Business Analysis Techniques Discussed by Oleksiy Nesterenkoby Kyle R. Fields Business Development Consultant
There are a huge number of different business analysis methods and forms; each has its own advantages. Effective use of business analysis can be invaluable to businesses as they seek to gain a competitive edge within their market. This article will detail some of the business analysis tools discussed by Oleksiy Nesterenko that you can use.
The first technique to cover is the PESTLE analysis. PESTLE is an acronym standing for Political, Economic, Socio-cultural, Technological, Legal and Environmental. A PESTLE analysis is an audit of the external environmental factors that affect an organisation or business. The term PESTLE is well established within the business world, having been around for at least 10 years now. The reason that a pestle analysis is useful is because it allows organisations to gain a better understanding of the 'big picture' in which they operate. By understanding the environment, it allows you to maximise opportunities while the risk of threats to an organisation.
The 2nd technique that aspiring business analysts need to be aware of is Porter's five forces. Similarly to a PESTLE analysis, Porter's five forces framework is used to examine the external environment that a business operates within. However, it does this with a different focus; one would use Porter's Five Forces Framework to examine an industry. When using this model, there are five categories to examine; these are: Industry Competitors, New Entrants, Substitutes, Buyers and Suppliers. Within these categories, there are a number of factors that you should consider. Doing this helps a company to identify factors within the industry that could affect them - be it positively or negatively.
The third technique to feature in the article is SWOT. SWOT is an acronym standing for Strengths, Weaknesses, Opportunities and Strengths. The SWOT analysis is used to identify areas of strength and opportunity in a business so that activities can be focused on this area. It is also used to identify where the greatest weaknesses and threats lay. When performing a SWOT analysis it is important to understand that strengths and weaknesses are internal attributes whereas opportunities and threats generally lay externally from the business. A SWOT analysis can be carried out not only for organisations and industries, but also for products, people and places.
The fourth and final technique to investigate is the MOST analysis. As you may have guessed, MOST is an acronym standing for Mission, Objectives, Strategies and tactics. Similarly, to both the PESTLE analysis and Porter's five forces, MOST is an environmental analysis; the reason that it differs to the other methods is that it is an analysis of the internal environment rather than the external. The framework itself is used to analyse or plan the detail of what an organisation does. The mission of a company should be the answer to the question 'What do you do'. The objectives should be the translation of the mission into an action or intent. Strategies are the decisions made that influence and shape what is done and how it is done. Tactics are the methods used to operationalize the company's strategic intent.
The role of business analysts within organisations has extended and grown considerably in recent times. Business analysts are consulted far more frequently and far earlier in the planning process.
Oleksiy Nesterenko a finance and business development professional can help you with your business planning issues and give you the right advice to make the perfect decision. Oleksiy assists entrepreneurs and early stage companies to cope with various challenges in their businesses, and have a reputation for providing candid, business valuation and analysis, well-thought-out, and effective solutions to clients’ specific needs, regardless of complexity.
Contact at (310) 710 4248 or mail at email@example.com.
OR visit here: http://www.oleksiy-nesterenko.com/
Created on Nov 21st 2017 00:59. Viewed 288 times.
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