Question

if tom & eddies were to estimate how much money it would need in the first six months of the business, this would be regarded as

Answer 1

if tom & eddies were to estimate how much money it would need in the first six months of the business, this would be regarded as short-term forecasting.

Short-term forecasting is when business owners make an estimate their production levels, cash needs and sales level over a short period of time which is usually less than a year.

Benefits of Short-term forecasting

1. It helps the firm to effectively plan its activities.
2. It helps the business determine their financial health.

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