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Updating STEEPLED Analysis for 2024

STEEPLED offers a structured approach to assess the myriad external factors influencing an organisation’s trajectory. We have a long history of providing Cheat Sheets for many business processes, and today, we’re excited to introduce a powerful resource to aid in mastering the intricacies of STEEPLED analysis: the updated STEEPLED Analysis Cheat Sheet and Workshop PowerPoint from Business-Docs.co.uk. This invaluable tool equips businesses and professionals with the means to conduct thorough analyses, identify emerging trends, and anticipate potential disruptions.

STEEPLED as a Robust Framework

At the forefront of strategic planning, STEEPLED analysis is a robust framework designed to systematically evaluate the Socio-cultural, Technological, Economic, Environmental, Political, Legal, Ethical, and Demographic factors impacting a business or industry. It provides a comprehensive lens through which to examine the broader context in which an organization operates, enabling informed decision-making and proactive strategy development.

What’s so great about STEEPLED?

So, what sets STEEPLED analysis apart, and why should businesses integrate it into their strategic toolkit?

1. Holistic Understanding: Unlike traditional analyses that may focus solely on market trends or internal capabilities, STEEPLED analysis takes a holistic view of the external environment. By considering a broad spectrum of factors, organizations gain a more nuanced understanding of the forces shaping their industry and market dynamics.

2. Anticipating Change: In today’s rapidly evolving landscape, change is the only constant. STEEPLED analysis empowers organizations to anticipate and adapt to emerging trends, technological advancements, regulatory shifts, and societal changes before they disrupt business operations.

3. Risk Mitigation: By identifying potential threats and opportunities across various dimensions, STEEPLED analysis enables proactive risk mitigation strategies. Whether it’s navigating regulatory challenges or capitalising on shifting consumer preferences, businesses can position themselves more effectively in the face of uncertainty.

4. Strategic Decision-Making: Armed with insights from STEEPLED analysis, decision-makers can make more informed strategic choices. Whether entering new markets, launching products, or allocating resources, understanding the external landscape enhances the likelihood of success and minimises the risk of unforeseen obstacles.

5. Enhanced Innovation: A deep understanding of external factors can inspire innovation and creativity within organisations. By recognizing emerging technological trends, societal preferences, and regulatory shifts, businesses can identify new opportunities for product development, service offerings, and business models.

6. Stakeholder Engagement: STEEPLED analysis facilitates meaningful engagement with stakeholders by addressing a wide range of concerns and interests. Whether it’s addressing environmental sustainability, societal impact, or ethical considerations, organizations can demonstrate their commitment to responsible business practices.

STEEPLED Analysis Cheat Sheet PPT – Updated for 2024

STEEPLED analysis is not just a tool; it’s a strategic imperative for navigating today’s complex and interconnected business environment. By embracing this framework and leveraging resources like the STEEPLED Analysis Cheat Sheet and Workshop PowerPoint, organisations can unlock invaluable insights, seize opportunities, and chart a course for sustainable growth and success.

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2024 STEEPLE Analysis Update

STEEPLE analysis, an extension of the traditional PEST and PESTLE analyses, assesses the external factors that can influence an organisation or industry. It stands for Social, Technological, Economic, Environmental, Political, Legal, and Ethical factors. In 2024, the landscape has evolved significantly, with emerging trends and challenges reshaping each facet. Below are the key factors relevant in 2024, organised by STEEPLE factor, along with frequently asked questions (FAQs) and their answers:

The top STEEPLE factors, with FAQs, for 2024

Top Social Factors

1. The Digital Divide

What is The Digital Divide?

The digital divide refers to the gap between those who have access to modern information and communication technologies (ICTs) and those who don’t.

How does The Digital Divide impact businesses?

Businesses must consider the varying levels of digital access among their target audience when designing products, services, and marketing strategies.

2. Health and Wellness Trends

What are the top health and wellness trends to watch in 2024?

