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Navigating External Risks: A PESTLE Analysis for Business Resilience
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In this episode of The Business Babble, hosts Michael, Johnny, and Wicus explore the importance of understanding and preparing for external risks that can impact your business. They delve into the PESTLE analysis framework, which examines Political, Economic, Social, Technological, Legal, and Environmental factors. Using real-world examples, including the widespread effects of Covid-19, they illustrate how these external factors can present both threats and opportunities for businesses.
The hosts discuss the significance of staying informed about political changes, economic fluctuations, and technological advancements, and how these elements can influence business operations. They also highlight the importance of adapting to social shifts, legal regulations, and environmental considerations to ensure long-term resilience and success.
Tune in to learn practical tips on conducting a PESTLE analysis, recognising potential risks, and leveraging opportunities to future-proof your business. Prepare for the next episode, where the discussion will focus on the direction of travel, including mission, vision, and values, essential for guiding your business towards sustainable growth.
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