Eight Things Salespeople Should (and Shouldn’t) Do in a Forecasting Meeting

Forecasting future sales is difficult, but committing to a forecast can be outright nerve-racking. I once had a boss tell me: “You’re in a tough spot. If you give me too high of a number, I might have to fire you at the end of the quarter. If you give me too low of a number, I might fire you right now.”

So … I’ve listed eight ideas below to help salespeople improve their forecasting performance and to make forecasting meetings less stressful.

1. Think from the audience’s perspective. I list idea this first because it will enable you to implement every other idea. If you’re presenting to sales leadership, remember that they’re being asked the same questions, and they have no direct control over these opportunities – they’re relying on you. If you’re presenting to executive management or ownership, they’re wondering about manpower, inventory, and conversations with investors or banks. When you enter a forecasting meeting from the same perspective as your audience, everyone will benefit – especially you.
2. Never say “It’s in their court.” Maybe the opportunity is out of your control. Maybe you’ve done everything you can think of doing. Maybe it really is in their court right now. I don’t care - there is always something you can do. Also, the audience wants to know that you’re in control. This statement tells them that the opportunity is out of your control.
3. Prepare. Schedule a block of time to prepare for your forecast meeting one week before the meeting. Just before the meeting, make any modifications necessary. Many salespeople wait until the last minute, and it shows. In fact, most of the rest of your team probably wings it, so think how great you’ll look in comparison if you’re prepared.
4. Make last-minute calls to opportunities. When the question “When is the last time you spoke to them?” arises (and it will), if you can answer “Yesterday.” or “Tuesday.” or “Two weeks ago but I left them a voicemail and email yesterday.”, then you’ll calm your audience drastically. This technique will also provide you with information that will improve your forecasting accuracy. By the way, on your last-minute calls or emails, don’t be afraid to let them know that you have a forecast meeting and would like an update. Be direct and honest – your customers will respect you for that.
5. Triple-check your math. One of the easiest ways to lose credibility with any analytical person is to have math mistakes in your report. Unless you want to alienate your CFO or any engineers in the meeting, be sure to triple check your math.
6. Conservative forecasts are not correct. Aggressive forecasts are not correct. Only correct forecasts are correct. Many salespeople and leaders think that forecasts should be conservative, under promising and overdelivering. Others believe that you should go for it in your forecasting and deal with the consequences later if you don’t reach your aggressive estimate. Neither is right. The best forecast is determined by objective stages and gut feel, with the goal of reaching the most accurate forecast possible. Think about it, if you produce five times your forecast, your operations team won’t be prepared to deliver. If you’re too aggressive, people might get laid off. Only right is right. Do you best to be right.
7. Ask for ideas or resources to help expedite the sale. Two things about most audience members of a forecasting meeting: 1. They’re usually full of knowledge and have creative ideas. 2. They love to be asked for their input. With one question, you’ll be able to gain some creative ideas to close an opportunity and fill the emotional needs of your audience. That question is: “Do you have any ideas on how I can win this business?” Of course, there are many versions of this questions, but the point is to ask for help. You’ll get great ideas, and they’ll feel committed to your success.
8. If your forecast is lower than your goal, show ideas on how you might be able to make up for the shortcoming. A favorite phrase of leaders is “If you bring me a problem, bring me a solution, too.” If you enter a forecast meeting with a low number, then you better have a list of ideas of how you’re going to make up the gap. Moving up opportunities from the following month, bringing an idea to a key client, and brainstorming with a favorite partner are all great things to do. Hopefully you don’t find yourself in this situation, but if you do, have a solution to present.

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