Trends include increased interest in mental health, plant-based diets, and fitness technologies like wearables.

How can businesses make the most of health and wellness trends in 2024?

Businesses can develop products and services aligned with health-conscious consumer preferences, such as offering wellness programs or incorporating eco-friendly practices.

Top Technological Factors

1. Artificial Intelligence (AI) Integration

How is AI being integrated into industries?

AI is increasingly used for automation, predictive analytics, and personalised customer experiences across various sectors.

What are the ethical considerations with AI?

Ethical concerns include biases in AI algorithms, data privacy issues, and potential job displacement.

2. 5G Technology

What is 5G technology?

5G is the fifth generation of wireless technology, offering faster speeds, lower latency, and increased connectivity.

How does 5G impact businesses?

It enables innovations such as IoT devices, augmented reality (AR), and real-time data analytics, transforming industries like healthcare, manufacturing, and transportation.

Top Economic Factors

3. Supply Chain Disruptions

What causes supply chain disruptions?

Disruptions can result from natural disasters, geopolitical tensions, or global crises like the COVID-19 pandemic.

How can businesses mitigate supply chain risks?

Diversifying suppliers, investing in digital supply chain technologies, and adopting agile strategies can enhance resilience.

4. Rise of the Gig Economy

What is the gig economy?

The gig economy refers to a labor market characterized by short-term contracts and freelance work, often facilitated by digital platforms.

How does it impact traditional employment models?

It offers flexibility to workers but raises concerns about job security, benefits, and labor rights.

Top Environmental Factors

1. Climate Change Regulations

Why are climate change regulations important?

Regulations aim to mitigate greenhouse gas emissions, promote sustainable practices, and adapt to climate-related risks.

How do businesses comply with regulations?

Businesses can reduce emissions, adopt renewable energy sources, and implement eco-friendly policies and technologies.

2. Circular Economy Practices

What is a circular economy?

A circular economy aims to minimize waste and resource depletion by promoting reuse, recycling, and product longevity.

How can businesses move to a circular economy model?

Strategies include redesigning products for durability, implementing take-back programs, and fostering partnerships for resource sharing.

Top Political Factors

1. Trade Policies and Tariffs

How do trade policies affect businesses?

Policies like tariffs and trade agreements can impact costs, supply chains, and market access for businesses operating internationally.

How can businesses adapt to changing trade dynamics?

Businesses can diversify their markets, monitor policy changes, and advocate for favorable trade conditions.

2. Geo-political Tensions

What are examples of geopolitical tensions impacting businesses?

Tensions between nations can lead to trade restrictions, cybersecurity threats, and disruptions in supply chains.

How can businesses navigate geopolitical risks?

Businesses can conduct risk assessments, diversify operations, and establish contingency plans to mitigate the impact of geopolitical uncertainties.

Legal Factors

1. Data Privacy Regulations

Why are data privacy regulations important?

Regulations protect individuals’ personal data from misuse, ensuring transparency and accountability in data processing.

How do businesses ensure compliance with data privacy laws?

Businesses must implement robust data protection measures, obtain consent for data collection, and provide clear privacy policies.

2. Employment Laws and Regulations

What do Employment laws encompass?

Employment laws govern aspects such as minimum wage, working hours, workplace safety, and employee rights.

How can businesses stay compliant with labor regulations?

Businesses should stay informed about labor laws, prioritise employee welfare, and establish fair employment practices.

Ethical Factors

1. Corporate Social Responsibility (CSR)

What is corporate social responsibility (CSR)?

CSR refers to a company’s commitment to conducting business in an ethical and sustainable manner, considering its impact on society, the environment, and stakeholders.

Why is CSR important?

CSR enhances reputation, fosters trust with stakeholders, attracts socially conscious consumers, and contributes to long-term business sustainability.

2. Ethical Supply Chain Practices

What are ethical supply chain practices?

Ethical supply chain practices ensure fair labor conditions, environmental sustainability, and respect for human rights throughout the supply chain.

