In this day and age of globalization and world of constant change, scenario planning is the crystal ball you need to predict the future.
First, Identify key factors that may affect your business;
Second, Plot the probability of change for the better or for the worst;
Third, create at least four scenarios using the interplay of changes in your key factors;
Finally, Identify your triggers and your planned response or alternative action plans when one of your scenario begins to unfold.
With scenario planning, you are always one step ahead of the competition.