Market Research and Forecasting
Where are you?
Ultimately, big question is ‘how many’ customers are coming through your doors? And when and will they continue doing that needs to be more than guesswork or hoping!
It may be that you’ve already a good idea of how many customers you can expect, but it’s not the case for many new hospitality and food businesses.
If you have a clear idea who your typical customers are, but it’s daunting working out how many of them there are, and how many will return this option is for you.
It’s easy to forget that your whole business will depend on getting this part right!
How we can help
I know from experience what a challenge this area is, even for the most experienced of businesses. It’s tough enough for an established business to predict its future, but for a new business it seems impossible.
Sadly, there’s no ‘magic wand’ which can foretell the future. But we have a good idea what key information to look for; how to use it in understanding what a businesses customers ‘look like’ and from that to see what a realistic forecast might be.
This requires some ‘legwork’ best done by the business itself. Building the understanding of where the customers are; who they are and what they’re likely to be spending with furnishes you with the wisdom to help secure your future business success.
Knowing where to look, and what to look for is where we can help. Applying the experience we’ve had over ten years of understanding and forecasting for our own and our franchisees’ businesses can help you avoid easy pitfalls and assumptions in the forecasting ‘business’.
What you will get
We’ll initially meet to understand how far you are already and to review with you some of the typical approaches we’ve taken. Importantly, you’ll leave knowing exactly what information you’ll need to gather for the most accurate forecast.
You’ll need a period of time to do this. Once you have the key information we work with you to build your own forecast model.
This forecast will project your monthly sales for 36 months, based on your own findings and data as an invaluable practical monitoring tool. We’ll review this with you and adjust as necessary. Being able to measure your own business performance means you’re able to take decisive timely action to keep it on track.
P.S. Remember that when this is fed into your own financial forecasts for the business, you have the kind of convincing case an future funding source or investor wants to see.
Package Cost :
£ 1,495 (+VAT) plus reasonable expenses (which will be quoted in advance)