{"id":3962,"date":"2020-12-05T11:35:07","date_gmt":"2020-12-05T16:35:07","guid":{"rendered":"http:\/\/mariusbill.com\/?p=3962"},"modified":"2020-12-05T11:35:07","modified_gmt":"2020-12-05T16:35:07","slug":"business-mastery-for-entrepreneurs-part-10-how-to-develop-the-best-strategy-for-your-business-tool-iv-how-to-do-the-steeple-analysis","status":"publish","type":"post","link":"https:\/\/mariusbill.com\/de\/business-mastery-for-entrepreneurs-part-10-how-to-develop-the-best-strategy-for-your-business-tool-iv-how-to-do-the-steeple-analysis\/","title":{"rendered":"Business Mastery for Entrepreneurs \u2013  Part 10: How to Develop the Best Strategy for Your Business \u2013 Tool IV: How to do the STEEPLE Analysis"},"content":{"rendered":"<p style=\"text-align: justify;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-3963 alignleft\" src=\"http:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1.jpeg\" alt=\"\" width=\"488\" height=\"266\" srcset=\"https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1.jpeg 2560w, https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1-300x164.jpeg 300w, https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1-1024x559.jpeg 1024w, https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1-768x419.jpeg 768w, https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1-1536x839.jpeg 1536w, https:\/\/mariusbill.com\/wp-content\/uploads\/2020\/12\/Blog-Post-17-Business-Mastery-final-scaled-1-2048x1118.jpeg 2048w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In <strong><b>part 5 <\/b><\/strong>of this business mastery series for entrepreneurs<strong><b>,<\/b><\/strong> I described the benefits of a <strong>SWOT<b> analysis.\u00a0<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In today\u00b4s blog post I will share the five steps of conducting a <strong><b>STEEPLE<\/b><\/strong><strong><b> analysis.<\/b><\/strong>\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">I will also explain when you should <strong>use this tool,<\/strong> how it relates to other tools and what kind of questions you should ask while performing the analysis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">This tool and all the previous tools I shared will help you to make <strong>better<\/strong> and <strong>informed decision<\/strong> on how to create greater success in your business.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Overview<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 What does the acronym STEEPLE stand for?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b><strong>\u21d2 <\/strong><\/b><strong><b>What is a STEEPLE analysis used for?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 How does a STEEPLE analysis relates to STEEP, STEEPLED, PESTLE and SWOT?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 What are the five steps you need to consider for each factor?<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 How to conduct a STEEPLE analysis<\/b><\/strong><\/span><\/li>\n<li><span style=\"color: #000000;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b>\u21d2 <\/b><\/span>What questions should you answer in your analysis?<\/span><\/strong><\/span><\/li>\n<li><b><span style=\"color: #000000; font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong>\u21d2 <\/strong><\/span><\/b><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>Summary<\/b><\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What does the acronym STEEPLE stand for?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The<\/span><\/span>\u00a0<span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><b style=\"font-weight: bold;\">S<\/b>\u00a0stands for <strong><b>social<\/b><\/strong>, the <strong><b>T<\/b><\/strong>\u00a0stands for <strong><b>technological<\/b><\/strong>, the <strong><b>E<\/b><\/strong>\u00a0stand for <strong><b>economic<\/b><\/strong>, the <strong>E<\/strong> stands for <strong>environmental,<\/strong>\u00a0the <strong><b>P<\/b><\/strong>\u00a0stands for <strong><b>political,<\/b><\/strong>\u00a0the <strong><b>L <\/b><\/strong>stands for <strong><b>legal<\/b><\/strong>, and the <strong><b>E<\/b><\/strong>\u00a0stands for <strong><b>ethical<\/b><\/strong>.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What is a STEEPLE analysis used for?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000; font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong>\u21d2 <\/strong>STEEPLE is a <strong>strategic planning tool<\/strong> and helps to plan the <strong>strategic positioning <\/strong>of your company.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>\u21d2 <\/strong>STEEPLE offers an <strong>overview of various external factors.<\/strong> It helps to <strong>get practical insights<\/strong> into past, current and future of external environment developments during times of uncertainty. <\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>\u21d2 <\/strong>STEEPLE helps to <strong>determine where your company stands<\/strong> within its external environment.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"> <strong>\u21d2 <\/strong>STEEPLE <strong>initiate the discussion<\/strong> within your company how to adapt to its changing environment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>\u21d2 <\/strong>STEEPLE is conducted when there is <strong>uncertainty about how the market will react<\/strong> to changes in a particular factor or when the company is confused about the external environment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>\u21d2 <\/strong>The <strong>goal <\/strong>is to <strong>define strategies <\/strong>for the future or to understand the market.<\/span><\/p>\n<p><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What is the difference between a STEEPLE analysis and a STEEP, STEEPLED, PESTLE and SWOT analysis?<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong>STEEPLE <\/strong>and<strong> STEEPLED <\/strong>are just a modified version of STEEP. In addition, <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">STEEPLED includes the legal, ethical and demographic factors. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Compared to a <strong>SWOT<\/strong> analysis, <strong>STEEPLE<\/strong><\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"> is a more <strong>advanced tool<\/strong> and helps to assess several external macro-environmental factors. It<\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">\u00a0can be used as an alternative to SWOT.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">The <\/span><strong style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">aim of SWOT<\/strong><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"> is to identify the favorable and unfavorable internal and external factors to reach the goal.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">The <strong>STEEPLED<\/strong> analysis comprises the same macro-environmental factors as in a <strong>PESTLE<\/strong> analysis, except the ethical and demographic factors.