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How can you align your forecasts with your business strategy?

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Forecasting is a crucial skill for corporate accountants, as it helps them plan, monitor, and evaluate the financial performance of their organization. However, forecasting is not just a technical exercise; it also requires alignment with the business strategy, vision, and goals. How can you ensure that your forecasts are consistent with your strategic direction and reflect the realities of your market and industry? Here are some tips to help you align your forecasts with your business strategy.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
Edson C A Silva

C-Level | Controladoria | Planejamento Estratégico | Planejamento Tributário | Contabilidade | Compliance | Legisla??o…

1 Understand your strategy

Before you start forecasting, you need to have a clear understanding of your business strategy, including your mission, vision, values, objectives, and initiatives. Your strategy should guide your forecasting assumptions, scenarios, and targets, as well as your communication and reporting. For example, if your strategy is to expand into new markets, you should factor in the costs, risks, and opportunities of that move into your forecasts. If your strategy is to improve customer satisfaction, you should measure and forecast the impact of that on your revenue and profitability.

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Edson C A Silva

C-Level | Controladoria | Planejamento Estratégico | Planejamento Tributário | Contabilidade | Compliance | Legisla??o | Benefícios Fiscais | Impostos Diretos e Indiretos
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Para alinhar previs?es com a estratégia de negócios: 1) Entenda profundamente a estratégia atual, incluindo objetivos e desafios. 2) Identifique os principais fatores que impulsionam o negócio. 3) Baseie previs?es em dados históricos e tendências de mercado. 4) Mantenha previs?es flexíveis para ajustes rápidos. 5) Integre previs?es ao planejamento financeiro, garantindo alinhamento com objetivos financeiros. 6) Promova comunica??o e colabora??o entre departamentos para compartilhar insights. 7) Revise e ajuste previs?es regularmente conforme mudan?as no mercado e desempenho real. Esse processo assegura decis?es alinhadas com a estratégia.

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2 Involve your stakeholders

Forecasting is not a solo activity; it involves collaboration and communication with various stakeholders, such as managers, executives, investors, customers, suppliers, and regulators. You should involve them in your forecasting process, as they can provide valuable insights, feedback, and data that can improve your accuracy and reliability. For example, you can consult with your sales team to get their input on the market demand, customer behavior, and competitive trends. You can also share your forecasts with your stakeholders and explain how they align with your strategy and support your decision making.

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Tomi Akinwale ACCA, ACA, ACTI, B.TECH, FMVA, AAT.

Tax | Deloitte | Financial Reporting & Modelling |
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You should Involve all the relevant stakeholders who play improtant roles in aligning forecasts with business strategy. They include employeees, directors, shareholders etc

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3 Adapt to changes

Forecasting is not a static process; it requires constant monitoring, updating, and adjusting to reflect the changes in your internal and external environment. You should track your actual performance against your forecasts and identify any gaps, variances, or anomalies that may affect your strategic outcomes. You should also review your strategy regularly and assess whether it is still relevant, feasible, and effective in achieving your goals. You may need to revise your strategy or your forecasts or both if there are significant changes in your market conditions, customer preferences, competitive landscape, or regulatory requirements.

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4 Use the right tools

Forecasting is not a simple process; it involves complex calculations, analyses, and projections that can be challenging and time-consuming to perform manually. You should use the right tools and software that can help you automate, streamline, and enhance your forecasting process. For example, you can use Excel or other spreadsheet applications to create and manipulate your forecast models, formulas, and charts. You can also use Power BI or other business intelligence tools to visualize and present your forecast data, trends, and scenarios.

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Rick Yvanovich FCMA CGMA FCPA MSc CCMP CCMC CBC

Certified Chief Master coach, entrepreneur, author, and speaker | Bridging technology, accounting, and people, I’m a catalyst inspiring human transformation for consistently higher achievement.
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Modelling tools can use actual data and extrapolate a forecast into the future based on the the past. For example such tools when used in Hospitality proactively forecast revenue on room bookings.

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5 Learn from your mistakes

Forecasting is not a perfect process; it involves uncertainty, risk, and error that can affect your accuracy and reliability. You should learn from your mistakes and use them as opportunities to improve your forecasting skills and methods. For example, you can perform a post-mortem analysis of your forecasts and compare them with your actual results. You can identify the sources of error, such as inaccurate data, unrealistic assumptions, or faulty logic. You can also evaluate the effectiveness of your forecasts in supporting your strategic decisions and actions.

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6 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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Mahmoud Ismail

Budgeting | Costing | Controlling | Reporting | Data analysis | Debt Management
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In addition to the mentioned steps, consider data quality, external factors, risk management, scenario planning, communication, feedback mechanisms, and long-term perspective when aligning forecasts with business strategy.

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How can you align your forecasts with your business strategy?

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4

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1 Understand your strategy

2 Involve your stakeholders

3 Adapt to changes

4 Use the right tools

5 Learn from your mistakes

6 Here’s what else to consider

Corporate Accounting

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