 It’s budget season…and will be for a while. Everyone we speak with seems to be in some sort of budget, forecast, or financial review mode. The end of the year is in sight, so thoughts and plans naturally turn to next year. To be a great futurologist (forecaster), one also has to be a historian. History dictates the future……doesn’t it? If you’re grappling with producing a forecast based on facts rather than trying to somehow match what you know will be the accountant’s version, here’s a quote that might resonate with you. People can foresee the future only when it coincides with their wishes, and the most grossly obvious facts can be ignored when they are unwelcome. – George Orwell The truth is in the data and no accountant can ignore that. It’s time to think/budget/communicate differently……..collaboratively. So how do the last two years help us budget more effectively? That’s the most tricky question and issue I believe most people will be wrestling with right now. 2021 – pandemic = £0 2022 – booking/event hysteria 2023 – strong growth but no long term pattern 2024 – economic & political uncertainty So how will you forecast/predict 2024…….accurately? You won’t. So transparency is needed. And that might be uncomfortable because the numbers might not show what your bosses want to see. But they are the truth, rather than a wish. So, like all things in life, it’s a balance that is the desired outcome. And that’s exactly what you can do if you use the data to help you. VP’s data will show you the past AND the future. The challenge is, as we know it, that there aren’t many hard numbers in the future because booking lead times are so short. And therefore now is the time to share your insights and benchmarking data with your bosses. Plucking numbers out of thin air isn’t going to help anyone – least of all you. And if you’d like to see what the future looks like, please join our monthly M&E Analysis virtual meet-up this Friday at 12.00 ↓ This month I’ll be joined by Kathrin Cockhill, Commercial Director of HotStats REGISTER HERE Happy budgeting – let us know if you’d like to see what the future looks like.  Short lead times hinder accurate forecasting. Bookings & Events Want to know more? Book a call with VP %20(1).png?width=1120&upscale=true&name=September%2023%20review%20(Linkedin)%20(1).png) REGISTER for M&E Analysis Request the VP creds deck. VP Creds Deck request If you’d like to see some examples of our insightful reports, simply click here Have a great month Venue Performance team Contact us: peter.heath@venueperformance.com 07971 572827 Other resources Testimonials Report examples Blogs Podcasts Stronger Together |
