The PESTLE Influence

0:01 This program is designed to provide general information with regards to the subject matters covered. This information is given with the understanding that neither the hosts, guests, sponsors, or station are engaged in rendering any specific and personal medical, financial, legal, counseling, professional service, or any advice. You should seek the services of competent professionals before applying or trying any suggested ideas. Hello, and thank you for tuning in to a Sharp Outlook on p for HD radio and talk or TV. I am Angela Sharp, Your host our arm chair discussions with industry experts will give you the steps, tools and information to be successful in business and to prepare you to be your best self.

0:55 Hello, I'm Angela Sharp, and welcome to a Sharp Outlook. Today. We're going to be talking about something called pestal the pestal influence, and what we're going to be talking about is how it can possibly affect your business. Understanding and performing a pestal analysis can help business set strategies and perform financial and risk analysis. This framework enables you to review and address various society circumstances that affect businesses operations. Remain informed about the various pestal factors that can ensure your business stays competitive and you're able to weather the storm of external threats. Most of the time it's large corporations that do the pestal analysis and because they are the ones that are the most impacted by macroeconomic events.

1:57 But don't just assume that they are the only ones that are going to be affected. There can be a lot of people that are affected by pestle. A pestal analysis is a strategic framework used to evaluate the external macro environmental factors that can impact a business. The acronym for pestal is political, economic, sociological, technological, legal, and environment factors. That's what pestal stands for. And let me explain just briefly how the what each one of those categories could potentially affect you. Let's start with p political. These factors relate to how government policy and political stability or instability can affect an organization. They include tax polities, labor laws, trade restrictions, tear roofs, and political climate shifts. Just think every time that there's a new party that's in place, it could end up becoming an economic threat for your business, just based on new laws that are created and how far does that political threat or situation go. It can go worldwide, It can affect tribal and local and state governments, derivatives, legislation, regulations, requirements,

3:40 market regulations, trade agreements, and as I mentioned before, tariffs and restrictions and tax codes. All of those can have an impact on your business. And the pestal analysis that you will do will to see if you have a risk based on some of the changes in that political environment. The e of pestel economic these encompasses the broad economic conditions that influence a company and consumer behavior. Key factors include economic growth or decline, interest rates, inflation, exchange rates, unemployment rates, and consumer disposable income. If people are being laid off or being fired and the number of people that are working, there is going to be a decrease indisposable income for those individuals. And in they're in your community and they shop at your stores, it's the potential that you're going to have a decline in the number of consumers coming in and purchasing your products. So economic can actually really have and major impact on you. And how far does that economic threat go national? It can be global. Factors such as interest rates can affect your home,

5:17 can affect your loans, It can affect your credit. It can affect your ability to purchase new products to expand your business. Fiscal policies, recession and growth factors. Competitiveness of developing countries can affect your business because now there's another place or another area that your normal customers would be purchasing products from you. They now have another resource cheaper products and cheaper labor. We know that we did go through a time period where a lot of the manufacturing was of short because the products were cheaper, the labor was cheaper, and it was all about the bottom line, and those things affect small to medium businesses. You're trying to be competitive, you're trying to sell your products, and then you have the large corporations who are able to get cheaper products and cheaper labor because of these particular economic factors that are there. Social or socio cultural, this category examines the social and cultural aspects of the market and population. It covers demographics, age, gender, ethnicity, cultural trends, population growth rates, health consciousness, and shifts in consumer buying

6:51 patterns and how far does that go. Societal attitudes. Attitudes can change, it can change just from too much negative news, too much negative rhetoric on social media. It can change attitudes, It can change mindsets, It can change their spending thoughts or patterns or behaviors. It can generate lifestyle changes, changes in populations, behavior distributions, demographics, and the impact of different mixes of cultures impacts. Also so social things that are out there. They can have a major impact on your particular business, just depending on what community is located in, who your customers are, what your customers are doing, or what their political ideas are, their economic situation, is their cultural or moral behaviors that things that they have heard or things that they have seen can absolutely change their minds.

8:04 Especially in these days, competition has a way of instead of improving their product and improving their advertising or improving their reach, they go so far as to write negative articles about their competition. That's not considered fairness, but it is something that can impact your business. How do your competitors handle changes in the economic arena when the number of consumers are reducing or declining because of economic issues.

