Performing growth forecasting involves several steps:
Data Collection: Gather historical data on sales, revenue, and other key performance indicators. Market Analysis: Conduct a thorough analysis of the market to understand trends and customer behavior. Set Assumptions: Define the assumptions that will guide your forecasting model, such as growth rates and market conditions. Build the Model: Use the chosen forecasting technique to build a model that projects future growth. Validate the Model: Test the model against historical data to ensure its accuracy and reliability. Review and Adjust: Regularly review the forecast and adjust as needed based on new data and changing market conditions.