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What is a PESTLE analysis, and how does it help with environmental scanning? It’s part of the first phase of your strategic planning process. In this phase, we need to gain insights and gather data. The goal of environmental scanning is to help determine what direction the company will go in the future.
We gain insights and gather data from multiple sources, including our customers, markets, and environment. Within these sources, we are looking for trends that impact any business operating in our industry. When we perform an environmental scan, we track these trends to understand better how we set our goals and strategies.
Break down these trends in the form of a PESTLE (Political, Economy, Social, Technological, Legal/Regulatory, Environmental) analysis. Remember, when we do such an analysis, we are looking for megatrends. Meaning, what trends among these sectors are most likely to impact our business?
To get the data for your PESTLE, use sources like the EIU (Economist Intelligence Unit), industry reports, and the Big 4 consulting agencies.
Let’s put our environmental scan to use. Which of these trends is going to create resistance to our growth? Which trends will help our development? It’s helpful to answer these questions to use in our SWOT as they identify opportunities and threats. A refresh of this exercise every six months helps your organization bring in fresh insights on an ongoing basis.
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