Scenario Planning
This is a preview of a concept contained in The Personal MBA by Josh Kaufman, a book that will help you master the fundamentals of business, hone your business instincts, and save a fortune in tuition. The Personal MBA distills the most powerful principles of business and delivers them quickly and concisely. Order your copy now…
What is “Scenario Planning”?
“A prudent person foresees danger and takes precautions. The simpleton goes blindly on and suffers the consequences.” — Proverbs 27:12
Key Points:
- Scenario Planning means constructing hypothetical situations, then Mentally Simulating what you would do if they occur.
- By coming up with as many courses of action for that potential circumstance, you’ll develop several responses to any imaginable situation.
- Scenario Planning is the key to effective strategy. Instead of focusing on one option, your business becomes more flexible and Resilient.
- Skipping Scenario Planning might be tempting, but try not to. Planning for the future on a regular basis is extremely valuable for any business.
- Don’t waste time with unknowable futures. Focus on the most likely scenarios and you’ll be well prepared if they actually occur.
Questions for Consideration:
- How much time do you spend asking and answering ‘what would happen if’ questions?
- What are some potential changes that could affect what you’re currently working on?
- Assume each of those changes actually occur – what would you do, and how could you prepare?
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