P.E.S.T.E.L. Analysis for businesses
We talked about planning and establishing as detailed as possible the context for where our business would be happening. One of the tools to do so is the P.E.S.T.E.L. analysis.
What does this stand for?
Political context - stability, national or international context, policies, etc
Economical context - labour market, unemployment, exchange rates, fluctuation on the financial context, etc.
Social context - education, qualification of potential staff, mobility eagerness and possibilities of the working force, etc.
Technological context - access to modern technology, production costs, pollution's effects, etc.
Environmental context - industrialization and pollution costs, environment's protection, carbon and foot print, etc.
Legal context - laws on the labour market or applicable to your specific field, commerce, export-import, fiscal code, etc.
Why is this analysis important? Because it can give you the first hand information if the business could stand in the context you thought of or to help you foresee the potential risks you could face for a particular place.
Feel free to search more information about the analysis and share it with us!