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What are the key factors to consider when setting catering sales goals and forecasts?

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Setting catering sales goals and forecasts is a crucial task for any catering business, as it helps to plan ahead, allocate resources, and measure performance. However, it can also be challenging, as there are many factors that can affect the demand and profitability of catering services. In this article, we will discuss some of the key factors to consider when setting catering sales goals and forecasts, and how to use them effectively.

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1 Historical data

One of the first factors to consider is the historical data of your catering sales, such as the number of events, the average revenue per event, the seasonality, and the customer retention rate. Historical data can help you identify trends, patterns, and opportunities, as well as benchmark your performance against previous periods. However, historical data should not be the only factor to rely on, as it may not reflect the current market conditions, customer preferences, or competitive landscape.

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Jerome Dees Jr.

Entrepreneur & Community Activist
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You have to look back to look forward. Have a Google Sheet or Excel sheet that shows your results for the last three years (understanding covid skews this). You will likely see a few months that are your best months and some that are not so great. From there, look at your community. Are there new opportunities? Do you have a large account that started late last year and will generate "growth" for most of next year? Did you have a large client that moved away and will have a negative impact? Take all of that and speculate as best you can. Event with the most detailed analysis, life will go south sometimes, but you can make notes and use that for future planning as well. As long as you have a replicable process, you can keep fine tuning.

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Omar Adel Omar

LOZ?N - Founder & General Manager
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First, look at your past catering sales info like how many events you did, how much money you made on average, and when you made the most sales. This helps you see patterns and plan better. But remember, just looking at the past isn't enough. You need to also think about what's happening now, like what customers want and what other caterers are doing.

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2 Market analysis

Another factor to consider is the market analysis, which involves researching the external factors that can influence your catering sales, such as the size and growth of the market, the customer segments and needs, the competitors and their offerings, and the economic and social factors. Market analysis can help you understand the demand and potential of your catering services, as well as the gaps and threats in the market. However, market analysis should not be based on assumptions or outdated information, as it may lead to inaccurate or unrealistic goals and forecasts.

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Omar Adel Omar

LOZ?N - Founder & General Manager
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Think about what's happening outside your business, like how big the market is, who your customers are, and what other caterers are doing. This helps you see what people want and what your competition is like. But make sure your info is up-to-date, or your plans might not work out.

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3 SMART criteria

A third factor to consider is the SMART criteria, which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. SMART criteria can help you set clear, realistic, and meaningful goals and forecasts, as well as track and evaluate your progress and results. For example, a SMART goal could be to increase the catering sales revenue by 10% in the next quarter, by targeting corporate clients in the local area, and offering a 15% discount for repeat bookings. However, SMART criteria should not be too rigid or inflexible, as they may need to be adjusted or revised according to the changing circumstances.

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Omar Adel Omar

LOZ?N - Founder & General Manager
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Think about your goals in a smart way: be Specific, Measurable, Achievable, Relevant, and Time-bound. This helps you set clear targets and see if you're making progress. For instance, you could aim to boost sales by 10% next quarter by targeting local businesses and giving discounts for repeat orders. But be flexible – things might change.

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4 SWOT analysis

A fourth factor to consider is the SWOT analysis, which stands for Strengths, Weaknesses, Opportunities, and Threats. SWOT analysis can help you assess the internal and external factors that can affect your catering sales, as well as identify your competitive advantages and disadvantages. For example, a SWOT analysis could reveal that your strengths are your quality food, experienced staff, and loyal customers, while your weaknesses are your high costs, limited capacity, and low online presence. However, SWOT analysis should not be static or isolated, as it should be integrated with your goals and forecasts, and updated regularly.

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Omar Adel Omar

LOZ?N - Founder & General Manager
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Think about what you're good at (Strengths), what needs work (Weaknesses), what opportunities you have, and what might get in your way (Threats). This helps you see where you stand in the catering market. For example, you might find your strengths are great food and loyal customers, but your weaknesses are high costs and limited space. Just remember, keep updating your analysis as things change.

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5 Feedback and review

A fifth factor to consider is the feedback and review, which involves collecting and analyzing the data and information from your catering sales activities, such as the customer satisfaction, the event profitability, the sales performance, and the market feedback. Feedback and review can help you measure the effectiveness and efficiency of your catering sales goals and forecasts, as well as identify the areas of improvement and innovation. However, feedback and review should not be delayed or ignored, as they can provide valuable insights and lessons for your future planning and decision making.

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Omar Adel Omar

LOZ?N - Founder & General Manager
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Check how well your catering events are going by gathering feedback from customers and looking at sales numbers. This helps you see what's working and what needs fixing. But don't wait too long to review – timely feedback helps you make better decisions for the future.

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6 Continuous learning

A sixth factor to consider is the continuous learning, which involves staying updated and informed about the latest trends, best practices, and technologies in the catering industry, as well as learning from your own experiences and mistakes. Continuous learning can help you enhance your catering sales skills and knowledge, as well as adapt and innovate your catering services to meet the changing customer needs and expectations. However, continuous learning should not be passive or sporadic, as it requires a proactive and consistent approach to seek and apply new information and ideas.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the key factors to consider when setting catering sales goals and forecasts?

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1 Historical data

2 Market analysis

3 SMART criteria

4 SWOT analysis

5 Feedback and review

6 Continuous learning

7 Here’s what else to consider

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