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For analyses which look at outside factors that affect your business, the PEST analysis may be adequate. PEST, which stands for Political, Economic, Socio-cultural and Technological analysis looks at some of the key elements of our world that have a direct impact on the way you operate your business. All those factors play a major role in determining the business environment, including new laws and regulations, national growth and recession, cultural movements and break-through technologies. Use slides such as PEST Map, the Impact Analysis Slide and the Point of Contact Slide.
When managing a business that operates internationally or works within a federation such as the US or even the EU, having a map to help you with the PEST analysis may be an incredibly useful tool. Being able to visualize a high-level view of the number of states or countries affected will offer you enough information to make intelligent decisions.
Once you’ve identified a threat and know how to classify it accordingly, use this slide to determine what impact the threat is going to have on your business. This slide offers you a variety of charts and metrics that can help you visualize the problem and make decisions on your feet.
Especially with larger cases, have one person dedicated to managing an element of PEST can guide your company in the right direction. By having an informed expert helping you make the best decisions can save you significant costs in damage control and compensation.
Think bigger!
All PEST elements have a wider reach than your business
You are part of a larger machine
Understand your place and make sure you focus on what you can do
Don’t forget the ethics
Everything you do needs to be morally acceptable
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