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PESTEL Analysis

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.

Feel free to request the templates laura@thehiddenedge.co.uk

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:

  1. Determined the purpose of your PESTEL
  2. Select a group of 6-8 trusted advisors who have a combined knowledge of the business operations, and the sector you operate in
  3. Brief the group with the purpose and the rules of brainstorming to ensure that everyone has equal right to be heard
  4. Ask people in the group to be prepared to share their insights
  5. Provide everyone with post it notes to record further thoughts as they arise
  6. Suspend critical evaluation of the insights until later

PESTLE Analysis Image.001

When you have a complete a list of suggestions

  1. Critically rank each according to the likelihood of it happening and the impact it would have on your business operations.
  2. Determine what strategies and resources you need to maximise the benefits or minimise the harm.

Opportunity:Risk Assessment Image.001

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.

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