Scenario Planning is a tool to use to plan for an uncertain future. Usually we plan based on the past and we have some ability to predict the future within a range of possibilities. But when the future is unlikely to be a modification of the past CEOs and business owners use the scenario planning tool.
This is especially useful during the Covid-19 pandemic. We can't predict how long it will last and how the economy is likely to react. This tool allows you to plan for multiple scenarios.
It's also something you can use on occasion even when the future is a bit more predictable. It will allow you to be ready for those "out of left field" events like a new technology or unexpected competition.
Scenario planning is a tool that every entrepreneur and business owner should have in their business owner's tool box.
