Scenario planning is an innovative and forward-thinking business strategy that allows companies to map out potential futures for their industry and plan for different outcomes. By considering multiple plausible scenarios, companies can envision what the future might bring and create a comprehensive response plan to ensure survival in any eventuality. The process of scenario planning begins with detailed research into the various factors that could shape the future of a particular industry, such as regulations, technological advancements, customer preferences, and economic conditions. Based on this research, the business must then imagine the possible ways these elements could converge to impact the industry’s future. Finally, a company can create plans of action for each scenario, from worst case to best case, to prepare for any outcome.