8:45 I rest assure you you should check on what your competitors are doing and their advertising out on social media. Different things like that to make sure they are not saying things that are negative about your particular business to attract more business to their establishment. Technological we all know about technological I started when we were still punching cards, and now we have computers in a phone and then we look up AI is here and it's here to stay, and so all of these technological changes. These factors relate to the effect of innovations on a business and his industry.

9:33 They include new technologies, automation, research and development, and a consumer's access to technology. Sometimes you can lose consumers because you're doing everything online, and believe it or not, here in this country, we have areas of the country who don't have Wi Fi, who are not connected to the web, who don't have the ability to connect at a reasonable price, and so you're never going to be able to reach those consumers. Or the technology changes and they can't keep up with the equipment or the computer technology or the devices.

10:15 Those kind of things can have an impact on the way that you are marketing your products, the way you are selling your products. A lot of people their stores are online, a lot of people shop, but technology can have an effect on that and how far major current and emerging technology is really important. And as we know, AI is on the scene now and it's just going to continue to evolve and do more than what it does now. But it does do a lot. But just imagine when you have AI robots that are now able to go out and pick vegetables and identify which ones are ripe and which ones are not. That's some well, that's a pretty good technology, but it also is going to eliminate those that go out and work on the farms.

11:17 So it's going to affect more than just your business, but it's going to affect even those that are consumers that technology. It could be technology infrastructure something like I was mentioned before. We don't have all of the technology infrastructure in place so that citizens here in this particular country can reach all of the technological vehicles that are out there to make their life more easier or make things more comfortable, or utilize the latest softwares or the latest systems that are out there. And then of course we do have merging countries who don't have a lot of that. So if you're having some of your products that are sold globally, technology can impact how those consumers can continue to purchase from you or receive their goods or whatever, you know, those things that can possibly interrupt their business. So these are some major factors. Another factor is legal. The component involves the laws and regulations that government business operations. Legal factors include health and safety requirements, equity opportunities laws, consumer protection laws, intellectual property rights. All

12:48 of these things can be very important and can affect your business just depending on what your business is. Like I said, then, intellectual property rights, that is really big going on right now because of all of the new technology that is growing and expanding and everyone's fighting for position, and so intellectual property rights are very important. If you are a creator and you are developing some new system, some new idea, some new technology that's out there, and you're wanting to make sure that it is protected, you need to know what those laws are and what your rights are when someone infringes on that particular situation. In other words, it's about being informed. Something I say every week.

13:37 Stay informed, and you want to be informed. Not only stay informed, but get informed because it's really important that you do this. And legal problems can be as far as globally, wars, earthquakes, weather, climate, global and national proposals that can affect your business, agreements that are made between countries. A lot of different things can affect you. Past legislation.

14:21 Knowing what by the way your tax dollars are paying these congressional people, you ought to stay informed as to what they're doing and if they're actually working on your behalf. It should not be allowing someone that you are paying to make legislative changes or write laws that impact you that takes your finances away, that it takes your healthcare away, that takes your property rights away, all of these different things. Go to the city council meetings. Go to the meetings that they have in your particular location of your business and locate of your home. Stay inform. You're a citizen of this country. Your voice matters. But when you stay home silent and then they make laws that negatively impact you, were you there, you should be there. Make your voice heard, make your thoughts known. Let them know that it's going to impact your personal income, it's going to impact your home, is going to impact your health. Be sure you stay involved and pay attention not to the silly stuff that's going on, but important stuff like what laws are they talking about passing and will it impact me. Don't let anyone tell you something that you need to research on your own. You need to research all laws that are

15:52 passed that are impacting you personally and especially impacting your business, your organization, your company, your partnership, your foundation. Know what the new laws are that are going to impact your business, because once they're passed, it may take another election or even longer before those negative impacts are removed, if ever removed. So pay attention to the laws that are being passed. Don't let them do the Oki dook and point fingers at each other. Look and in fact, technology that Little AI bought you can go in there and type in what that law is. It will summarize it for you so you can see and find out exactly what's going on.

