Does any of this sound familiar? You are facing management decisions and:
- Capital and cash demands are exceeding the budgeted supply of cash on hand?
- Your recent forecasts have been off lately causing you concern in picking which areas to focus on?
- Prioritization of efforts seems difficult to determine and your team does not have room for mistakes?
- You have been given or determined growth goals but are uncertain if and how you will reach them?
In light of industry dynamics the prioritization of efforts leaves your team each year with a smaller cushion for error. You want your growth goals to stretch the organization and be grounded in realistic expectations on the economy and how your industry will react in the future.
The first step in answering any of these questions and having confidence in your plan is identifying relevancy and reliability of the data in which to base decisions off of. Investigating what forecast and data you are using and the drivers being examined will help you identify the need for potential re-examination and validity of information; allowing for the opportunity to craft a confident strategy and specifics tactics utilized.
In Ducker's white paper: When Just Forecasting is Not Enough, you'll learn:
- Definition of a now-cast versus a forecast and when it is most appropriate to use each
- Identification of market drivers used in forecast models and their impact
- The importance of primary research to support driver identification and adjustment