Our global turbulence is challenging and reshaping long-standing market assumptions and practices. This is challenging our mindsets and every aspect of our traditional business models. The National Center for the Middle Market reported in a March 2020 survey that 51% of CEOs felt, "ongoing uncertainty is the most difficult aspect of the current environment.”
While we can’t know the future, we are not powerless and should not get stuck. Instead, we can conduct scenario planning to strategically navigate through profound market uncertainties. Scenario planning does not predict the future, but instead imagines different plausible futures - and develops strategies to capitalize on changing opportunities.
Executive teams that use scenario planning experience several benefits, including:
• Prepares them to move faster than the competition, when things begin to get clearer
• Creates a planning discipline that serves them well through the crisis and after
• Generates meaningful team conversations regarding the changing environment and implications
• Surfaces options to consider that leverage capabilities and capacity differently
• Helps to effectively deploy limited resources and cash through the uncertainty
• Helps the team psychologically to do meaningful work during high-anxiety
With effective scenario planning, you can navigate through 2021 more successfully, pivot as markets shift, and accelerate your rebound as the new normal emerges.
If you want to learn more about scenario planning, download our new PIVOT 2020 Guidebook. This fillable e-book has four integrated tools for executive teams to self-implement scenario planning effectively and expediently. Our webinar hosted by Automation Alley provides context on effective scenario planning. And if you would like assistance, ask us about pro bono coaching to get started.
As we reimagine and rebuild our collective new future, use scenario planning to lean into uncertainty and capitalize on changes. Planning for different plausible futures will help your company move forward iteratively and confidently - regardless of which future emerges.