Useful to consider the major external factors that affect your performance and therefore should influence your business decision-making and strategies. These are factors that are outside your control split into 6 key areas for consideration: Political, Economic, Sociology, Technology, Environmental and Legal issues.
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You’d have to be a font of all knowledge to be able to do a PESTEL analysis all by yourself. So I recommend that you:
- Determined the purpose of your PESTEL
- Select a group of 6-8 trusted advisors who have a combined knowledge of the business operations, and the sector you operate in
- Brief the group with the purpose and the rules of brainstorming to ensure that everyone has equal right to be heard
- Ask people in the group to be prepared to share their insights
- Provide everyone with post it notes to record further thoughts as they arise
- Suspend critical evaluation of the insights until later
When you have a complete a list of suggestions
- Critically rank each according to the likelihood of it happening and the impact it would have on your business operations.
- Determine what strategies and resources you need to maximise the benefits or minimise the harm.
Please share your experiences with this model in the comments below. I am building a portfolio of small business case studies and would love to include examples of what has worked well for you.
PS – If you need further help then give me a call on 07962 626604 to arrange a Skype session with me.