.
A new business is going to be started in Leeds, UK. The new business will be the production and sale of the organic food products. In this report, the importance of the different types of forecasting has been analyzed. Before starting the business, what types of forecasting are important and how the forecasting techniques will help to identify the proper operational strategy have been analyzed. In this case, the qualitative forecasting strategy will be used by the business organization (Ord and Fildes 2013). All the short time and long time goal have to be set at the beginning level of the business operations and the forecasting is must for this purpose. After discussing the importance of the forecasting and different types of forecasting techniques, the time horizon that will be sued for this business case have also identified and explained in this report.
Nature of forecasting:
Business organizations use the forecasting for analyzing the future scenario of the business operations. The forecasting can be done by two ways. They are quantitative forecasting and qualitative forecasting method (Moore 2015). In the quantitative forecasting method, the various techniques use are: trend analysis, seasonal adjustment analysis, graphical method, life cycle modeling and decomposition. The qualitative forecasting techniques are expert opinion, focus groups, market research and historical analogy.
Importance of forecasting:
Forecasting is the important part of the business analysis at the time of planning for a start up business. The forecasting will help the business organization to understand the future demand of the products and services offered by the new business in the target market. At the beginning level of the business, the market penetration is the most vital operations that needed to be carried out by the business organization (Allen 2014). In this purpose, the analysis of the present and future market completion has to be understood by the business organization. In this context, the forecasting of the future operations of the competitors and the customer perception is very important. The main motive of the new business is to gain a high level of profit by selling the products. In this context, the forecasting of the sale and the revenue that may be earned by the sales has to be analyzed (Choi et al. 2014). In order to do that the income stamen forecasting and sale forecasting need to be carried out by the business organization with high level of priority. The forecasting of the require amount for the start up of the business and the different types of business operations and the income from the investment is vital for understand how much can be expected from the new business.
Qualitative forecasting:
Qualitative forecasting will be used for forecasting the short term and long term forecasting regarding the business operations. The historical analogy is one of the most popular methods of the qualitative forecasting. In this method the sale of new product or service is compared with the sale of the existing product or services. In this forecasting strategy, it is assumed that the sales pattern of the previous products and the new products will be similar. Focus group is another strategy used as the qualitative forecasting (Khasanah et al. 2013). In this strategy, panel of customers are asked for providing their opinions about a particular product or service. Delphi method is a qualitative forecasting method where the conclusions of specialists are joined in a progression of emphases (redundancies). The aftereffects of every cycle are utilized to build up the following, so that merging of the specialists' conclusions is acquired. This strategy depends on the information and judgment of a little gathering of specialists. In numerous organizations a blend of both chronicled data (dissected by quantitative method) joined with subjective contribution (from gatherings of specialists) is helpful in setting up a more exact figure (Pacheco Martins et al. 2014). Market research can be conducted through the survey or interview with the target customers. Expert opinions can be used for the qualitative forecasting where the experts can give idea about the future market trends and profits by using the experience in the similar business filed (Lu 2014).
An appropriate forecasting strategy:
In this case, market research will be used as the qualitative forecasting regarding the sales, profit and demand forecasting of the new business of organic food products. In this strategy, the target customers will be interviewed for understanding their opinions regarding the organic food products and the online business of the products. The answers of the customers will be recorded and summarized and analyzed for understanding the different important factors of the business forecasting as discussed in this report (Liu et al. 2013).
