Answer:
External factors are those influences, circumstances or situations that a business cannot control that affect the business decisions that the business owner and stakeholders make. The are a large number of external factors can have a direct impact on the ability of your business to achieve its strategic objectives.
Answer:
External factors are those influences, circumstances or situations that a business cannot control that affect the business decisions that the business owner and stakeholders make. The are a large number of external factors can have a direct impact on the ability of your business to achieve its strategic objectives.
For example, if the government changes the laws regarding the types and numbers of goods that can be imported and importation costs increase then this may make a big difference to the viability of your online business.
It’s important to regularly monitor the macro factors that affect your business and industry and to respond to them in a way that is appropriate to your business.
These external macro factors can shape your business’s opportunities and pose potential threats:
Economic conditions, e.g. employment rates and trends, interest rates, disposable income trends
Technological advances, e.g. changes to how consumers use and purchase products/services, i.e. use of devices/tablets to buy items, how technology impacts the way companies source and supply goods
Cultural and social forces, e.g. increased number of women in the workforce has had a positive effect on online purchases
Political and legal factors, e.g. changes to work health and safety laws and regulations can impact on how companies conduct their business
Seasonal/climatic factors, e.g. businesses selling seasonal items, such as ski gear or swimwear, are likely to be affected by climatic conditions
Environmental factors, e.g. consumers can research information and compare options when purchasing alternative power sources.
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