16:45 And then you go down there and let your voice be heard. The last framework is environmental. Environmental things impact businesses. We have so many storms and floods and different things that are happening right now. The environment is very important. There's certain considerations you should be looking at locally, nationally, and even globally. Local, national, and international environments impact all of us. If you end up with storms or floods or things in areas where goods are being produced that we need to buy, foods are being destroyed. That's going to impact guess what, The price is going to be much higher at the grocery store. So it does impact you.

17:39 It impacts all of your goods and services that are going to be coming into your business that you're going to resale to your customer. Now you have to deal with higher prices because they had major flooding in an area where you probably get your products. So environmental impacts have a strong impact upon your particular business, especially your supply chain. If you can't get your goods, you can't sell to your customers. So all of those things are very important to be reviewing when you are doing a pestal analysis. This is not just something to hear from me or to just kind of read and shrug your shoulders.

18:20 You need to do a thorough, thorough, thorough investigation and research as to how it might affect you. Let's talk about the benefits of a pestal analysis. It drives the strategic thinking. It provides a comprehensive overview of the wide business environment and encourages leaders to think strategically. One of the things that you should be doing when you are thinking strategically, when you're trying to do a pestel. Please don't do it by yourself. Bring in different voices, bring in different members of your organization, bring in consultants, whatever, someone that it might be knowledgeable, and sit down and pull it all apart. Open the curtain, open the doors, look at seeing what's really really going on and what's going to be impacted. It's important to do that before you look up and you're struggling to keep your business open because you didn't realize one of these factors was getting ready to impact your business in such a negative way, you're now struggling to stay open. So it's important to do that. Another benefit it identifies opportunities and threats. Sometimes the threats can be something good that you can take advantage of, and it makes an opportunity. It opens up

19:55 things that you had never thought about before. You know, proactively spot a potential opportunity, anticipate future business threats and allowing for risk mitigation. Now, if you're in a business, if you're a manager in a business, or this is your own company, your own organization, you're head of a nonprofit, you're going to want to know about the risk factors, and they're genuinely doing risk analysis about different things. You know, the federal government has you know, decided not to fund specific programs. Now you realize you have to go and find other resources, and so that kind of analysis is being done. We're understanding that we have all of these threats out here of people hacking and stealing you know, your customer's financial information and personal information, and all of these hacking and spam and different things, and trying to do ransomware and shut down businesses and making them pay millions of dollars to get their systems back up. Those are threats, and being aware of all of those threats, you generally have services or systems in place or policies in place to protect yourself. But then when you start talking about a pestle, these are threats that you can't control.

21:26 The only thing you can do is mitigate the impact by seeing how it affects you and making some strategic plans to change that. Another benefit, it'll support decision making. It provides contextual information that leads to more informed and decisive actions, such as when to enter a new market or launch a new product. Because if these environmental changes or political changes, or legal changes or technological changes are going to have an impact. You're going to definitely want to know before you launch something new that's going to potentially pull a lot from your organization, pull a lot from your financial bottom line and your financial growth, and see exactly maybe you need to delay that for a little while until some of this threat settles down, some of the impact is resolved, some of the things go away.

22:34 You're going to want to definitely know that you need to think strategically about that, not just oh, because I've already bought these banners and i already set the date, we're going to do it. Anyway, think about it. If it's not going to have a positive impact on your business and help your business to grow and expand your business, it may be a time to sit back and and let's just cruise through all of this environmental and legal and political and technological all of these things. Just cruise through until things kind of stabilize, and then you'll have a much better positive impact when you launch that new product.

23:25 It also aids organizational change. When you look and you do your pestal analysis, you're going to recognize external shifts that might require changes in business processes or a pivot in overall strategy. You're going to recognize where you do have some weaknesses that you need to sure up with process changes. Maybe it is time when you look at it, maybe it is time to get a more efficient software system. I do software implementations also, and I've been a chief financial officer and director of finance, VP of finance, and I've had to look at all of these things over the years at different organizations. When you're looking at technology and how fast it's growing, you need to really look and see how is your company going to keep up with the technological changes and how it's going to impact your business. And most of the time, when new technology is brought into the arena and you are thinking about bringing that into your organization, you know, I'll just tell you upfront you're going to have process changes because that's the purpose. It makes the processes more efficient, it makes information flow faster, it makes information relatable throughout the whole organization instead of one department at a time, and so