Income statement forecast:
The main motive of the income statement forecasting is to project the revenues and the expenses for the business operations over a given time period. The time period may be half of a year or a full year. Other terms used for this are the pro forma income statement and budgeted income statement (Hollensen 2015). In the area of the income statement forecasting, there are three major factors. They are: sales forecasting, cost of goods and operations forecasting and the overhead projection. These factors are discussed in the section given below:
1. Sales forecasting:
This forecasting may be seen as the most difficult part for the new business. The goal of this forecasting is to identify the proper way of conducting the business operation to get the desired level of success or profit for the new business. Different types of factors needed to be considered to successfully perform a sales forecasting. The customers’ perception is the most vital fact for the sales forecasting. The demographic factors of the target market are important in this context. The business organization needs to identify the demand of the product they are offering in the area of the business operations (Spawton 2013). In this case, the business organization must identify the perception about the organic foods among the people lived in Leeds and nearby area. Which types of organic foods are preferable by the target customers have to be identified by the organization before selecting the product line (Siguaw and Simpson 2015). As the business will have an online hand also, the organization needs to focus in the technical availability, internet uses and the tendency of the internet shopping among the people of the target area has to be identify for the sales forecasting in the area. In the context of forecasting, the demands of the products in different locations and different times have to be understood (Hollensen 2015). The demand of different types of food products varies over the seasons. Therefore, forecasting about the demands of the food products over the different time period of a year has to be understood while conducting the sales forecasting. The expected amount of products can be understood by the sales forecasting and the amount of revenue can be understood by using the simple formula given below:
[Price per unit × number of units to be sold in the time period = Total revenue]
2. Forecasting of the cost of goods and operations:
In order to start a new business, lots of new products need to be bought form the suppliers. The amount of different types of products or raw materials required for the new business need in the time period considered for the forecasting need to be understood by the business organization (Allen 2014). A lot of investment is required for the establishment of the business and recruiting employees for the business operations (McDonald 2013). In this context, the needed amount of money for the management of the human resources over the given time period has to be forecasted for understand the amount money required for the total business operations starting from the very beginning. After analyzing the total forecasted amount of cost needed for the business operations, the total amount of profit can be analyzed by the use of the given simple formula.
[Total profit = Total revenue – Total cost]
3. The overheads forecast:
The overhead forecasting is concerned with the extra expense require for the business organizations apart form the core business activities. These costs are also important to be considered in the forecasting for getting more superior result of the forecasted profit from the business operations (Allen 2014). Typical expenses that should be considered in the overhead forecasting are: advertising and promotion, automobile, communication, travelling and accommodation, professional development, mailing and office supplies and others (Khasanah et al. 2013). Considering these expenses gives more superior result of the profit forecasting. The formula of the profit analysis is slight modified with the consideration of the result of the forecasting analysis.
[Total profit = Total revenue – Total cost – Overhead cost]
Time horizon of the forecasting:
The time horizon refers to the time period considered for the forecasting. In this case, first the short term forecasting is required for the startup business operations. In this case, the time horizon will be six months. That means half yearly forecasting will be conducted for the startup of the new business. At the very beginning level of a business, the forecasting should not be done over a long time period (Lu 2014). This may be the cause of understanding error and error in decision making. On the other hand short term forecasting gives the ability of understanding the start up costs and the initial level costs require for the business and the amount of sales revenue that may be earned from the sales. The scenario can be dramatically changed after the first six months of the business. Therefore, the six months forecasting will be appropriate for the new business (Hollensen 2015).
Conclusion:
The startup of the new business requires an efficient forecasting regarding the different types of business investments and outputs. Depending on the results of the forecasting process, the operational strategy of the new business of the organic food products will be decided. The qualitative forecasting method will be sued for the business forecasting of the new business of organic food products. In order to start the business and efficiently handle the primary level of business operations, forecasting will be conducted by considering the time period of six months. Market research will be used as the strategy of the qualitative business forecasting regarding the new organic food product business.
References:
Allen, G., 2014. Regression Modeling for Business Forecasting. Foresight: The International Journal of Applied Forecasting, (32), pp.26-33.
Choi, T.M., Hui, C.L., Liu, N., Ng, S.F. and Yu, Y., 2014. Fast fashion sales forecasting with limited data and time. Decision Support Systems, 59, pp.84-92.
Hollensen, S., 2015. Marketing management: A relationship approach. Pearson Education.
Khasanah, A.U., Lin, W.H. and Kuo, R.J., 2013. Self-Organizing Maps with Support Vector Regression for Sales Forecasting: A Case Study in Fresh Food Data. In Proceedings of the Institute of Industrial Engineers Asian Conference 2013 (pp. 649-656). Springer Singapore.
Liu, N., Ren, S., Choi, T.M., Hui, C.L. and Ng, S.F., 2013. Sales forecasting for fashion retailing service industry: a review. Mathematical Problems in Engineering, 2013.
Lu, C.J., 2014. Sales forecasting of computer products based on variable selection scheme and support vector regression. Neurocomputing, 128, pp.491-499.
McDonald, M.H., 2013. Ten barriers to marketing planning. Journal of Product & Brand Management.
Moore, M.F., 2015. Differentiated Forecast Strategy to Optimize Forecasting Resources. The Journal of Business Forecasting, 34(4), p.41.
Ord, K. and Fildes, R., 2013. Principles of business forecasting. Cengage Learning.
