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Whether you’re stocking your shelves or updating your business plan, understanding what lies ahead is an important part of running a healthy manufacturing business.
Forecasting key business factors, such as sales demand, receivables, payables and working capital, can help manufacturers reduce excess inventory and other overhead, offer competitive prices and keep your business on solid financial footing.
A forecast is an especially important tool today in light of unstable oil prices, helping you react to these changes and understand their impact on the business.
While no forecast is guaranteed, using the right method goes a long way toward getting meaningful results. To help you determine the right forecasting methods for your business, ask yourself these five questions:
You may not have a crystal ball, but using the right forecasting techniques will help you gaze into your company’s future with much more accuracy. Doeren Mayhew’s manufacturing CPAs in Michigan, Houston and Ft. Lauderdale can help you establish the forecasting practices that make sense for your business.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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