Two things are important in business, forecasting and planning. Both of which do not ride on actualities in reality but rather ride on potential data and predictions. Luckily, in today’s digital age, these potential data and predictions are becoming more and more specific and accurate, as data is far easier to store, manage, categorize and understand than ever before. Currently, businesses operate in a market in which they’re almost able to forecast how things will develop over the next year or two, as technology is advanced and incorporated into almost every business’s main frame and model.
‘To forecast is to win’ – that’s a business saying that goes around a lot. If you can see the future of business, then you’ll be able to win business is the premise. There are a few different forecasting techniques that businesses can apply to plan more smartly. These include financial planning and analysis, social media surveys, experience-based scenario development and team brainstorming and road mapping. So, without further ado, it’s time to dive in.
Financial Planning and Analysis
One of the most crucial techniques that you can apply to better plan for your business is through financial planning and analysis. This is both a process and a piece of software. Many businesses try to bring fp&a software into their organization, as it allows them to build financial models that are a lot more data-driven and scenario-based. It essentially allows them to manage and understand financial models, budgets and forecasts, all whilst sharing crucial information surrounding strategic decision-making processes that are based on actual financial insights.
The benefit of financial planning and analysis, known as the fp&a process, is that as a business you’re able to take a deep dive into your finances, whilst also looking at the potential future of your finances. A lot of businesses try to summarise this information on private accounting platforms or through Excel sheet upon Excel sheet, however, it’s hard to understand the information on these platforms and it doesn’t allow for predictions. Whereas, fp&a software does. It’s easy to understand what’s happening in your business, navigate the financial landscape of your business and comprehend the forecasting nuances that might come about.
Social Media Survey’s
Another smart technique that you can use to better plan for your business is through social media surveys. Now, if you are a business that has been around for a long time, this might sound a little odd to you, however, social media is one of the biggest aspects that propel businesses to enormous success.
Furthermore, it also stores a lot of data for individual users and tracks how they spend their time and what links they click on, which is valuable information for any business looking to plan.
Therefore, if you are a business that is currently on social media and uses social media, then creating a social media survey where you ask directed questions at your users is a good idea. Of course, using the data insights given to you by social media sites, such as Instagram or Meta, is helpful as well. However, don’t forget that you essentially have a pool of active users as your follower base and you can use these individuals to ask questions about what they might be interested in the next few years and therefore create a foundation of business planning through social media.
Experience-Based Scenario Development
Additionally, you can also try to use the experience that you have in your business to create experience-based scenarios and create planning out of that.
If it has been your experience that certain users enjoy signing up for your latest product range but then stop buying from your previous product range quickly thereafter, then you can try to implement strategies to encourage purchasing both. For example, offering package deals on your websites or discounts on previous products could be a good strategic decision.
By creating different scenarios based on experience, you’re able to better plan for the future.
Team Brainstorming and Roadmapping
Last but certainly not least for your business planning is team brainstorming in road mapping. Now that technology is so apparent in today’s world, software is constantly getting better and you’re able to see thousands of pieces of information and data on social media sites, a lot of people forget the power of the human brain.
This is where team brainstorming comes in, something that is actually probably considered a little bit old school nowadays, however, can be extremely efficient. Do not underestimate the knowledge that your employees have on what customers enjoy. For example, you can ask your sales team, who engages with customers daily, where they think the needs of customers are going. You can also speak one-on-one with each of your department heads, to understand how they see the business moving forward.
Blend Innovation with Strategy
As you can see from the above, innovation in terms of techniques for business planning is crucial for business success in today’s digital age.
It is clear from the above that software technology is massively important nowadays. By navigating fp&a software, as a business, you’re able to focus and plan with more data than ever before.
Additionally, using the power of social media and experience-based scenarios, you’re able to understand the finer needs of your clients. Remember that blending this innovation with strategies, such as team brainstorming and road mapping, is paramount to your business’s success.
