Every venture begins with an idea. A feasibility study determines whether the idea is worth pursuing. After completing the feasibility study, business analysts conduct a Business Case Analysis (BCA) and develop the business-case document. The business case document helps management get stakeholders’ buy-in to support the idea. This document includes a cost-benefit analysis and explains …
There is a popular saying, “The law is meant for man, not man for the law.” This means that laws establish order and provide predictability. Without laws, there would be only chaos and mistrust. Likewise, the business environment comprises man, money, exchange, and transactions. Every organization needs legal counsel to interpret and protect the legal …
Businesses exist in society, and as such, many social factors can affect the business environment. These social factors can range from lifestyles to social class, demographics, and more. These external factors can result in various consumer behaviors. Strategists occasionally make inquiries, such as what the people within the ecosystem think. What is influencing their behavior …
Many external environmental factors can affect a business, including political factors. The essence of this article is an offshoot of the PESTLE analysis used for evaluating external factors that affect the business environment. PESTLE is an acronym that stands for Political, Economic, Social, Technological, Legal, and Environmental. SWOT analysis is another tool to identify threats …