PEST Narrative
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PEST Analysis
by Nathanael Okhuysen
When preparing for the future, companies engage in strategic planning. This process looks at factors both inside and outside the company, and frequently employs a SWOT analysis, or similar framework, to organize the information generated. Strategic planning that examines external factors is called environmental scanning.
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Storyboard Description
PEST analysis example - environmental scanning
Storyboard Text
- Recently, Sophie has thought about selling her crafts online. She likes it as a hobby, but wants to know how viable it would be for supplementing her income.
- She worries it won't be successful though. She knows other people who have poured time and money into their online businesses without ever turning a profit.
- Sophie decides to do some environmental scanning to decide if it's a good time to start an online store. She uses Storyboard That to organize her research, analyze opportunities, and inform her business plan.
- Storyboard That's presentation options help her discuss her idea to fellow hobbyists, and even secure a small business loan.
- Because she did her research and prepared, Sophie is careful in transitioning her hobby into a job. She has realistic expectations, and is prepared for the future. She is the proud operator of a successful small business!
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