Sometimes the best blog ideas emerge during the process of designing and developing new business simulations. Earlier today, I was interviewing a senior finance subject matter expert as part of the process of designing a new business simulation, and I asked him about the single biggest business skills challenge he thinks the organization faces. Before I even finished asking the question, he blurted out...“Without a doubt, forecasting! It is our Achilles heel, and if you can help our company develop better forecasting skills, that would be amazing. Think of it this way. If we were just 1% better in forecasting, we would create over $50 million of free cash flow every quarter. That’s a significant number.”
We had a great 10-minute conversation about it, which prompted me to do some research and review years of notes I’ve accumulated on forecasting skills. Based on that work, here are five quick skills that make business forecasting more effective:
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