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Why Forecast?

Why do we forecast?

A forecast is an important part of your business plans. But why? For most organizations, there are four major reasons to forecast:

  1. Financial Predictability

A budget helps an organization more accurately plan for the future and understand what the organization might look like in the near and far term.

  1. Understand Business Drivers

A budget is done so business leaders can better understand what external factors impact their business and what their business will look like based on changes on those drivers.

  1. Manage Performance

For many organizations, management uses budgets to set and evaluate employee’s performance. employees.

  1. Because we have to

It’s that simple. We budget because we’re asked to present a clear financial plan to our managers, executives, or board members.


Why do you budget? Does your organization have any other specific reasons?