November 25 –
We all spend time gathering history and creating our forecasts (both long and short term). But even after the forecast is created, you need to continue to revisit and validate the accuracy. This will help you to capture trends going forward.
If your forecast is substantially higher or lower than what you expect, you may need to re-examine your current forecast for changes. Factors that can change arrival patterns include things like Daylight Savings Time, weather, marketing, opening new channels, and changes to your customer base. Looking for the factors behind the changes will help you with neartime forecast adjustments and will assist in capturing odd recurring trends within your particular type of business.
Validate daily, weekly and monthly to ensure you pick up the changes you need for future forecasts. You can then adjust the need and the schedules and your hiring needs in capacity planning. Oh, don’t forget to check for potential seasonal trends in your business.
It all starts with the forecast – make it a good one. Your business depends on it.
Note: This week’s tip provided by SWPP Board Member Rick Seeley. He may be reached at mrpager@aol.com.