STEP analysis is a tool for planning a company's long-term strategy. The time period for which the forecast is developed ranges from 3 to 10 years. At the same time, there is the possibility of annual forecast refinement.
STEP analysis allows you to identify important external factors, analyze them, assess their impact and develop a strategy that most fully corresponds to forecasts about the impact of the external business atmosphere.
It is impossible to do without STEP analysis, since it:
Reveals opportunities for starting a business and potential threats.
Provides guidance on business cash app database environment development trends, which contributes to correct corporate behavior.
Identifies projects with a high probability of failure regardless of the company's actions.
Creates an objective picture of the external environment when entering unfamiliar markets or developing new niches.
Tasks of STEP analysis
This method provides an objective assessment of the real capabilities of the enterprise and the prospects for its further development. Small projects can be created on an intuitive basis and personal assessment of the surrounding business environment. For medium and large businesses, a clear understanding of the external situation is necessary.
Often small companies do not take into account the impact of the general market situation on business results. An unfavorable market environment, unsatisfactory economic growth, political and social obstacles can lead to the failure of an investment project. It is in such situations that STEP analysis allows you to prevent significant losses and abandon unfounded initiatives.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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