Among Philippine startups and SMEs, forecasting isn’t usually high in the list of priorities. However, it’s not because business owners and managers do not believe in it. Rather, getting all the important data on time and putting it all in the right context is a bigger challenge than many expect. Moreover, good forecasting often requires special skillsets and resources that smaller businesses do not always have. As a result, more immediate day-to-day concerns take precedence.
Still, precisely anticipating demand, preparing for seasonal dips, and planning investments are all critical for achieving consistent business growth. Experience alone does not give you the whole picture, and you can only rely on luck for so long before it runs out. Ultimately, consistently taking your business to the next level will require strong forecasting capabilities.
Thankfully, SMEs and startups now have access to systems that enable accurate and always timely forecasting. Below are some essentials that can help you strengthen your forecasting and keep your growing business planted on steady ground.
1. Real-Time Sales Data from Your Payment Terminals
A modern payment terminal like the one offered by Maya Business isn’t just a cash register upgrade or a way to keep up with BIR compliance. In a very real sense, it’s an insight engine. The ability to capture and track every transaction in real time makes these devices profoundly useful for measuring your day-to-day financial performance. They allow you to see not just sales volume but also payment method preferences, average transaction size, and peak purchase times for different SKUs.
When linked to your other enterprise tools, digital payment terminals can also have effects beyond financial forecasting. In particular, the linked data can also help with forecasts and even decisions around revenue, inventory, and even staffing needs. Indeed, a payment solution that fits neatly into your existing or planned infrastructure is arguably a prerequisite for modern business intelligence.
2. Cloud-Based Enterprise Resource Planning Software
For decades, enterprise resource planning (ERP) software has been essential for collating and properly using interdepartmental business data, enabling the process automation and forecasting that cutting-edge organizations are known for. However, even for businesses that could afford them, these systems often came with an array of hardware and maintenance challenges that aren’t always relevant or worthwhile.
For smaller businesses, today’s ERP platforms offer a simpler way to enjoy automated entry, reconciliation, and reporting features without the baggage of on-site server management. Depending on your industry, you can easily find cloud-based software suites that integrate into your existing processes without the need for extensive modification. Without the hassles of tool maintenance bogging you down, you can devote more of your energy to uncovering the trends and stories hidden in the data.
3. Historical Data Analysis Tools
Speaking of trends and stories, past behavior is often the best predictor of future patterns and events. For example, pulling data from the last two to three years allows you to identify seasonal patterns, recurring slowdowns, and periods of accelerated demand. Even small retailers can benefit from this approach to adjust their buying schedules and marketing pushes in line with historically proven cycles.
4. Market Research and Competitive Intelligence
There’s more to accurate forecasting than just data, as next-level insights demand context and a good sense of how all the pieces fit together. Industry reports, competitor analysis, and consumer trend data can all signal underlying situations you need to account for. Here’s a good example: if you see a sudden rise in your market’s mobile wallet usage, you may want to reconsider how you allocate resources and design payment experiences to accommodate this change in customer preference.
If you’re working with multiple partners, such as a media buying agency or an SEO company, you can also integrate their reports into your central database. This way, you have a more comprehensive outlook for all facets of your business.
5. Accounting Software
All-important revenue forecasts are incomplete without clear visibility on outgoing funds. ERPs or purpose-built accounting tools can enable you to track payables, receivables, and loan obligations in real time, ensuring your forecasts always reflect true liquidity. This prevents difficult situations where projected profits look strong on paper, but available cash is tight.
6. Data Visualization Tools
Many decision-makers find it challenging to grasp data presented as pure numbers, especially when they have other things on their plate. Modern visualization platforms can simplify the translation of raw data into graphs and trend lines, giving decision-makers a better grasp of what the numbers are actually saying. These platforms can also be used to quickly generate easy-to-read reports for other stakeholders, such as potential investors who want the most recent information available.
7. Scenario Modeling and Planning Models
Some platforms allow analysts to create “best case,” “expected case,” and “worst case” models that account for variables like supplier delays or shifts in consumer confidence. They may not always be spot on, but having these models ready gives you a ready framework to respond when major shifts happen.
Build Your Business’s Future-Readiness
With the right tools and practices, forecasting no longer has to be a shot in the dark. From leveraging the insights of a payment terminal to layering in external economic signals, each step you take can help you make projections that consistently mirror reality. Just be sure to upgrade with purpose and commit to consistency. In time, you’ll develop a competitive edge that keeps you in the game for the long haul.