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In part 8,<\/strong> I shared why the PESTLE Analysis<\/strong> is beneficial and how it will help you to understand the “big picture”<\/strong> forces of change<\/strong> that you’re exposed to, and how you can take advantage of the opportunities that they present.<\/span><\/p>\n One of the great benefits of this analysis is that it will support you to adapt better to your current business environment. <\/span><\/p>\n In today\u2019s blog post, I will share how to do<\/strong> the PESTLE Analysis<\/strong>.<\/strong><\/span><\/p>\n Overview<\/strong><\/span><\/p>\n What do you need to cover in your PESTLE Analysis?<\/strong><\/span><\/p>\n The PESTLE Analysis needs to analyze the impact of the following 6 PESTLE factors<\/strong> on the general economy, your specific industry, and your company.<\/strong><\/span><\/p>\n Step 1: Brainstorm the six factors<\/strong><\/span><\/p>\n \u21d2<\/strong> Political factors<\/strong><\/span><\/p>\n These factors determine the extent to which a government<\/strong> may influence the economy or a certain industry and your company.<\/span><\/p>\n For example, political factors include:<\/strong><\/span><\/p>\n Questions you could ask to get started:<\/strong><\/span><\/p>\n \u21d2<\/strong> Economic factors<\/strong><\/span><\/p>\n These factors are determinants of an economy\u2019s performance that directly can impact your company or industry.\u00a0<\/span><\/p>\n For example, economic factors include:<\/strong><\/span><\/p>\n Such factors will decide the direction of a country\u2019s economy and how it may affect your company.<\/span><\/p>\n Questions you could ask to get started:<\/strong><\/span><\/p>\n \u21d2<\/strong> Social-cultural factors<\/strong><\/span><\/p>\n These factors explore the social environment of the market and assess determinants such as:<\/span><\/p>\n Because society is an external force, it will always have an impact on your company. Being aware of these social factors such as individual lifestyles, cultural implications, domestic structures, etc. will help you better understand the market and your customers.<\/span><\/p>\n Questions you could ask to get started:<\/strong><\/span><\/p>\n \u21d2<\/strong> Technological factors<\/strong><\/span><\/p>\n Technological factors are the key driver of the change and transformation of several industries in the world. <\/span><\/p>\n For example<\/strong>, the innovations in technology may affect the operations of your industry and market favorably or unfavorably. <\/span>Keep close attention to all technological factors such as new innovations, automation, and R&D activity. It will help your company to stay ahead of your competitors.<\/span><\/p>\n Questions you could ask to get started:<\/strong><\/span><\/p>\n \u21d2<\/strong> Environmental factors<\/strong><\/span><\/p>\n These factors are determined by the surrounding environment and they are very important in certain industries, such as tourism, farming, agriculture, energy, and insurance.\u00a0<\/span><\/p>\n For example, environmental factors include:<\/strong><\/span><\/p>\n Environmental factors could affect the trades, consumer demands, and even product development in some industries.<\/span><\/p>\n Questions you could ask to get started:<\/strong><\/span><\/p>\n \u21d2<\/strong> Legal factors<\/strong><\/span><\/p>\n Local laws affect the business environment and making it easier or more difficult to make business in that country.<\/span><\/p>\n For example, relevant laws to be analyzed include:\u00a0<\/strong><\/span><\/p>\n Your company will need to comply with these legislative changes, if applicable.<\/span><\/p>\n\n
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