Pacheco Martins, A., Torstensson, H. and Pal, R., 2014. Advanced computing techniques: new tools for fast fashion sales forecasting. In Ambience14 &10i3m, Tampere Hell, Tampere, Finland 7-9 September 2014. Tampere University of Technology, Finland.
Siguaw, J.A. and Simpson, P.M., 2015. A marketing plan for marketing instruction: A satirical look at student comments. In Creating and Delivering Value in Marketing (pp. 129-133). Springer International Publishing.
Spawton, T., 2013. Marketing planning and communications for small winemakers. International Journal of Wine Marketing.
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How to Create a Sales Forecast Business Plan
Sales forecasting is a powerful way to improve decision-making and make smarter choices as a business. But the reality is, many organisations don’t get it right.
Accurate sales forecasts rely on astute insights driven from robust, holistic data. If your business has struggled to accurately predict future sales revenue in the past, our guide could help you get it right in the future.
Ready to get started? Use the links below to navigate or read on for our full guide to accurate sales forecasting.
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What is a Sales Forecast?
Why is sales forecasting important, what factors can affect sales forecasting, how to create a sales forecast, tools to help with sales forecasting.
A sales forecast is an estimate of what a company will sell in a week, month, quarter or year. It’s used to predict future revenue, accounting for the number of units an individual, team or company is likely to sell over a set period.
Sales forecasting offers many benefits when leveraged as part of a broader business strategy. At all levels and across all functions within a business, forecasting can facilitate shrewd decision-making, whether that’s setting goals and budgets, prospecting for new leads, deciding on the best time to hire new staff, or effective stock management to help maximise cashflow.
Accurate sales forecasting is a projection of where a company will stand in the future. And that’s important, not only for business continuity and growth, but for cultivating credibility, trust and advocacy with key stakeholders – be it partners, investors, clients or customers.
Let’s take a look at some of the reasons why sales forecasting matters:
- Bolsters decision-making – accurate predictions about future revenue can facilitate improved decision-making across all business functions, from hiring managers tasked with recruiting new talent, to procurement teams discerning when and how much stock to source.
- Adds value to all business functions – sales forecasting defines the value brought by different departments across the business. It highlights how different functions and channels contribute to revenue generation, helping businesses manage their resources.
- Accurate sales and buying for reduced costs – a sales forecast simplifies inventory management, with accurate stock predictions reducing costs and freeing up valuable resources, like warehouse space.
- Allocation of sales and marketing budget – Forecasting helps account for peaks and troughs in sales, so you can assign marketing budgets and determine which products and services need attention.
- Guarantees timely recruitment and outsourcing to drive business growth – understanding the areas of your business that drive the most revenue can make for seamless recruitment. Reinvesting revenue in personnel is a seismic driver of business growth, and sales forecasting can help you decide where to make hires and when. Not only that, but it can help companies decide whether they should look at outsourcing or whether to bring outsourced activities back in-house, e.g., the use of courier companies versus investing in your own delivery fleet.
- Provides valuable revenue expectations to outside stakeholders, like investors – sales forecasting quantifies your revenue predictions, making it easier and less risky to attain outside support from investors and stakeholders.
- Allows for simple company benchmarking against competitors – where your business ranks against competitors is important, and sales forecasting highlights how your trajectory compares to your closest rivals.
- Offers a powerful means of motivating sales personnel – a sales forecast is the best way of benchmarking the performance of salespeople within your business. It’s also a great motivator, particularly for staff incentivised by the promise of commission.
Many internal and external factors can impact the accuracy of your sales forecasts. You’ll need to account for all sorts of influences when predicting sales activity, including:
- Economic uncertainty and conditions
- Competitor changes
- Market trends and seasonality
- Product changes and future innovations
- Internal pricing or policy changes
- Available marketing spend and budgets
- Staff levels (more or fewer sales personnel will affect figures, for example)
- Future business plans e.g., expansion or diversification plans
This isn’t an exhaustive list of factors that can affect sales forecasting, but it does provide a steer for the types of influences that you’ll need to factor into your predictions.
Sales forecasting isn’t rocket science, but it does require a methodical approach to guarantee accuracy. Here, we’ll demonstrate how to make accurate sales predictions in five easy-to-follow steps.
Step 1: Consider Sales History
The first step to accurate sales forecasting is to look not to the future, but the past. By examining sales data over the past 12 months, you’ll glean insights that you can use as the basis of your future sales predictions, noting things like volumes, trends, and seasonality changes that caused peaks and troughs in demand.
