From time to time, it's recommended to make a general analysis of your current situation and future expectations for your business or project. It's always best to checks the field where the battle will take place, so you should do it too. Making a PEST analysis can help you to get a better understanding and an overall picture.
How to make a PEST or PESTEL analysis?
A PEST, or nowadays more common: PESTEL Analysis, is a tool that helps you define the macro-environment in which your business or project will be developed. It's focussed on the basic external factors that you should always check for each business project you develop, are those studied in the PESTEL analysis. As its name indicates (it is an acronym) this analysis studies the following fields:
What is the key outcome from PEST analysis?
The outcome of PESTEL is that you will get a good understanding of the overall picture surrounding the project or business, and therefore you are able to come up with strategies on how to attack or defend your project against negative influences. A PEST analysis is also done to assess the potential of a new market. The general rule of thumb is that the more negative forces are affecting that market the harder it is to do business in it.
All these factors are very important and will have an impact on your business or project. That is why they are so important, and when you should develop this analysis. If you prefer another approach instead of the PESTEL analysis, there is no problem, but be sure to check all Strategy and General Management templates we offer, that can help you out.
Download this Strategy ready-to-use PESTEL Excel sheet and start making a global overview for your project or business.
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