If you are entering the world of entrepreneurship, it can very overwhelming.
Not only do you have to prepare your business plan correctly and file your taxes, but you will be overwhelmed by so-called ‘mentors’ shoving unnecessary tools and software in your face claiming it’ll make a big difference.
The only difference it’ll make is a decrease in your finances, for all the investment you'll make on unnecessary expenses.
I know because I’ve been there, done that and it's an ugly position to be in. The key to standing strong is educating yourself on the most necessary analysis tools that you need to build the foundation for a strong and stable brand.
Get the foundation correct and you won’t look back.
One of the most important analysis tools you need to complete is a simple PESTLE analysis, that will save you time and effort as it allows you to understand your current market.
PESTLE analysis can be incorporated into your business plan and utilized to help you understand how your brand can take advantage of opportunities or overcome threats in order to increase its competitive edge, profitability, and value for shareholders.
Why I Love Using the PESTLE Strategy
I have been using the PESTLE strategy in most of my product creations for the past two years and I love it because it simply allows me to see the larger view and takes into consideration the external influences that can affect my brand in both positive and negative ways.
- It's a simple framework that takes into consideration the political, economic, social, technological, environmental, and legal factors that shape your brand.
- Next, it assists you in developing strategies that will help you capitalize on opportunities and minimize any threats.
- Political factors are the policies of the government, law, and other regulatory…