@bluedolphin-- Absolutely. Businesses who want to reduce risks and who want to prepare for the worst-case scenario will definitely engage in scenario analyses to understand what might happen. Most investors do this even if they're not diversifying.
Businesses usually have several scenario analyses for various situations actually. First of all, businesses may prepare and consider scenario analysis about the general condition of the economy. They might prepare scenarios about economic growth or market growth rates to get an idea of what profits and losses may be like in upcoming periods or years.
If a business is investing in new sectors, then it will also want to consider scenario analyses about stocks or bonds and how profitable they will be.