In financial projections, two of the most important items are sales forecasts and budgets. Sales forecasts serve as roadmap for the sales team to identify potential market segments, drive their best selling products or services and provides the company an insight on how to manage its sales force, establish excellent sales strategies and allocate resources properly.
Budgeting defines the success of the business. Creating a budget controls the finances of the business. It makes sure that all the company's future commitments are properly funded and that there are available money to fund future capital expenditures.
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Forecasts are estimates of future revenue of the company by predicting the sales of the different categories of products, services, salespersons or significant segments of the organization within a week, a month, a quarter and a year.
Budgets are financial plans within a defined period, usually in one year. It includes the different cost of sales, services and administrative expenses of an organization.