Doing Business in Nigeria – PESTEL Analysis

Factors Affecting Business in Nigeria. Are you planning to do business in Nigeria? Or have you started your business in Nigeria and you seem not to understand the business terrain? This article will x-ray the macro economic variables in Nigeria and how they affect businesses. The tool I am going to use to analyse the business environment in Nigeria is PESTEL Analysis. For people that are not familiar with PESTEL, it is an acronym for Political, Economic, Social, Technological, Environmental and Legal factors. These factors play important roles in determining whether a business will succeed or not. Therefore, it is expected Continue ReadingDoing Business in Nigeria – PESTEL Analysis

PESTEL Analysis And How It Can Be Used

The Use of PESTEL Analysis Strategic Decision Making. PESTEL Analysis is another vital planning tool that can be used to identity and analyse those factors in the macro-environment that can influence our strategic decision making. The acronym stands for Political, Economic, Social, Technological, Environmental and Legal factors. This tool can be used in conjunction with SWOT Analysis and Porter’s Five Forces which have been discussed in the previous articles. For better understanding of PESTEL Analysis, let’s look at its elements one by one. Political Factors If you want to start a business or you have already started and you are about taking Continue ReadingPESTEL Analysis And How It Can Be Used

Understand The Use of Porter’s Five Forces Model in Business

Accessing the Attractiveness of Business Ideas Using Porter’s Five Forces Model. Porter’s Five Forces Model is one of the business analysis tools one can use in assessing the attractiveness and potential profitability of business ideas. Every business man and women understands that business is all about risk taking. You cannot be hundred percent sure that a business will be successful. However, the level of risks involved in business can be reduced considerably if you take pain in carrying out the analysis of your business ideas before investing your hard earned money. Failure is not an experience that one enjoys. It Continue ReadingUnderstand The Use of Porter’s Five Forces Model in Business

SWOT Analysis and How To Use it

The use of SWOT Analysis in Small Business. SWOT analysis is a vital tool you can use while planning to start a new business. If you search through the internet today, you will see thousands of business ideas you can possibly do. While you can start some business ideas with little capital, there are some that require large investment of funds. If you should ask anyone business person why he is into business, he will tell you that he wants to make profits. There is no rational being that will like to invest his money in a business that will Continue ReadingSWOT Analysis and How To Use it