Accept that you will never ‘get it right’
“We spend so much time and effort on this process, but we never get it right!” is a typical frustration. Do you recognize this? If so, you are not alone, and we urge you to keep reading … help is on the way.
If by ‘getting it right’ you mean hitting the forecasted numbers, you are in for a realization – and a change of mindset: Accept that you will never ‘get it right’.
No matter the effort, process, or system, you will never be able to predict exactly what will happen.
This said, it can still make a lot of sense to prepare financial forecasts. If done properly, forecasts can provide insights, foster debate, challenge assumptions, and lead to better and faster decision making. And it usually helps with a mindset that resonates with the following statement:
“It is often better to acknowledge that you don't have control and act accordingly, than to think you have it and act accordingly.”
– Bjarte Bogsnes
The world is inherently unpredictable, so we must all learn to live with the uncertainty, and this has several implications.