<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=275610486160139&amp;ev=PageView&amp;noscript=1">

Value Creation Blog

4 Reasons You Must Do Scenario Planning - Video

Posted by Josh Patrick

We often think of scenario planning to be something that only businesses do.  Why don't you watch this five minute video and learn why scenario planning is just as important for individuals as it is for businesses?

What if workbook

Transcript:

Many people think scenario planning is only for business or government.  There’s no doubt that both of these groups need to do it.  So do you.  Scenario planning allows you to think about changes that could upset your life. 

As a good friend of mine is fond of saying, “You’re only one phone call away from disaster.”  Wouldn’t it be a good idea that you’ve thought about what some of those “disasters” might be?

Hi, I’m Josh Patrick a founding principle here at Stage 2 Planning Partners.  Let’s jump in at look at the 4 things you need to do.

Rehearsal makes the real thing less scary.

If that phone call comes your life could be turned upside down.  I bet that if you spent a little time thinking about it you could identify four or five things that would be the most likely reasons your world changes.  If you spend a little time in mental rehearsal about what you’d do if and when the real thing happens you’ll be ahead of the game.

Change is part of your life.

I know that you don’t like change.  There really aren’t very many people who do like it.  At the same time you know that change is part of your life.  Whether you want it or not, change is going to happen.

Sometimes you get to pre-plan for changes and sometimes changes are forced on you.  In either case getting ready for what change might mean and how you’ll respond is all part of scenario planning.  It’s not that something is going to happen; the real question is when it’s going to happen?

What if you’re not happy with your present situation?

This is my favorite type of scenario planning.  When I’m unhappy with a situation I get to think about what a different scenario might mean.  I get to write down what I need to do for change to occur.

Wouldn’t you like to have the ability to make your life better?  If you’re unhappy with where you are now, you can change it.  It’s up to you and if you do some planning the change might not feel so big.  The key here is to chunk down the parts of change to manageable pieces.  It won’t be so big and scary if you do that.

Are changes coming to your life?

Lots of time you know that a change is going to come.  Lots of time we don’t do anything until the change forces us to take action.  And then we might not take any action, we just freeze.

Don’t be afraid of changes that could happen.  You might be sad, that’s only natural.  We call planning for change that you know is going to happen priage.  This is where you get a chance to do some planning ahead of time. 

Priage is all about scenario planning.  You know a change is about to happen and you take charge.  You get to think about what you’re going to do and not just what’s going to happen to you. 

In the end, scenario planning is not that difficult.  Just think about what could happen and then think about three of four different things you could do.  If the event happens you’ve already had your rehearsal.  Now your ready to take action.

Thanks for spending some time with us today.  I hope you like what you heard and are ready to take control of changes in your life.  This is Josh Patrick and thanks for visiting us at Stage 2 Planning. 

Oh, by the way we have a workbook you might be interested in.  This workbook will help you work through different scenarios you could choose if an event happens that forces your life to change.  If you’d like to get a copy of this workbook, click on the button below.

Topics: financial planning, transition planning, scenario planning

Subscribe to Our Blog

Subscribe to Our Blog

Most Recent