Scenario Planning Gone Wild!Posted on April 28th, 2020
In the fall of 2017 some of the brightest minds in the AV industry gathered in Atlanta to envision the industry’s future in 2023. We started with scenario planning (nominal, best and worst case) and then looked for common actionable threads they could use in their individual companies to be best positioned for all three scenarios. It is absolutely crazy how well this group envisioned the socioeconomic challenges they might face in the AV industry!
Best case scenario for 2023:
Worst cast forecast for 2023:
It is just incredible how quickly the economic environment shifted from the best case scenario to the worst case scenario! How many times when we’ve done scenario planning and come up with the “doomsday scenario” that we then dismiss it as such a low probability that we don’t seriously address it?
And these are the actionable steps common to all three scenarios that each company implement to best position themselves for growth and also protect against the downside.
So the questions are:
How many of these strategic steps were implemented? How many of them still apply? What actions would you add to the list? What is near term (during crisis) and what serves longer term as your company transitions out of crisis response and into the newly evolving market models?