Even in the most stable of economies, the modern enterprise operates in extremely complex environments. But when markets reflect today’s current turbulence, it seems impossible to think of everything that must be done across the many possibilities of what MIGHT happen. The trick is, if you don’t make time to understand the impact of your range of options before you’re in a moment of crisis, you’re left to respond to an actual crisis with little more than gut instinct.
This is where scenario planning comes in. Scenario planning enables you to consider several alternative futures and plan for what could happen across each. You identify key variables that could impact your business performance and flex those variables to see the impact. Some might think the worst has already happened…but how do you know? We’re all facing uncertain futures now more than ever which is why there has never been a better time for scenario planning.
In addition to using scenario planning during the development of corporate strategy, it’s also proven to be a valuable tool for evaluating pricing strategy and tactics to grow your bottom line. Read the full article at Manufacturing.net.