Why are ethical supply chain practices important?

They mitigate risks associated with labor violations, environmental damage, and reputational harm, while also aligning with consumer preferences for ethically sourced products.

3. Diversity and Inclusion Policies

What are diversity and inclusion policies?

These policies promote a diverse workforce and an inclusive workplace culture that values differences in gender, race, ethnicity, sexual orientation, and other characteristics.

Why are diversity and inclusion important for businesses?

Diversity and inclusion foster innovation, improve decision-making, enhance employee morale and productivity, and cater to diverse customer demographics.

4. Ethical Marketing Practices

What are ethical marketing practices?

Ethical marketing practices involve transparent and truthful communication, respect for consumer privacy, and avoidance of deceptive or manipulative tactics.

Why are ethical marketing practices important?

Ethical marketing builds trust and credibility with consumers, strengthens brand reputation, and fosters long-term customer loyalty.

5. Fair Trade and Ethical Sourcing

What is fair trade and ethical sourcing

Fair trade ensures producers in developing countries receive fair compensation and adhere to social and environmental standards, while ethical sourcing prioritizes suppliers that uphold ethical labor and environmental practices.

Why is fair trade and ethical sourcing important?

They promote social justice, support sustainable livelihoods for producers, and address concerns about exploitative labor and environmental degradation in global supply chains.

2024 STEEPLE Analysis – Summary

The above factors and FAQs are important areas in 2024. However, you should always consider the other areas that are consistent throughout the years.

Save time: use our STEEPLE Cheat Sheet powerpoint template

Use this template to provide the full list of STEEPLE factors, as well as the top factors in 2024.

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2024 PESTLE Analysis Update

PESTLE Analysis Update for 2024

This 2024 update builds on our previous PESTLE Update for 2023, and the PESTLE update in 2022. Each year we review our PESTLE analysis approach, in light of macro factors globally.

2024 PESTLE factors update by category

These are just some potential updates to consider when revisiting your PESTLE analysis in 2024. Remember, the specific factors that will be most relevant will depend on your industry, location, and business goals.

What are new Political factors to consider in 2024 PESTLE analyses?

1. Geopolitical tensions: Continued or escalating conflicts in regions like Ukraine or the South China Sea could impact supply chains, resource availability, and global economic stability.
2. Increased government intervention: Governments may continue to play a stronger role in regulating industries and markets, especially in areas like climate change and data privacy.
3. Shifting political alliances: Changing international relationships and trade agreements could affect business operations and market access.

What are new Economic factors relevant for 2024 PESTLE analyses?

1. Global economic slowdown: Concerns about inflation, rising interest rates, and potential recession could impact consumer spending and business confidence.
2. Supply chain disruptions: Ongoing uncertainties related to pandemics, geopolitical tensions, and climate change could continue to disrupt supply chains.
3. Shifting income inequality: Growing wealth disparities could affect consumer behavior and demand for certain products and services.

What are new Sociocultural factors important for 2024 PESTLE analyses?

1. Rising environmental consciousness: Consumer demand for sustainable products and services is likely to grow, influencing business practices and supply chains.
2. Demographic shifts: Aging populations, urbanization trends, and changing family structures will need to be factored into market strategies.
3. Increased focus on well-being: Growing mental health concerns and emphasis on work-life balance could impact workforce dynamics and consumer preferences.

What are new Technological factors for 2024 PESTLE analyses?

1. Continued rise of automation and AI: Artificial intelligence and automation are expected to further impact various industries, leading to job displacement and the need for new skills.
2. Advancements in renewable energy: Technological breakthroughs in renewable energy could accelerate the transition away from fossil fuels, impacting energy policy and related industries.
3. Evolving cybersecurity threats: The rise of sophisticated cyberattacks and ransomware necessitates updated security measures and risk management strategies.

What are new Legal factors for 2024 PESTLE analyses?

