Have you ever had a client ask you, “What happens if everything goes terribly wrong?” Or the opposite: “What if we accidentally become wildly successful?” In other words, what are the best case and worst case scenarios? Well, there's no need to make guesses in the dark. With the new Scenarios in Budgets and Forecasts, you can plan for all the what-ifs life throws at your clients and your business, with ease.
Let's take a look at what this means.
Planning for disaster or success
With all the uncertainty prevailing in the world today, you want to know if you can handle your worst nightmares, such as:
Doomsday Scenario - Meteor incoming. Sell the office chairs, liquidate the coffee machine, and brace for impact.
World Domination Scenario - Sales skyrocket as your cupcake business takes over the global cupcake market.
The “Viral on the Internet” Scenario - Orders flood in after someone accidentally makes a TikTok about your product.
The “Coffee Machine Broke” Scenario - Productivity drops 40%. Forecast accordingly.
But all jokes aside, with Scenarios, you can explore all the possibilities of your budget or forecast, from taking out a loan to hiring a new team of in-house marketers.
Note 📝: This is only available on the Advanced plan.
How does it work?
You will see a brand-new "Create new scenario" button. From here, you can add events to your scenario. These events will then be applied to the scenario.
Pro Tip 💡: Give your scenario a description to remind yourself what the purpose of this scenario is.
You can apply a scenario to your Budget or Forecast by toggling on the scenario. You can then compare that to a "No scenario" version of the same Budget or Forecast. If you compare to a Budget or Forecast that has a scenario applied, the product after the scenario effect will be displayed.
There is also an "All Scenarios" view, where you can see all the scenarios you've created and create others.
Plan for as many potential scenarios as you can imagine
There are many different events you may want to consider for your business or your client's business. Forget the doomsday scenario or the broken coffee machine. What if you are considering investing in massive billboards across town or adding a new product to your shelves? These potential new avenues are worth exploring.
The good news? You can add as many scenarios as your heart desires. You can simply duplicate existing scenarios and tweak them with new events, subtracting the events that don't make sense. Events can also be added to multiple scenarios.
Scenario comparison
To make it easier to assess the impact of different scenarios and compare their outcomes, you can visualize these projections in a clear line or bar graph.
You can compare an account’s value/total across up to 10 different scenarios using a line graph or bar graph, making it easy to see how each future stacks up over a selected period.
Closing thoughts 💭
With Scenarios in Budgets and Forecasts, you no longer have to guess how hiring new staff or taking out a loan could impact your business. You can project it based on real data and intelligent predictions in Syft. So, what are you waiting for? Try the new Scenario functionality today.