Keeping up a competitive advantage based on innovation and change is an imperative, but increasingly difficult to do. Why? Well, it might be because a company’s view of the world is not as clear as it once was.
To gain clarity around a company’s strategic options, we suggest revisiting the big picture first. One way to do that is to give priority to a PESTEL analysis. PESTEL is an acronym for political, economic, social, technological, environmental and legal factors. By examining each of these factors, in detail, a company can put itself in a position to look deeper into its current position and frame a better competitive response.
Download a PESTEL Analysis Worksheet and get to work.