What is an Opportunity?
An Opportunity is a potential source of revenue. Whenever you see a potential customer for your product/service you would want to follow up on it, you can create an opportunity and adds this potential sale to the sales pipeline by putting it on the radar of the sales manager who may be holding the team responsible for the progress of opportunities. Opportunities allow organizations to track their revenue forecast and pending deals with the client.
Steps to Create an Opportunity:
Please follow the below steps to create an Opportunity.
1. Navigate to Sales > Pipeline and click on the Opportunities Home on the menu
2. Then click on the 
icon located on the right-hand side to create a new Opportunity in your CRM.
3. In the Add Opportunities page that follows, fill in the details of the Opportunity. Note that mandatory fields are marked with required. You need to fill in the required fields for saving the record. You can notify the sales rep.
4. After the Opportunity is created, you can add Notes, Tasks, Contacts, and Accounts to the Opportunity to help you facilitate the follow up and track the progress through various stages until it moves to the “Closed Won” or “Closed Lost” stage. Contacts are not mandatory to be linked with Opportunities, but it would be a good idea to link them.
Forecast Value: Your forecast is a representation of your open/closed opportunity amounts that includes the amounts you are likely/commit to close. Opportunity Probability can be used to calculate Expected Revenue or Forecast Value. Below formula to Calculate Forecast value.
Deal value x Probability % of closing = Forecast Value
Below is an example summary of forecast report by reviewing opportunities by stage in a selected period
Probability: Opportunity Probability is the standard field in CRM that quantifies the likelihood of winning an opportunity. If the Opportunity Stage is Closed Won then the Opportunity Probability is 100%. If the Opportunity Stage is Closed Lost the Opportunity Probability is 0%. If the opportunity is still open, then the Opportunity Probability is somewhere in between 1% and 99%. You can set the probability percentage based on the number of stages you have in your Opportunity workflow. Check How to Setup Opportunity Workflow
