Small business
How to Effectively Forecast Customer Demand for Your Small Business
Understanding your customers' needs and preferences is a challenging yet vital task for any business. Doing so effectively is crucial in inventory management, especially when operating with a tight budget, as ordering the right amount at the right time can help reduce waste and optimize cash flow. Although it's impossible to predict the future with 100% certainty, demand forecasting can be the next best thing. It is a useful tool that small business owners can use to gain insight into what their customers will want to purchase, allowing for greater preparedness. Below, we'll explore customer demand forecasting and how to effectively apply it to your small business......
