Play it forward: Five tips for strategic financial forecasting [Video]

Financial forecasting is crucial for SMEs navigating uncertainties and looking to seize opportunities. Expert advice highlights key strategies for refining your forecasting practices, ensuring that your predictions are accurate, actionable, and strategically aligned.

For small and medium-sized enterprises (SMEs), accurate financial forecasting is not just a numeric exercise but a strategic tool that helps navigate the complexities of growth and market dynamics. Owen Twort, Manager – Business Advisory Services at BDO Auckland, with his extensive experience in advising diverse industries, offers valuable insights on refining your forecasting process. His tips emphasise collaboration, clarity, and the effective use of technology to ensure that your forecasts are both realistic and actionable. 

1. Engage all your stakeholders

Effective forecasting starts with collaboration. Engaging various stakeholders from across your business – finance, sales, operations, and senior management – ensures a comprehensive understanding of different facets of your business. Your finance team will track the numbers, but insights from sales …