Get your Forecasts linked with ‘What-If Scenarios’
Written by Matthew Cawthra
Using our Scenarios feature is the only way to get a clear picture on your business’s future. But your business has many paths it could go down. How do you choose which one to action? Well, with What-If Scenarios, you can work out which future is the best for you!
Why would you want this?
It would be great if you could create one base Scenario which has all of the certainties that you know about (rent, rates, etc etc) and then create further Scenarios on top of this to see your best/worse cases or what it looks like with this many staff vs this many etc. What-If Scenarios give you the perfect tool to see how any changes will impact the overall picture by linking further scenarios that you create, to your base one. And of course, whenever you edit the Base Scenario, changes will flow through to the scenarios that are linked to it!
How do I create a What-If Scenario?
To create your What-If Scenario, you’ll need to have in place your main Scenario for the Organisation (if you haven’t built that base forecast yet start here). Once you hit New (adjacent to the Organisation in question), you will see the What-If option:
It’s then time to select the Scenario you want to bring in and combine (the base Scenario). To do this, hit the plus button adjacent to the Scenario you wish to include. In this case it’s called 4 Year Plan:
Now we have our What-If Scenario set up, we can produce Forecasts, indicating what would happen in the best case situation. For example, you may predict a new service will attract five new clients a month. On the other hand, you can create a What-If Scenario based on the worst case scenario, with only one new client every other month.
You can of course already copy a Scenario. However, the main difference between the ability to copy compared to the What-If Scenarios, is that any changes made to the Base Scenario will automatically update the new What-If Scenario.
In our Base Scenario, let’s take a Rent increase as an example, rising from £300 a month to £600 a month from May:
This change in the base Scenario will automatically update within your What-If Scenario, saving you the hassle of manually updating each Scenario:
This feature gives you the lovely ability to put some numbers behind your ambitious plans, giving you an extra edge in predicting your future.