Do we need to forecast the future situation of a business?

[Shavkat]

If you are aware of conducting feasibility study, it includes forecasting the possible things to happen especially in a financial part. The usual forecasting is five years period.

 

[Yugocean]

I am not sure what are you pointing at?
Sometimes it is important for future planning, sometimes it is best to keep secret.

 

[Springtime]

Yes, we need to do forecast for business regarding the market situation and product trends so that we can get prepared.

 

[Starmix]

You need to plan well. Forecasting may be put to futility without planning. The reason why a business failed because you failed to plan.

 

[Golden9]

It's definitely helpful especially if you want to make it a full-time source of income. You don't want to start a business that's seasonal and be stranded after two or three years.

 

[Yugocean]

Serious business depends on plannings and further possibilities, so they do need forecast.

 

[Passiveearner]

If you are aware of conducting feasibility study, it includes forecasting the possible things to happen especially in a financial part. The usual forecasting is five years period.

Forecasting is the term used for predicting the price of volatile assets such as Forex assets, gold, and cryptocurrencies. When it comes to business, you tend to predict the outcomes of business.

 

[Magnus2022]

Forecast is a mere speculation which may not give the likely result. A business need proper management and discipline to make it successful. For a business to be successful, a lot of factors must be in place and some of this factors can not be measured. Therefore, forecast of a business is mere speculation that will likely fail .

 

[Yugocean]

Ofcourse, its speculation, but that's what it is used for, even weather forecast is not guaranteed.

 

[nomad]

No one can forecast what will happen in the future accurately. However, we all can prepare for an unknown future.

 

[eldavis]

Yes this would help a lot, this is also why a business plan is important, most of these things should be stated in a business plan to be able to survive.

 

[Heatman]

If you are aware of conducting feasibility study, it includes forecasting the possible things to happen especially in a financial part. The usual forecasting is five years period.

It is actually very good for you to have a feasibility report of your business because it is going to help you to plan ahead to meet up with any challenges that is going to befall the business.

 

[Niyi Briggs]

Forecasting is an important skill in business. It helps you to be prepared and work to mitigate challenges. It also helps you to set a future for your business.

 

[Shavkat]

Forecasting is an important skill in business. It helps you to be prepared and work to mitigate challenges. It also helps you to set a future for your business.

I do agree that forecasting is one of the essential activities that companies should take consideration. At least, we can anticipate the possible things that would happen in the company's future.

Post automatically merged: Mar 8, 2023

It is actually very good for you to have a feasibility report of your business because it is going to help you to plan ahead to meet up with any challenges that is going to befall the business.

It is indeed a good option. If the business owner is not that familiar to do so, then he or she needs to hire someone who can do the feasibility study for him or her. There is no harm to ask for an assistance with this concern.

 

[Reedex]

It is expected for the future of a business to be calculated and estimated by a good business owner.