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Five tips for effective scenario planning

This guide, created by the ICAEW Business and Management Faculty, shares five practical tips finance professionals may wish to consider when preparing forecasts and planning for the future.

Businesses are used to feeling the tension when it comes to focussing on the here and now and the ‘what if’ scenarios but COVID-19 has shown that in a matter of days business activities can grind to a halt. To what extent should you prepare for business disruption? Should a business plan for all eventualities? This guide sets out five areas for finance professionals to consider.

The information in this guide is intended to be practical and helpful in these difficult times, but because every business is different in so many ways, the guide shares general guidance only and you should take appropriate professional advice on the circumstances of the business.