James, Strategy Specialist at GBC, 1 min read, 7 min video
Analysing Your External Company Environment Using PESTEL Analysis in StratPlan
When we created StratPlan, we created it with simplicity and ease without compromising on tried-and-tested traditional strategic planning analytical models. This ensures that we make strategic planning easy and available without compromising on quality and quantity. To understand the factors that can impact your business, we must analyse the external environment and main components that could impact the business. Here we show you how to evaluate your external environment using PESTEL analysis in StratPlan.
First things first…just a little on PESTEL analysis. To evaluate your company’s external environment we must consider the strategically relevant factors in the macro-environment. The macro-environment comprises of six main components: Political factors, Economic conditions in your company’s general environment whether local, country, regional, or worldwide, Sociocultural forces, Technological factors, Environmental factors that concerns our natural environment and Legal/regulatory conditions. Each of these factors or otherwise referred to as components, have the potential to impact your company’s immediate industry or the environment in which it competes in. The analysis of these components/factors is referred to as PESTEL analysis.
Whilst considering the most strategically relevant factors owners, managers and CEOs must assess those factors that have the ability to affect decisions that your company will ultimately make about its long-term direction, objectives, strategy, and business model. When assessing the factors it’s important to remember that even if the impact is small or gradual, they still merit a watchful eye. Here’s a short video to show you how to undertake PESTEL analysis in StratPlan.
I hope you find the video useful. Please leave your comments…I would love to hear from you.
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