24:58 you'll get an overall look at what's going on in your organization. When you have new technology in your organization, it will make things more efficient, it'll give you more details, it'll give you key indicators. If you make at one of your analysis that you want done in a report, it'll in fact do all of your analysis now. So you have to look at that and see, Okay, I'm going to have to change some processes because right now we're not working as efficiently as you should as well. Benefits are good, but let's talk about the limitations of a pastal analysis. It can be time consuming, yeah, but sometimes time consuming things that happen they really end up saving your lives. So it may take some time doing the research and analysis across you know, all six areas, because you can't just do one area because they're generally interconnected.

26:11 So as you're doing this analysis in all six areas, it can require significant time and resources, especially if you're in a fast paced industry, but it will benefit to you. We talked about the benefits. You're going to have information in your hands to help you make the right decisions and a time where you don't have any control over what's going on externally, so you do want to do you do want to look at it, but it is limited because if you're not going to take the time, you're not going to get the benefits. Like I said, it can have opportunities that are there, but you're not going to see the opportunities because you're not taking time to invest to gate what it is and then see how it impacts your organization and see if you can turn it into something positive and turn it into an opportunity.

27:12 Subjectivity of interpretation. This is why I'm recommending that you have more than one person working on this particular analysis. It's qualitative data, and different individuals will bring varying interpretations of the same information, which could lead to inconsistent results. But when you're sitting there working together and you're talking about the results, it helps you to see it from different angles, different ideas, different perspectives. Sometimes it requires you to bring someone else in to look at that information, to look at that data with a new set of eyes and see if things are as good and rosy as you might think it is because you're looking at it maybe a little biased. It also has as a static snapshot like a balance sheet, is static, it represents a specific moment in time. The findings can quickly become outdated due to the dynamics of the macro environment. Issues that are happening. So it's not something that's gonna you look at it and now you look back at it a year later. It's something that is currently that currently you need to be addressing. Currently, you need to be

28:44 looking at currently, you need to be monitoring. And then also as you're currently looking at that, you also need to think about the fact that these factors are going to change. The environment is changing daily, you know, I've never seen so many floods, you know, going on in some of the most unique areas, and the earthquakes that are happening in the tsunamis that are happening, and then the weather, just the downpours of rain and the fires. We have some unpredictable environmental issues that are happening. Not to mention, our oceans have been dying and in the life in the oceans. I have a guess that's going to be coming soon to discuss about our oceans. But all of these are factors that could impact you, and you need to understand that when you're taking this analysis, you're doing this analysis on your organization based on the pestle.

29:50 It's changing rapidly changing, and can you get yourself situated that you can go in and now now apply the changes that have been made since the last analysis that you did and see if it changes your strategic plans that you're putting together. One other downside to it, it excludes internal factors. Now, some weeks back, I did less on the SWAT your strengths, weaknesses, opportunities and threats, the internal ones that you can control. The pestle framework focuses exclusively on external factors and does not consider organizations internal strengths and weaknesses. Therefore, it is most effective when used with other tools such as a SWAT. If you've done your SWAT, then it will make it easier for you to do your pestal analysis because you know what your strengths and your weaknesses and opportunities and threats are. How are they being impacted now with these external factors that you have no control over except to mitigate the impact by making some process changes, making some purchasing changes, making

31:22 you know, some protections and insurance purchases, whatever is necessary to be able to help your company to stand through this storm that's happening from these external factors. It is something that it has to be taken, you know, pretty seriously as to what is going on your organization and what is happening outside. These factors are important. These things can really change your lives. Like I mentioned, pestle is political, economics, social, technological, legal, and environmental, and all of those things can really have an impact on you. Like I said, especially a technological we all know that it is really moving very quickly.

32:24 And the current and emerging technologies and infrastructure and ability to react quickly to change in operations, to meet demand, an ability to remain competitive. Your competitors are able to probably have a higher market share because of their processes, because of the technology, because of the speed of information that they're able to get, and they can react a lot faster because they do have that technology in place. The legal, like I said, it's global right now. We have quite a bit of legal things that are happening.

