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Chapter 2 - Creating sales forecasts. This chapter presents the following content: Importance of forecasting sales, sales histories, maintaining sales histories, sales variances, predicting future sales, technology tools. | Chapter 2 Creating Sales Forecasts Main Ideas Importance of Forecasting Sales Sales Histories Maintaining Sales Histories Sales Variances Predicting Future Sales Technology Tools Importance of Forecasting Sales “How many guests will I serve today?” – “This week?” – “This year?” Guests will provide the revenue from which the operator will pay basic operating expenses and create a profit. Forecasts of future sales are normally based on your sales history. A Sales Forecast predicts the number of guests you will serve and the revenues they will generate in a given future time period. Importance of Forecasting Sales Determine your actual sales for a current time period by using a point of sales (POS) system. Distinction between sales (revenue) and sales volume (covers) Sales may be a blend of cash and non- cash. With accurate sales records, a sales history can be developed. Advantages of Accurate Sales Forecasts Accurate revenue estimates Improved ability to predict expenses Greater efficiency in scheduling needed workers Greater efficiency in scheduling menu item production schedules Better accuracy in purchasing the correct amount of food for immediate use Advantages of Accurate Sales Forecasts Improved ability to maintain proper levels of food inventories Improved budgeting ability Lower selling prices for guests because of increased operational efficiencies Increased dollars available for current facility maintenance and future growth Increased profit levels and stockholder value Sales History Sales history is the systematic recording of all sales achieved during a pre- determined reporting (accounting) period. Sales histories can be created to record revenue, guests served, or both. Sales to date is the cumulative total of sales reported in the unit. Sales History An average or mean is defined as the value arrived at by adding the quantities in a series and dividing the sum of the quantities by the number of items in the series. Fixed average is an average in which | Chapter 2 Creating Sales Forecasts Main Ideas Importance of Forecasting Sales Sales Histories Maintaining Sales Histories Sales Variances Predicting Future Sales Technology Tools Importance of Forecasting Sales “How many guests will I serve today?” – “This week?” – “This year?” Guests will provide the revenue from which the operator will pay basic operating expenses and create a profit. Forecasts of future sales are normally based on your sales history. A Sales Forecast predicts the number of guests you will serve and the revenues they will generate in a given future time period. Importance of Forecasting Sales Determine your actual sales for a current time period by using a point of sales (POS) system. Distinction between sales (revenue) and sales volume (covers) Sales may be a blend of cash and non- cash. With accurate sales records, a sales history can be developed. Advantages of Accurate Sales Forecasts Accurate revenue estimates Improved ability to predict expenses Greater .
