Forecasting business

By Linda Julian

Here's a useful formula to forecast business:

• quantify the opportunity
• multiply it by your estimate of the probability of success
• discount it for any extraneous factors.
• this formula yields the dollar forecast.

Then apply the timing forecast:

• likely timing
• delay factors
• work out probable timing.

While hard-nosed forecasting like this is a novel concept for most lawyers, and other professionals, it will help you in prioritising your business development efforts.