For some time now, business owners have been focused on addressing immediate needs and answering the questions of the moment. How can we earn revenue right now? How do we pay our bills? Can we retain our staff? Yet as the country re-opens, owners can begin shifting their attention to the future. But how do you plan for the next few months and years when there is so much uncertainty lining the road ahead?
Business scenario planning is a tried and true tool for business owners. Often defined as “what-if” planning, business scenario planning involves making assumptions on what the future will bring, and gaining an understanding of how different situations – or scenarios – will affect your business.
For instance, what would happen if you lost half your clients? What if you didn’t get paid on time? What if you need to hire additional employees to uphold new safety policies? What if you run out of cash?