6 Ways Scenario Planning Is Essential for Your Business Plan

​Companies in 2023 face an uncertain economy. With rising inflation and the likelihood of a recession, business planning is more essential than ever. 

One important component of any business plan — scenario modeling — is crucial when it comes to helping businesses assess, predict, and plan for multiple outcomes. Some benefits of scenario modeling include:

• Flexibility: It allows you to see side-by-side comparisons of best-case, worse-case and baseline scenarios, so you can pivot as needed
• Whole-company and team efficiency: Properly laid out data scenarios allow for better communication between teams
• Lasting impact: It allows for more finely tuned and agile long-term planning for durable growth, as well as short-term pivots and predictions

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