1. Data privacy regulations: Stricter data privacy regulations, such as GDPR and CCPA, will continue to shape how businesses collect and use personal data.
2. Labor law changes: New regulations regarding minimum wage, employee rights, and remote work could impact hiring practices and workforce management.
3. Increased focus on corporate ethics: Growing scrutiny of corporate behavior and sustainability practices may lead to stricter regulations and ethical considerations for businesses.

What are new Environmental factors for 2024 PESTLE analyses?

1. Climate change impacts: Intensifying extreme weather events, rising sea levels, and resource scarcity will necessitate adaptation strategies and climate-resilient business practices.
2. Biodiversity loss and depletion of natural resources: Businesses will need to be mindful of their environmental footprint and consider sustainable resource management strategies.
3. Transition to a circular economy: Increased focus on reducing waste and closing resource loops will drive innovation and new business models.

It’s also important to keep in mind that these factors are often interrelated and complex. It’s crucial to consider how they might interact with each other and impact your business in unforeseen ways.

Get a head start for your PESTLE Analysis

We update our PESTLE Cheat Sheet each year, and it includes the historical cheat sheets so that you can look at some previous years’ guides.

How to take new 2024 factors into your PESTLE Analysis

Explore new Political factors

  • Government Policies: Evaluate any recent changes in government policies, regulations, or political stability that could impact your organization.
  • Geopolitical Trends: Consider geopolitical shifts and tensions that may affect international business operations.

Explore new Economic factors

  • Global Economic Trends: Assess the current state of the global economy and any emerging trends.
  • Inflation and Interest Rates: Examine inflation rates, interest rates, and currency exchange rates that might affect your business.

Explore new Sociocultural factors

  • Demographic Changes: Look for shifts in population demographics, such as age, gender, and cultural preferences.
  • Social Values: Consider changes in societal values, attitudes, and lifestyle trends that could impact consumer behavior.
  • Health and Pandemics: Assess the impact of current and potential future health crises, pandemics, or public health concerns on your business.
  • Social Responsibility: Consider the increasing importance of ethical business practices and corporate social responsibility.

Explore new Technological factors

  • Technological Advancements: Identify the latest technological developments and how they might impact your industry.
  • Digital Transformation: Consider the ongoing digital transformation trends and their relevance to your business.
  • Cybersecurity: Examine the evolving landscape of cybersecurity threats and measures, especially if your business relies heavily on technology.
  • Supply Chain Resilience: Evaluate the resilience of your supply chain, taking into account recent disruptions and potential risks.

Explore new Legal factors

  • Regulatory Changes: Stay informed about any new laws, regulations, or legal requirements that affect your industry.
  • Data Protection and Privacy: Assess any updates in data protection and privacy laws that may impact your organization.

Explore new Environmental Factors

  • Climate Change Initiatives: Evaluate the impact of global efforts to address climate change on your business.
  • Sustainability Practices: Consider the growing importance of sustainability and how it may affect your operations.

Keep refreshing your PESTLE!

Regularly updating your PESTLE analysis ensures that your organization stays informed about the external factors that could impact its strategic decisions and operations. It’s important to stay vigilant and adapt to the changing business environment.

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PESTLE Analysis update for 2023

PESTLE Updated for 2023

This PESTLE Analysis update for 2023 is an update on the post we wrote in 2022. There is also a new PESTLE Update for 2024.

PESTLE analysis is a widely-used strategic tool used by organizations to identify external factors that may impact their business operations. The acronym stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors. These six factors help organizations to understand the macro-environmental forces that affect their industry and business. As we move into 2023, there are several important updates to the PESTLE framework that businesses should be aware of.

Political Factors

The political landscape around the world is constantly evolving, and businesses need to be aware of the impact of political decisions on their operations. In 2023, political factors will be more important than ever. Governments are taking a more active role in regulating industries and businesses, and companies need to stay up-to-date on changes in laws and regulations that could affect their operations.

