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Don’t Go It Alone: Unlock the Power of Collaboration

We often share ideas about strategy and how it needs to be at the core of everything that a business leader does. Successful execution of strategy involves, among other things, implementing forecasting models for your company that will provide your leaders with the information they need to make decisions that drive results. In many ways, forecasting follows the adage that what you give is what you get. The quality of your results is in direct proportion to the resources you are willing to “give” to the effort.

A July 7, 2008 article in The Wall Street Journal, “Thinking About Tomorrow: Seven Tips for Making Forecasting More Effective” spelled out ideas for building better forecasts. The central theme and “best practice” idea coming of this article is that collaborative forecasting involving not only cross-departmental resources, but your suppliers and customers as well, will yield better, more complete data, thereby driving clearer, more comprehensive and more actionable forecasts. While we need to understand our weaknesses, the authors also argue that focusing your forecasting efforts on areas of greater revenues and profits will further improve results.

Consider: How do you build forecasts? Do you engage cross-functional teams and fully understand the impact that improved forecasts can have on your bottom line? Do you know the key factors that affect your business? Do you measure the accuracy of your forecasting and look for ways to improve the return on your forecasting initiatives? What process do you follow to assure that results of your forecasting models are integrated into your execution strategies and actions and communicated throughout your organization in a timely manner?

The bottom line: Tap into all of your resources to improve your performance.

This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.