33:12 We've got the tariffs that are going on that are impacting companies. Manufacturing, like I said, was offshore. We're trying to bring it back, but the parts are now because of the tariffs overpriced. It's affecting and impacting jobs. How are you going to end up, you know, managing that. How are you going to be able to come up with other ideas to be able to offset the impact on your organization. It's something to think about, it's something to realize you need to work on, you really need to look at, you really need to think about. As I was sitting down thinking about this conversation, thinking about what would be a good example and one of the good examples that I can think of what a pestle will look like. For I picked up Nike, and so I'm looking at Nike and seeing their Pestel analysis and for the political factor, how did Nike handle political factors?

34:29 Access to favorable government policies looking at the government policies and seeing which ones are favorable that are going to expand your business, help your business, pro political stability, regional tax policies, looking at the tax policies that are changing in your particular region, in your particular industry in your particular area. And limited trade restrictions, looking at the tradects restrictions and knowing that, HM, I may have to look at some other sources to get my product manufactured or get my supplies so I can manufacture my products or the other products that you're not actually manufacturing, but they are part of the product that you are selling, looking at other opportunities or where you can get that because of the regional or limited trade restrictions and things like that that could impact the economic factor. Target the middle and high income earning populations with better purchasing power. This is how Nike looks at his customer base. They're looking at okay, based on my prices have gone up, I'm going to be looking at my advertising and focusing my advertising on the middle and higher income populations because they

36:04 have better purchasing power. I'm not going to be you know, spending advertising dollars or doing things in an area where that population cannot purchase my product. The social factors, Nike is gonna really listen to have their ear to the ground and they're listening, and they're listening to health conscious populations, develop social campaigns to attract the younger generation. We know our younger generation loves their I still call them tennis shoes.

36:44 They love their They don't even call them sneakers either. Lets you nowhere how old I am. But they're trying to because they've they've had a customer base. But every twenty years, you've got a new generation that's coming into a point where they are going to have disposable income, and so you need to be able to track that younger generation, and you need to do it with different advertising than what you did when I was starting out or some of you other listeners. They're going to change the advertising, they're going to change their focus. They're going to be pushing towards more of the younger generation. They're going to be the commercials that they do are going to have either even younger people than before because of the fact they're trying to pull in a whole population that hasn't been buying their particular shoe, and then also making sure they have their brand shoes for the most popular player out there and advertising and having those players being their commercials so that the youth that are following that particular athlete is going to buy their shoe. And so they're always looking at these things. The technological factor

38:15 you know, Nikes, they're you know, going to be installing the most efficient machinery in their factor factory, modern technology to improve efficient manufacturing, modern technology, to improve research and development, research and development of new products that might be needed in those particular shoes that they are putting together. They do more than shoes. They do jackets they do you know, sweats and things like that, So doing you know, making sure that the products that they're bringing in are meeting what the new fat fat is for the younger generation.

39:03 And then even looking at materials, where are materials coming from. Maybe they're with the floods and the changes in the environmental and there's been a lot of storms, different things like that, crops have been destroyed and things. Looking at where else they can get supplies so that they're still able to get their materials to do the manufacturing of their goods. So finding all of those things. So they're looking at those particular things in the legal factor, strict adherence to safety rules and regulations, and strict guidelines on enforcing copyright regulations on imitation companies. A lot of people go out there and they'll try to get one of the shoes, and they'll go out and they'll try to do design something very similar and just to compete with Nike.

40:05 It's kind of hard to compete with them because they are really good at what they do. But it doesn't mean you're not going to have knockoffs out there trying to compete with them to sell the shoe and steal Nike's customers, so knowing the laws and they're going to be enforcing those laws and looking at what laws have been put in place so that they can protect you know, their trademark and protect their product and protect you know, from having knockoffs being done with their products and things like that. And then environmental factors, researching and use of sustainable raw materials, planning and conducting environmental awareness. So even in their commercials, even in the things that they design and things that they do, just going out there and making sure that they are they in their advertising they talk about, you know, some of the economic issues, they talk about some of the issues that like the oceans or different things like that, bringing up, you know, things that are showed that they're an organization that is, you know, conscious minded of the environment, because that can be a really big thing. You don't want to get some environmentalists upset with your company because you're dumping waste or things

41:37 like that, because they're going to be in front of your organization. They're going to be out there picketing, they're going to be out there making noise, They're going to be out there letting people know that you don't care about the environment. You're dumping waste or you're polluting the waters or different things like that. So all of that is very important, and so those are things also that you can do internally. Make some changes in how your advertisements are designed and things like that, so that it appears that you are environmentally conscious and that you are looking out for the consumers and nature and things like that.