When exploring historic sales data, be mindful of your ‘sales run rate’ – the number of projected sales for a particular period. For example, sales data may reveal a large disparity between quarterly sales figures, affecting the overall run rate; you’ll need to factor this into your forecasts for the future.
Step 2: Anticipate Changes and External Influences
While historic sales data provides a clear view of when and where sales typically happen over a year, it doesn’t guarantee the same sales figures for the future. Depending on a plethora of external and internal influences, next year’s sales could be up or down – so how do you accurately predict future revenue?
Start by taking each influence in turn and assess how such a force would have impacted last year’s sales figures. For example, do you plan to increase prices over the next 12 months? If so, how might this affect sales in relation to previous figures?
Here are some of the factors you should consider when predicting future sales performance:
- Pricing changes – will your prices change? How might this affect custom?
- Customer changes and trends – are consumer trends turning in your favour, or going the other way? Market awareness is crucial for accurate sales forecasting.
- Promotions – do you have any sales or promotions lined up to increase demand? How might these affect sales targets?
- Product alterations – are you improving your products and services?
- Sales channels – do you plan to expand into additional sales channels in the near future or acquire new branches?
Step 3: Lean on the Right Systems for Accurate Data Capture and Analysis
Sales forecasting becomes much simpler and more accurate when the right tools are used to capture and analyse data. Integrated ERP software, for example, collates sales data from every channel of your business – including trade counter or EPOS sales, telesales, sales rep orders, ecommerce etc. – so you can make data-backed predictions with confidence.
A great example of the types of tools you can use for accurate sales forecasting is predictive stock management. Automating the forecasting process, it presents the user with a forecast prediction aligned to their stock preferences, e.g., how much buffer stock you want to carry, as well as stock lead times.
Presented with this data, the procurement team can then use their insight and knowledge to tweak this forecast where necessary. It’s a great example of the marriage of automation to reduce manual work, whilst still allowing people to have input on the end result.
Elsewhere, utilising customised dashboards or control desks, instead of static reports, to differentiate pipeline value by rep, branch, prospect customer etc., can give businesses dynamic information to adjust their forecasts and be agile around expectations and demand.
What’s more, clever use of the CRM in conjunction with opportunity probability management enables you to allocate an estimated percentage chance that you think you will win a sales deal. By giving each sales opportunity/quotation a probability, you can produce a sales weighting forecast that will give you a fairly accurate idea of what your sales will be.
This will give you a better chance of forecasting the revenue and stock position of months and years ahead.
Step 4: Align Sales Predictions with Your Business Strategy
Many businesses have a five-year plan, a strategy that looks to drive business growth and profitability. But remember, such a plan will impact sales in one way or another, so it’s important that you align your sales forecasts with your short and long-term business objectives.
Say, for example, your business plan sets out a period of growth in the form of new hires or the creation of a whole new department. How will this affect sales? And to what extent should it be factored into your revenue forecasts?
Aligning your business strategy and sales forecasts is a crucial step. It helps prioritise business activity, ensuring that the right decisions are made to drive the business forward.
Step 5: Set Out Your Sales Forecasts in the Right Way
Charts, graphs and annotations can all be used to set out your sales forecasts for the year ahead. These should be included in your business plan, providing an accessible means of sharing forecasts with key stakeholders, personnel and investors.
As well as charting forecasts in number terms, you should set out your sales strategy, including how you arrived at the quoted figures. This not only quantifies your reasoning, but serves as a reminder of the market position at the time of writing – something that could prove useful if you need to refer back to where the figures came from at a later date.
Sales forecasting can be a laborious process, particularly if you want to guarantee accuracy. There are, however, a range of tools and software which can be leveraged to automate some elements of the process, removing some of the legwork associated with sales forecasting.
At Intact, we’re well aware of the importance of sales forecasting – and the arduous nature of it. That’s why we offer specialist expertise and solutions to help automate and simplify the process, from ERP software and predictive stock management to data analytics tools designed to improve data-driven decision-making.
We hope this guide helps you take stock of sales forecasting. If you’d like to optimise this area of your business, the Intact team can help. For more information or to speak to a member of our specialist team, visit the homepage . Alternatively, for more help and advice on ways to manage your inventory, take a look at our free guide to effective stock management .
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You just hire a professional to get a paper written, like you normally do in other situations. Our team of writers know everything about writing your paper and can cope with assignments of any complexity and academic level. Well-researched and expertly-written papers are what we do for our customers, and we always do our work professionally so that you could kick back and enjoy your life to the fullest.
