While the phrase "multiple futures" may not be familiar to you, the concept certainly is. Multiple futures are unpredictable events, which take place in the external environment. Multiple futures can be all the environmental opportunities and threats over which your firm has no control, but which can impact everything you do.
Plans generally concentrate on the internal strengths and weaknesses of the business. Yes, they consider competition. But, they do not often take into account other factors which can have a dramatic impact on the company, or the industry. Why? Because external events like a revolutionary change in technology, a radical change in the political structure, a major natural disaster, an epidemic, a severe rapid decline in the economy, an outbreak of terrorism or war, or a challenge to the underlying ethics of an industry are seen as unpredictable.
But, were they unpredictable? Can a business only react as quickly as possible after the event occurs, or can trends be spotted? The answer is not clear cut. In some cases, especially with the benefit of 20/20 hindsight, we are able to identify trends which may not have been obvious as they were occurring. Planning for multiple futures requires watching for trends, and making contingency plans before the change(s) occur.
What are some of the key 2005/2006 trends that you think we should be watching for that might create multiple futures for Follett Higher Education Group (FHEG)in the coming years?
Key trends that Follett must watch are technology, education enrollment, and the economy.
Technology goes without saying as the increase in online competition from bargain basement book swaps are sure to continue to grow in popularity based on the other two trends. As more students enroll and money becomes tighter all around, people will continue to look for the ...
Examples of the key trends for Follett Higher Education Group (FHEG) during the strategic planning process