Definition of Business External Environment The Small Business External Environment can be defined as the events, forces, conditions, and entities surrounding a small business that influence its activities, choices, and decisions. The external factors affect a small business’s abilities to be successful and build relationships with customers. The external environment of a small business has two components, commonly known as theMacro-Environment and Micro-Environment. What is the Micro-Environment of a Small Business? The small business’s micro (external) environment is formed by the individuals and factors within the immediate area of operation that directly influence its business operations and ability to serve customers. There is direct contactRead More →

What is a PESTEL/PESTLE Analysis? PESTEL or PESTLE Analysis is a strategic business planning or market research tool for Small Businesses Owners to identify, analyze, and monitor the key macro external factors that impact their businesses now and in the future. The macro external environment can be defined as the global business conditions, entities, events, and factors within which a small business operates. The PESTEL framework considers the Political, Economic, Social, Technological, Environmental, and Legal external factors as a basis for analysis and how they affect the probability of  small businesses being successful and profitable. PESTLE analysis helps you identify business opportunities and threats withinRead More →