Foresight Guards Against Uncertainty

PYMNTS' recently released Tariffs and Business Uncertainty: The Current State of Play highlights how the threat of a global trade war has created significant uncertainty, especially for medium sized businesses. PYMNTS reveals that many companies are struggling to cope with the unpredictability caused by tariffs. Some key points include:

• The dynamic nature of tariffs has left executives in a state of uncertainty, particularly those with complex multinational supply chains.

• Even domestically focused firms are affected by the potential knock-on effects and overall economic impact.

• A survey of CFOs at U.S. middle-market firms shows that many companies have not yet started to plan for a global trade war, and some are considering raising prices on their goods and services as a response

  
  

While we constantly remind people that we are not here to predict the future, using foresight can ease you through times of uncertainty by:

1. Planning for Possible Scenarios: By exploring logical future scenarios, business leaders can be better prepared to lead their team through tough times.

2. Understanding Future Risk: Foresight work can help identify potential risks and develop strategies to mitigate them, providing a sense of control and preparedness.

3. Anticipating Impact: By anticipating emerging issues and potential impacts, businesses can innovate and adapt more effectively, turning uncertainty into opportunities.

4. Informing Strategic Planning & Decision-Making: Developing foresight gives leaders concrete tools to make informed decisions and implement flexible strategic plans that keep their business moving forward when others have to stop and take time to assess.

As always, if you're interested in developing the tools needed to face uncertainty, drop us a line.