What is a sales forecast, and how does Opsyte help you manage it?
Stay informed with industry news, tips, and practical guides for hospitality professionals.
What is a sales forecast, and how does Opsyte help you manage it?
Creating and using a sales forecast is a huge benefit to your hospitality business - it is the foundation for much of your businesses financial reporting! A sales forecast can help you manage your staff costs, other variable costs, manage your cash flow and set goals. Don’t worry – Opsyte helps you with the basics.
So, what is a sales forecast?
Sales forecasting is the process of estimating future sales. It is typically based on past sales data, but it can also be generated by looking at industry benchmarks and market research.
It’s also important to remember that your forecast is built on assumptions which can be ever changing! Some key areas to consider for hospitality are:
- Market Conditions: A very relevant example in the context of the pandemic! Having a general understanding of the macro effects on your business can help you better predict your sales. What does the broader market look like?
- Seasonality: Another big factor to consider for hospitality. You’re likely to see seasonal peaks and troughs in your footfall which may reflect the weather, public holidays, local events and a range of other seasonal factors.
How does Opsyte help?
Opsyte has a forecasting function which is used in a few different places. It is used to help you keep track of your labour cost in the rota – you will be notified when your wages reach more than a certain % of your forecasted sales. It is also used in your reporting, in your P&L Flash and your Wage Report.
In the absence of data, Opsyte will automatically calculate a forecast based on your previous 12 weeks of sales. This gives you a benchmark to work your forecast from if you do not have one, but to create a more accurate forecast you may wish to adjust this to reflect the factors mentioned above, and other forecast influencing factors such as changes to your products and services and your marketing efforts.
If you wish to find out more about where you can input your forecast on Opsyte, please visit the following link or contact customer support!
Ready to simplify hospitality ops?
We’ve got you.
Speak with an Opsyte expert to see how we help:
- Save hours on staff scheduling and rota planning
- Automate invoice processing and financial insights
- Track live labour costs vs sales in real-time
- Get fast answers and support from real humans
- Automate your P&Ls
“Opsyte transformed our entire back office. Game changer.”
Read articles from our hospitality experts
-
Maximising the Dining Experience: A Comprehensive Guide to Restaurant Mobile App Development in the Hospitality Industry
Restaurant Mobile App Development: Revolutionising the UK Hospitality IndustryThe UK hospitality industry is experiencing a digital revolution, spearheaded by the advent of Restaurant Mobile App Development. In an era where…...
-
Optimising HR Catering Services: An In-Depth Look at Professional Catering Solutions for Corporate and Event Hospitality
Transforming HR Catering in the UK Hospitality IndustryIn the fast-paced hospitality industry, HR catering has emerged as a critical component, impacting both employee satisfaction and overall business success. This blog…...
-
Boosting Your Bar Business: Comprehensive Strategies for Effective Bar Marketing and Promotion in the Hospitality Industry
How to Promote Your Bar Effectively in the UK Hospitality IndustryRunning a thriving bar in the highly competitive UK hospitality industry takes more than just pouring the perfect pint. It…...
-
Unleashing Potential: Effective Restaurant Marketing and Management Tips to Boost Your Hospitality Business and Increase Revenue
How to Improve Restaurant Sales: Effective Strategies for a Thriving Hospitality BusinessIn the highly competitive hospitality industry, it's imperative for businesses to continually revisit their strategy to stay ahead. This…...
-
Boosting Your Business: Effective Bar Marketing and Promotion Strategies in the Digital Era
Effective Bar Marketing: Mastering Hospitality Marketing StrategiesIn the world of hospitality, bars need to be more than just a place to grab a drink. They must be an exciting destination…...
-
Leveraging Innovative Catering Solutions: An Insight into the Efficiency of Catering Software and Event Management Tools in the Hospitality Industry
Revamping Your Catering Business with Advanced Catering SoftwareIn the current digital age, the hospitality industry is experiencing a significant transformation. A multitude of catering businesses are leveraging the power of…...