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The <strong>STEEPLE <\/strong>analysis will be the best choice for you <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">if the <strong>legal and ethical aspects<\/strong> are important for your strategic decision. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">If these two aspects are of less interest to your company than conducting a <strong>STEEP<\/strong> analysis might be a better choice for you.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>What are the five steps you need consider for each factor?<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">It is important to follow some steps to get the best results in executing the STEEPLE analysis:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Step 1: Understand the different factors and trends<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Step 2: Analyze the different trends<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Step 3: Relate the trends to specific challenges<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Step 4: Identify the driving forces<\/b><\/strong><\/span><\/li>\n<li><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\"><strong><b>\u21d2 Step 5: Make conclusion<\/b><\/strong><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Step 1: Understand the different factors and trends<\/b><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">In this step you will need to assess the different factors of the environment. You should try to answer the following questions:<\/span><\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are the key trends? <\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What evidence support these trends?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">How have these trends evolved historically?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What is the nature of change in the trends you noticed?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What kind of effects do the trends have on your company?<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Step 2: Analyze the different trends<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What is the interrelationship between these trends?<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Find out the conflicts between these trends.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Step 3: Relate the trends to specific challenges<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">In this step you need to identify the trends which play a significant role in supporting or hindering the company\u2019s goal achievement.\u00a0<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Create a list of possible trends and then determine what the main issues are.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Step 4: Identify the driving forces<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">You need to determine what the driving forces behind the issues are. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Try to identify the causes and symptoms of the trends to find the driving forces.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">When the step is completed it can offer a wealth of insights which will guide the company\u2019s decision-making process.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Step 5: Make conclusions<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">This is a crucial step. It will provide a unique opportunity to make conclusions about the external environment. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">It can help how the factor can affect any present and future strategic decision.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>How to conduct a STEEPLE analysis<\/b><\/strong><\/span><\/p>\n<p><strong><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Let\u00b4s look at each of the seven factors, you\u00b4ll need to judge:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>S stands for Social<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">In this step look carefully at the social aspects.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">You will have to judge the cultural changes which take place in the business environment. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Consider to conduct a market research to see trends and patterns.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">You might need to study population growth, consumer attitudes, values, religion, age structure, or lifestyle changes.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"> This analysis might point out any faults in your strategy. It can also provide new ideas.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>T stands for Technological<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The business world has changed very fast through technological advancements.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">It includes factors like innovation, communication, energy, and transport, etc.<\/span><\/em><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">Changes in the method of production can pose new opportunities and profit for your company.\u00a0<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">By monitoring the technology industry you can capitalize more on changes.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>E stands for Economic<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The economic situation will change and y<\/span><\/em><\/span><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">ou have to weigh the present levels of inflation, economic growth, and unemployment, interest rates, subsidies, and availability of jobs, etc.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">By doing so, you can implement your strategic plan better.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>E stands for Environmental<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">It involve ecosystem factors such as water, wind, food, soil, energy, pollution and environmental regulations.<\/span><\/em><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">All businesses impact their environment but the impacts vary from business to business. <\/span><\/em><\/span><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">This impact can either be negative or positive. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">It is negative if it produces pollution or a lot of waste. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">It can be positive when the environment benefits, e.g. by cleaning waste.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>P stands for Political<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Changes in government policy make up political factors. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The changes can be economic, social, or legal.\u00a0 <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">Factors to be considered include political stability, regulation of monopolies, tax policies, price regulations, consumer protection, jurisdiction and trade unions.<\/span><\/em><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\"><em>Changes like these will have a direct impact on your business.