The other news story that won’t have escaped your notice is the increase in energy prices, and food prices, and pretty much most things we have to buy.
It is being referred to as the ‘year of the squeeze’ by the Resolution Foundation and you can read more here:
Whilst this will likely hit our bottom line directly in terms of higher bills and tax payments, it will also be impacting on our customers and our suppliers.
- What does this mean for your business?
Depending on the likely level of impact you may need to start thinking about how to either manage or mitigate this risk.
You can use PEST analysis to plot the current economic situation, alongwith other external influences to see which pose the biggest risk (or opportunity) to your business and where you need to prioritise your time and energy. PEST in an acronym for:
- Political; Economic; Social; Technological (sometimes it is called PESTLE as it adds in legal and environmental)
Remember this and a host of other helpful templates are available to download from The Knowledge Club.