My name is Jeremy Bass with Cybertron Electronics LLC based out of Kansas, USA. Today I want to discuss foresight and why you need it. I am going to break this article into a couple of sections; business foresight and personal foresight.
All information below and insights are my personal opinion on the subject of foresight.
Section 1. Business Foresight
The word foresight is made of two parts: fore, which means "before," and sight, which means "to perceive." People often perceive things with their eyes: this is vision or sight. But vision can also describe what someone thinks will happen in the future — and foresight is planning for things before they happen.
In the business world if you are not planning your future or foreseeing it you will never get to your end game goal. It is really that simple. Now there some variables involved getting your foresight on point. Once your business is up and running and you will gain data about your sales, most popular SKUs, payroll, bills, etc. You can start to foresee what you will need to run your operation 3-6 months into the future.
As an example, let says you are selling 300 iPhone 4S a month. You know you need at least 400 iPhone 4s units on hand at the beginning of the month. So if you go below 150 units you would want to start to buy more before you run out of stock. In the world of business, you will come to realize certain deals with suppliers only come around ever so ofter.
So for this discussion, let’s say a supplier had 1000 iPhone 4S in stock. You will have a little over 3 months of stock to sell. Using your new foresight of this sku it would make sense to buy all of those units so you don’t run out of stock and can capitalize on sales.
Section 2. Personnel Foresight
So we all know what happen in the crazy year of 2020. Corvid-19 Virus took the world by storm and we are still in what I term "The Great Unknown Period". What business owners should be doing going forward is to watch all future viruses like a hawk. This is what I will be doing in the future. The reason is in December 2019 / January 2020 if you were watching this you could have had the foresight to buy a lot of inventory knowing this was going to hit the fan.
Another market I watch very closely is the stock market. Again if you start to see the market tumble you can prepare for what the outcome might be. Or start asking your suppliers what is going on. Most will say everything is fine, remember that. It won't hit them until they're in the "mud". One thing I missed out on was not buying enough stock when the coronavirus limited the supply chains.
Hope this opens up your mind to the world of foresight.
Jeremy Bass - Cybertron Electronics