Donna Genie (presenter) introduces forecasting as a practical tool for small-business decision-making. She frames forecasting as a way to project outcomes for scenarios such as hiring employees, outsourcing tasks, relocating, or launching new lines of business, and emphasizes the need for good financial records and data to evaluate impacts (payroll taxes, revenue required, loan payments).
Do you ever wish you had a crystal ball to figure out what your next move should be in your business? Should I hire that employee? Should I outsource something so that I don't have to do it and I can move on to bigger and better things that will grow my business? Should I move to a new location? Should I start up a new line of business? All of these things are perfect fit for forecasting. In looking at forecasting, we can project out what will happen in your business if a scenario happens. If you have your financial statements and good data from what's currently going on in the business, this is something that we help with. We can help look at the effects of adding a new employee, all the payroll taxes that come about, what revenue needs to happen. If you're looking at moving, what new sales numbers would you have to have to be able to support that? How much would you need to be able to make the loan payment? These are all perfect situations where you must have good record keeping in your business and have somebody help you look at those things. Many businesses start diving into the water and hiring an employee and not really knowing what effect effect is going to happen to their business.
