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

Open Letter to All Employees

Dear Employee, I congratulate you on your new job. Whether you just got a new job or you have been working for some time, this letter is for you. You will agree with me that you are probably not the only person that applied for the job. By one reason or the other, you are successful in the interview processes and you are selected as the preferred candidate. It doesn’t matter whether this is your dream job or you just want to use the job as a spring board which may likely land you on your dream job. For now, Continue ReadingOpen Letter to All Employees

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

How to start Retail Business (Part 2)

Retail business is a good business idea for beginners. If you are looking for small business ideas in Africa or in developing countries like India, Nigeria, Philippines, Kenya and Ghana etc, I will be quick to recommend retail business. Retail business is among the commonest small business ideas in towns because of its simplicity to start. It is easy to start and it can be started with low investment. You can start retail business at any scale based on the money you have available for you. No wonder retail business usually tops the list of small business ideas for teens. What Continue ReadingHow to start Retail Business (Part 2)