Forecasting Series Part 1: How to forecast and what makes a good forecast

This episode is the first of a special 3 part series that looks at all things forecasting. Cody provides an overview of financial forecasting and the importance of grounding decisions in solid, realistic numbers. He highlights the problem with black magic forecasting, where numbers are made up without proper analysis. Cody explains that a proper forecast provides a plan and sets expectations for what is realistic based on the numbers, emphasizing the need for execution to make the forecast a reality. Cody also discusses the role of business goals, customer cohorts, data analysis, and understanding unit economics in the forecasting process.  00:59 The Problem with Black Magic Forecasting 01:27 The Importance of Grounding Decisions in Numbers 03:08 The Purpose of a Proper Forecast 04:06 Executing the Forecast 05:05 Pivots and Adjustments in the Forecast 06:04 Setting Business Goals 07:01 Customer Cohorts and Forecasting 07:28 Pulling Data for the Forecast 08:27 Engineering Forecasts Based on Historical Data 09:24 Understanding Unit Economics and Targets 10:46 Improving New Customer Cohort 11:13 Organizing Campaigns by Financial Outcomes 14:36 Execution and Accuracy of the Forecast 15:34 Next Steps and Role Playing Brought to you by: MightyScout: Supercharge your agency with the fastest solution for Instagram & TikTok Influencer Tracking, Analytics & Reporting. Get more valuable work done for your clients without hiring more staff. https://mightyscout.com/ And Social Snowball: Frictionless affiliate programs for your customers & creators. https://socialsnowball.io/ Cody Twitter: ⁠⁠⁠⁠⁠https://twitter.com/cody_wittick?s=21... Taylor Twitter: ⁠⁠⁠⁠⁠https://twitter.com/taylorlagace?s=21...