Revenue Forecasting in HubSpot
Learn how we helped Darwin Group use HubSpot deal data to drive revenue forecasting.
2-MINUTE READ
Background
Darwin Group stands at the forefront of constructing exceptional healthcare facilities for the NHS, substantially elevating the care quality for both patients and staff.
During their collaboration with a former HubSpot partner, Darwin Group was led to believe that HubSpot could seamlessly manage revenue forecasting "out of the box". This misconception was quickly uncovered, propelling the need for a bespoke solution which is were Wellmeadow got involved.
HubSpot excels in sales forecasting, however this is a critical distinction from revenue forecasting. To clarify, sales forecasting focuses on the winning or receipt of orders, whereas revenue forecasting relates to the timing of invoices. This distinction is crucial, especially considering the potential for invoicing to extend over months or even years, affecting multiple financial periods. This is often a request from the Finance teams who want to use it for Profit and even Cash forecasting.
Operating within the domain of healthcare construction, Darwin Group handles projects of a significant scale. The ability to accurately forecast revenue using HubSpot's deal pipeline is instrumental for strategic planning and the efficient allocation of resources.
Wellmeadow, in partnership with Darwin Group, crafted a tailored revenue forecasting solution, leveraging existing HubSpot data to fuel the forecasting model.
How we helped
(The Enterprise Licence Solution)
Leveraging its status as an enterprise customer of HubSpot, Wellmeadow utilised custom objects to architect the solution. A custom object named "monthly billings" was developed, serving as the cornerstone for forecasting, driven by data input into various custom properties.
The innovation didn’t stop there; Wellmeadow harnessed HubSpot workflows to automate the forecasting process and streamline other necessary operations. The absence of looping capabilities within HubSpot workflows necessitated a creative approach, leading to the establishment of a set of workflows. The first workflow is triggered by changes in key revenue forecasting properties, subsequently initiating a separate workflow which creates the new object record, which in turn triggers a 'next item' workflow to force it to repeat. There is also a step to clear previous records to avoid double counting.
Given the complexity of managing hundreds of deals across the sales team, the solution also included the development of bespoke reports and dashboards. These tools allow for the revenue forecast data to be dissected by type or revenue category, presented in both graphical and tabular formats. This innovation has significantly enhanced the review process, spotlighting the revenue generated from closed deals within the sales pipeline.
How You Can Do It with Pro
(The Professional Licence Solution)
HubSpot is a constantly evolving platform and new features are arriving all the time.
Since this original solution was created, HubSpot users how have access to Object Templates for things like Courses and Services.
This gives an option for achieving a similar outcome, with one important distinction. You can't create Custom Template Objects using workflows.
However, all is not lost if you use the API. We've implemented this solution since and it works better than the original solution. This is because you now have the option of deleting old versions of the billing records rather than just clearing them like you have to with Workflows.
And don't be frightened off by the letters API. It's remarkable achievable - using Microsoft's Power Automate or even Zapier. We can provide online support to talk you through it.
Results
↑3X faster reporting | ↑cashflow visibility
The culmination of this collaboration is a refined, real-time revenue forecasting model directly integrated into HubSpot, eliminating the need for external data manipulation. This advancement offers Darwin Group a transparent and immediate understanding of their revenue potential, a pivotal tool for driving their mission to enhance healthcare infrastructure.
Want to work with us?
If you like what you've read and want to find out more about how Wellmeadow can help, get in touch.
