• Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint
Share this Page URL
Help

Chapter 8. Steps in the Planning Process > Step #6 Develop Forecasts and Budget...

Step #6 Develop Forecasts and Budgets.

Having formulated an extensive list of tentative strategic and tactical decisions, the next step in the planning process is to forecast revenues (presumably sales), costs and expenses, profits, and cash. The process of preparing forecasts forces an entrepreneur to carefully consider the future financial position of the business. Doing so can minimize future surprises. Though initial forecasts for new businesses are rarely as accurate as entrepreneurs expect, the better the forecast, the more effective planning will be for the deployment of resources, the better customers can be served and the more profitable the business will be.


PREVIEW

                                                                          

Not a subscriber?

Start A Free Trial


  
  • Creative Edge
  • Create BookmarkCreate Bookmark
  • Create Note or TagCreate Note or Tag
  • PrintPrint