\u00a0<\/em> <\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>L stands for Legal<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">The legal limits and regulations prevent negative behaviors.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">To operate legally in the environment, it must follow the laws. <\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">Any business should focus on at least on health, safety, employment, competition laws.<\/span><\/em><\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><em><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">To ensure compliance, you need to check on new legal requirements on a regular basis.<\/span><\/em><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>E stands for Ethical<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">A range of social values shape business behavior. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">The values provide a basis for what is right and what is not. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #000000;\">You must always check the company\u2019s ethical factors. <\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000; font-family: arial, helvetica, sans-serif; font-size: 14pt; text-align: justify;\">It is advisable to be social responsible and to take your company to a better ethical standing.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>To sum it up, answer the following questions:<\/b><\/strong><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">How much importance does culture have in the market?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are its determinants?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What technological advances are likely to emerge and affect the market?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are the wider economic factors?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What are the industry\u2019s environmental concerns?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What is the political situation of the country? How can it affect your industry?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What is the legal framework?\u00a0<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">Is there any legislation that regulates your industry?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">How likely will the law change for your industry?<\/span><\/em><\/span><\/li>\n<li><span style=\"color: #000000;\"><em><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\">What ethical aspect need your company to consider?<\/span><\/em><\/span><\/li>\n<\/ul>\n<p><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif; color: #00ccff;\"><strong><b>Summary<\/b><\/strong><\/span><\/p>\n<ul>\n<li style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>\u21d2 Key Point #1: <\/strong>STEEPLE is a strategic planning tool and helps to plan the strategic positioning of your company.\u00a0<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>\u21d2 Key Point #2: <\/strong>STEEPLE helps to get practical insights into each of the external factors so you can draw conclusions for your decision-making process.<\/span><\/li>\n<li style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\"><strong>\u21d2 Key Point #3<\/strong><strong>:<\/strong><\/span><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\"> STEEPLE helps to define strategies for the future and to understand the market.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #00ccff;\"><strong>Supporting you<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">I\u00b4m available to support you through this difficult time by re-imagine your business. A <strong>STEEPLE analysis<\/strong> will help you in your <strong>decision-making process<\/strong> and help you adapt your strategy to the variety of external factors.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">I will work with you and your leadership team to analyze the company\u00b4s seven STEEPLE factors. We will develop a <strong>tailored strategy<\/strong> that takes into account these seven factors. If necessary we can add the demographic factor as well (STEEPLED). The goal is to get your business up and running at its peak performance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><strong>Contact me for a complimentary 30-minute strategy session:<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/nextlevelcoach.as.me\/schedule.php\">https:\/\/nextlevelcoach.as.me\/schedule.php<\/a><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #00ccff;\"><strong>Coming up next month\u2026<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">In my next blog post, I\u2019ll share how to conduct the <\/span><span style=\"font-size: 14pt; font-family: arial, helvetica, sans-serif;\"><strong><b>Porter\u00b4s Five Forces.<\/b><\/strong><\/span><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt; color: #000000;\">Stay tuned!<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">#advantages #analysis #approach #blog #blogpost #business #businesscoach #businesscoaching #businessowner #businesses #businessmastery #change #challenge #company #companies #coaching #coach #entrepreneur #entrepreneurship #empower #empowering #leadership #leadershipcoaching #leader #leading #marketing #mindset #mindsetcoach #mindsetcoaching #opportunity #pestle #pestleanalysis #potential #steepleanalysis\u00a0 #solution #strengths #strategy #strategies #strategyforsuccess #system #success #successful #threat #weakness #nextlevel #nextlevel-coach #nextlevelscoach #nextlevelcoaching #nextlevelcoach #marius #mariusbill<\/span><\/p>\n<p style=\"text-align: center;\"><span style=\"color: #00ccff;\"><strong><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14pt;\">Copyright \u00a9 2019-2021 Next Level Coach. All rights reserved!<\/span><\/strong><\/span><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>In part 5 of this business mastery series for entrepreneurs, I described the benefits of a SWOT analysis.\u00a0 In today\u00b4s blog post I will share the five steps of conducting a STEEPLE analysis.\u00a0 I will also explain when you should use this tool, how it relates to other tools and what kind of questions you [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-3962","post","type-post","status-publish","format-standard","hentry","category-business"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"de","enabled_languages":["en","de"],"languages":{"en":{"title":true,"content":true,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts\/3962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/comments?post=3962"}],"version-history":[{"count":0,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/posts\/3962\/revisions"}],"wp:attachment":[{"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/media?parent=3962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/categories?post=3962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mariusbill.com\/de\/wp-json\/wp\/v2\/tags?post=3962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}