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Read the following examples to better understand the different approaches to business forecasting. 1. A company forecasting its sales through the end of the year Let's suppose a small greeting card company wants to forecast its sales through the end of the year.
The following example illustrates how a business completes this step of the process: Davis Tech Providers is an electronics company that sells a mixed array of computers, cell phones and other devices. They are creating a business forecast to project future revenue growth. The business analyst evaluates the following information: Industry standing:
Examples of financial statements to include in your forecast Your forecast will need to include 3 financial statements: The P&L statement The cash flow statement The balance sheet P&L statement The profit and loss statement enables you to assess: the growth of the company by analyzing the evolution of the turnover over several years;
Sales forecasts: 3 popular examples 1. Location-based businesses Forecasting sales of restaurants Forecasting sales of retail businesses If you are running a businesses with a physical location, such as a hotel, a restaurant, a repair shop or a retail store for example, forecasting sales boils down to forecasting street traffic.
Most financial lenders and investors like to see a three-year sales forecast as part of your startup business plan. Lower fixed costs mean less risk, which might be theoretical in business schools but are very concrete when you have rent and payroll checks to sign. Tim Berry, president and founder of Palo Alto Software Create an expenses budget
A sales forecast will have a big impact on marketing. For instance, the sales forecast might show that sales are waning and a bigger investment needs to be placed within marketing. It might also show that a particular product or service is failing to deliver appropriate amounts of value. Control inventory
Your final task is to list forecasted business startup and ongoing costs and profit projections in your simple business plan template. Thanks to free business tools such as Square and...
When forecasting for a small business, it's easy to overestimate your market share. For example, a 1% market share may not seem like a lot, but a small restaurant owning 1% of the £89.5 billion UK market is extremely unrealistic. The alternative to top-down is bottom-up.
Small business cash flow forecast This accessible template can help you predict whether your business will have enough cash to meet its obligations. Projected cash balances below the minimum amount you specify are displayed in red. Enter your data and create a chart of your projected monthly balances.
For example, any property, equipment, or unsold inventory you own is an asset with a value that can be assigned to it. The same goes for outstanding invoices owed to you that have not been paid. Even though you don't have the cash in hand, you can count those invoices as assets.
Individual product forecast example An individual product forecast template benefits businesses that sell a product either through a storefront or ecommerce medium. It is useful for current businesses adding a new product to their arsenal that want to estimate sales exclusively for that product.
Standard Business Plan Financials: Sales Forecast Example Continuing my series on standard business plan financials, this is an example of a startup sales forecast. It's a direct follow-up to yesterday's How to Forecast Sales.
Example business plan format Before you start exploring our library of business plan examples, it's worth taking the time to understand the traditional business plan format. You'll find that the plans in this library and most investor-approved business plans will include the following sections: Executive summary
Income Statement Templates for Business Plan Also called profit and loss statements, these income statement templates will empower you to make critical business decisions by providing insight into your company, as well as illustrating the projected profitability associated with business activities.
Estimate your sales forecast and expenses by creating a financial plan with this Excel business financial plan template. This accessible template for a business plan provides an example of a business financial plan spreadsheet for a new coffee shop, including sample costing data and formulas. Excel Download Open in browser Share
A business plan should be structured in a way that it contains all the important information that investors are looking for. Here are the main sections of a business plan: 1. Title Page. The title page captures the legal information of the business, which includes the registered business name, physical address, phone number, email address, date ...
Forecasting is the important part of the business analysis at the time of planning for a start up business. The forecasting will help the business organization to understand the future demand of the products and services offered by the new business in the target market. At the beginning level of the business, the market penetration is the most ...
How to Create a Sales Forecast Business Plan - Intact back Thinking of upgrading your business management software? This essential step-by-step guide will help you make your software implementation journey as seamless and effective as possible. Download now
View Sample. Level: College, University, Master's, High School, PHD, Undergraduate. 22912 . Finished Papers. Open chat . Business Plan Forecast Example, Research Papers On Automobile Sector, Resume De Coeur Brule, Top Cover Letter Proofreading Sites For Mba, How To Write A Thesis Statement For Cause And Effect Essays, Custom Reflective Essay ...
Business Plan Forecast Example. Once paid, the initial draft will be made. For any query r to ask for revision, you can get in touch with the online chat support available 24X7 for you. First, you have to sign up, and then follow a simple 10-minute order process. In case you have any trouble signing up or completing the order, reach out to our ...