PESTEL BUSINESS ANALYSIS
This post was published during Coronavirus outbreak in March 2020.
I hope you're safe and healthy in this crazy and difficult time of Coronavirus spread
I know a lot of you are taking this time to work on your businesses - creating offers, products, revamping websites, pivoting to adjust to the current market situation.
I have a question for you. When building your business, have you ever heard these terms:
- conversion rates
- open rates
I am sure you've heard most of them, but the last one...what the heck is pestel?
See, the first 5 terms are the flashy, colorful terms that everyone teaches and sells programs on. The last one - PESTEL - is the "boring", "old-school" term used by the biggest and most successful businesses out there.
PESTEL analysis helps identify external factors that can impact business operations. Like a global crisis we're facing right now...
The factors you analyze are:
P - Political
E - Economic
S - Social
T - Technological
E - Environmental
L - Legal
Why am I even talking about it now and why you should care? Well, sadly, the current situation (COVID-19) will cause a lot of businesses to shut down. One of the reasons it will happen is that those businesses have never heard about PESTEL analysis.
And why they haven't heard about it?
Because PESTEL, SWOT and other fundamental business analysis are boring and hard to sell. We tend to be sold and drawn to "get 100k followers" offers instead of "get PESTEL analysis".
So if this is the first time you've heard about PESTEL, include it in your business planning and business strategy moving forward.
If you'd like to learn more about how STRATEGY beats TACTICS, gimmicks and flashy solutions, have a read ALL 4 parts of my article HERE (if you have already read part 1, click the link in this email, scroll down to the bottom of the page that opens up and hit that "Continue" button).
The approach to building and growing your business is flipped on its head. Read why HERE
“Success is hard on the frontend and easy on the backend. Failure is easy on the frontend and hard on the backend” -- Myron Golden
- 1Focusing on the flashy, sexy stuff isn't the best approach