We’ve previously produced an introduction to PESTLE analysis, the excellent framework for looking at factors that impact your business – Political, Economic, Social, Technical, Legal and Environmental.
You can also check out our guide on how to create your own PESTLE in just a few steps.
Think of this article as an extension so the other guides. We’re going to introduce a new concept to PESTLE called LoNGPESTLE.
As mentioned, PESTLE is a framework for identifying the Political, Economic, Social, Technological, Legal and Environmental factors impacting your business. There are some common challenges around completing a PESTLE:
LoNGPESTLE introduces three new dimensions to your thinking:
The structure of a LoNGPESTLE allows you to categorise your Political, Economic, Social, Technical, Legal and Environment entries into geographic locations. This lets you easily view and disgest all the information at once.
As you’d expect, it has all the benefits of the PESTLE framework which include…
In addition, it has the following:
The same as with PESTLE really…
Firstly decide if you need to do a LoNGPESTLE or if a standard PESTLE would work as well for you. Even without the LoNG, a PESTLE can produce some of the biggest discussions in a strategy workshop, and provide a really useful tool for people entering the business to see what is being considered and what may impact you later down the line.
Make sure you prepare for the LoNGPESTLE session to get the most out of it and bring together a cross section of employees to help produce the best output.
As with PESTLE, you can produce a LoNGPESTLE without any prework… but you’ll be much better off if you have some initial thinking or data collection done. Consider the following…
They work in exactly the same way as PESTLE – the only difference being you need to agree in each pillar over the geography your discussion is covering. Here's the PESTLE guide.
As you’d expect, the same as PESTLE – it works much better when you’re all together as a cross-disiplined team physically or virtually. This different skills mix means you’ll have the best market knowledge coverage to produce the right LoNGPESTLE for you.
LoNGPESTLE should be reviewed at least on an annual basis. It means you’re always on top of your ever changing landscape as you look at your overall strategy and keeps employees looking outwards.
Get the latest strategy insights and tips from Lucidity twice a month. We never spam and you can unsubscribe any time.