Title: How To Identify External Factors That May Affect Your Strategic Plan
Headings: How To Identify External Factors That May Affect Your Strategic Plan
4 MIN WATCH
How To Identify External Factors That May Affect Your Strategic Plan
While external factors are uncontrollable, they don’t have to be unforeseeable. Here’s how to find them.
Tricia Jessee
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Content: The controllable and uncontrollable aspects that affect a business can be categorized as internal and external factors, respectively. From goal setting to daily operations, it can be easy for an organization to focus on what it feels it can control internally. Yet it’s critical not to overlook the uncontrollable, external factors that impact a business. The Importance Of External Factors
What are external factors? The economy, politics, competitors, customers, and even the weather are all uncontrollable factors that can influence an organization’s performance. This is in comparison to internal factors such as staff, company culture, processes, and finances, which all seem within your grasp. A company’s stability and profitability are interdependent on its ability to quickly identify and respond to changes in the external environment. Click To Tweet
A company’s stability and profitability are interdependent on its ability to quickly identify and respond to changes in the external environment. Change is inevitable and having the flexibility to deal with unexpected market mutations can mean the difference between survival and extinction for an organization. Something as common as a shift in government policy could have a significant effect on a business.