42:23 There are a lot of people that are very concerned about those things, and we rightfully sow and companies can be more environmentally conscious. And if not, like I said, you're going to have people standing in front of your establishment with picket signs, and of course then they're going to attract the attention of news organizations and then it's going to end up being on social media and it can affect your reputation. And your reputation is one of the strongest assets that you can have, and so you want to make sure that you protect your reputation and you're not allowing you know, different things like someone being upset about the product that you're producing, or you know, some kind of negative news and things like that. So just staying informed about what's going on, Like I said, the law changes that are going on the political environment that's out there, consumer goods, you know, not being some of these tariffs and some of these agreements that have been signed with other nations. They've been there in place for years and years and years, and suddenly now they're not in place anymore. So it's affecting our businesses, it's affecting organizations, it's affecting the supply chain. It's affecting a

43:55 lot of things, and the costs and the prices are going up. And unless the political environment changes, where we recognize, you know, some of our decisions, some of our laws, some of our behaviors, is impacting our citizens, and it's impacting the world globally because besides it just you know, impacting one organization is impacting everyone downstream in the process. And so we need to take this time and it will take some time, but you'll appreciate it. Having that information and that knowledge to be able to make some really good decisions and be able to make some strategic plans are able. You can survive it, you can maneuver through it, but you have to be informed and know about it before you can actually make any decisions. And as I said before, I'll repeat it again don't do this in a glass bowl. Don't do this yourself, because you're going to need other perspectives who have their ears listening to other things. Also, they're going to bring in other thoughts, other ideas, other information that needs to be considered.

45:16 So put together your team, get together and identify what are some changes that have happened in your environment that's going to impact your organizations. Right now, the federal government has changed some of the funding that is for nonprofits and things. You've got to find other sources. There are other sources, There are philanthropists out there, but just being able to identify where they are, who they are, and what it is that they have a passion about. But start looking at other avenues, start looking at other paths.

45:57 It is a way of navigating, but being silent, being uninformed, and not taking the time to do what you really need to do in your organization at this particular time. It might end up having an impact that you're really going to be sorry about later. So I'm just here to say, think about what's going on, think about what can impact you. Think about you know, instead of listening to negative things, look at what's going on, what laws are being truly passed, Which laws are being held up, which laws are not being considered at all, What laws that have been eliminated that are going to impact not only your consumers, because if you don't have consumers, you don't have a business. So if they're affecting your consumers, keep that in mind. It's not just about your business, it's not just about you. It's about everyone globally. And if there are laws that are being put in place that impact who your potential consumers are, in your current consumers, then it's going to impact your business because they're not going to have the disposable income to be able to purchase your products. And then of course your costs are going to go up, so then you've got to pass that cost on. How is that going to affect those who do purchase your items when now it's increase twenty percent,

47:29 thirty percent, and their wages did not increase at the same level. So I'm just wanting you to be informed during this very important time that we're going through, this period that we're going through, and it's not just here in America, it's globally. People are going through some very difficult times, especially those that are near waters and the flooding and just the downpours of rain, the flooding. Their homes are gone. Where are the materials to replace that? In some places there's not even any insurance to be able to rebuild those homes and rebuild those businesses. So it's a lot of negative impact that is occurring just from the weather, and so we need to be conscious about what's going on. And like I said, there's new technology out there. It's called AI, and you can just go right in there. There's so many names of them out there right now, it doesn't matter which one. They pretty much pull the same data. Just go out there and just check and see what laws have passed, what environmental things have occurred, what cultural things have changed. Just look and see what the changes are going to do to your business and make the decisions you need to make to be successful. I hope you've enjoyed this topic,

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