Economic Factors

Economic factors have always been an important part of PESTLE analysis, and in 2023, businesses need to pay close attention to these factors. The global economy is still recovering from the pandemic, and there is a lot of uncertainty about the future. Businesses need to be prepared for potential economic downturns and be ready to adjust their strategies accordingly.

Sociocultural Factors

Sociocultural factors are becoming increasingly important for businesses as consumer behavior changes rapidly. In 2023, businesses need to be aware of the impact of changing attitudes towards issues such as sustainability, diversity and inclusion, and social justice. Consumers are more socially aware than ever before, and businesses need to be mindful of the impact of their actions on society as a whole.

Technological Factors

Technological factors are changing rapidly, and in 2023, businesses need to stay ahead of the curve. Advancements in artificial intelligence, automation, and the internet of things are changing the way we work and live. Businesses need to be prepared to adapt to these changes and incorporate new technologies into their operations.

Legal Factors

Legal factors are an important consideration for businesses in 2023. There are many new laws and regulations being introduced around the world, and companies need to be aware of the impact of these changes on their operations. This includes issues such as data privacy, intellectual property, and cybersecurity.

Environmental Factors

Environmental factors are becoming increasingly important for businesses as the impact of climate change becomes more apparent. In 2023, businesses need to be aware of the impact of their operations on the environment and be prepared to take action to reduce their carbon footprint.

To Conclude

In conclusion, the PESTLE framework remains an essential tool for businesses in 2023. However, the updates to each of the six factors show the importance of staying informed and up-to-date on changes in the external environment. By doing so, businesses can adapt to changing conditions and stay ahead of the curve.

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MoSCoW. The method not the place.

MoSCoW is an acronym which stands for Must, Should, Could and Will not. This is a method used on new projects which enables all stakeholders to agree what is really important.

Must haves need to be completed before the launch of the product or service.

Should have need to be mostly completed.

Could haves will have some completed before launch.

Will nots will have none completed.

Should I bother using it? It is quite a common approach and therefore projects teams are familiar with it. The main benefits are that in a sea of requirements its easy to see which are the most important. It also really helps focussing project time especially when scope creep starts in anger.

Any limitations?

Some. Whilst having all the Musts completed is easy, there is not always an agreement on how many Shoulds or Coulds need to be. Will nots is easy for day one launch although whether these features are dropped forever or parked for another day is not always clear.

So why are the o’s so small and what do they stand for?

They stand for absolutely nothing. It’s just that without them MSCW is quite hard to say.

I don’t suppose you have one for sale do you?

Never thought you’d ask. https://business-docs.co.uk/downloads/moscow-analysis/

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Roadmap Project Template

Roadmap Project Template

We have been creating Roadmap Project Template designs since the early 2000s. Our customers include all the top consultancies, and professionals across over 190 countries.

Our History with Roadmap Project Templates

We first started creating Roadmap Project Templates in the early 2000s in the media industry. Our formats quickly became popular as a simple way to communicate strategy and project plans.

Why does the Roadmap format work well?

The Roadmap format is so effective because it enables your readers to see the whole story within minutes! You can see the timeframe, the key project elements, the risks, the milestones, and any important moments AT A GLANCE. A good roadmap can be read within 3 minutes.

Roadmap Project Template: in early 2000s

While the format remains the same – the timeline, workstreams and milestones – this roadmap format is considerably closer to 1990s design.

Portfolio Roadmap Template (Visio)
Portfolio Roadmap Template (Visio)

Then in 2010

As we left the 2000s, it became popular to include a dashboard and dials in your roadmap. This meant the presenter could report on project plans, and current status, within minutes. All in one screen!

The Powerpoint Roadmap + Dashboard communicates Product Status at a glance
This Powerpoint Roadmap includes a Dashboard to communicate project status at a glance.

Our formats in 2019

As we reach present day, the formats become more contemporary. This Hack Event Roadmap (for Hackathon planning) has more of an infographic style.

This Roadmap Template is used for Hackathon Event Rollout.

Find out more