In the News, 90% of Retail Businesses Fail to Account for Lost Sales

The budgeting you did at the end of last year for 2019 was really important work.We, of course, assume you did some budgeting at some point before the start of this year. As we said, it’s really important work.But new data that we got in this week suggests you may want to go back and look at your figures. Make sure you’re accounting for everything.In one report from Neogrid, we learn that 90% of retail businesses are not accounting for lost sales when doing sales forecasts. If you’re not tracking your lost sales, you probably should. These could be sales lost online in abandoned carts or people who walked out the door without making a purchase. You need to determine how lost sales apply to your business but then track them. When you’re doing sales projections for the upcoming year or any time period, consider those lost sales.Another survey released this week shows how IT professionals say they’re limited in their abilities by a company’s budget. Namely, they’re talking about cyber security. About half the IT pros surveyed by BAE Systems Applied Intelligence say a company’s IT and cyber security budget limits the protections they can offer.