Scenario planning is a strategy used by businesses to identify potential future opportunities and risks. This forward-looking approach helps organizations plan for a range of possible outcomes and make effective decisions for long-term success. It involves creating multiple scenarios – or “what if” stories – based on predetermined criteria and variables, like consumer trends, economic conditions, industry dynamics, etc. Then, businesses use these “stories” to develop strategies that reflect their desired future and ensure they stay ahead of the competition. Scenario planning isn’t just about predicting the future – it’s an essential tool for helping you stay one step ahead.