“How do you understand the business or business opportunities that can be generated from the surrounding environment?”
Today we answered your question:
How do you understand the business or business opportunities that can be generated from the surrounding environment?”
Intimately knowing the individual business and the environment within which it operates, both globally and locally, combined are essential to identifying ‘good fit’ opportunities that will strengthen and drive the business forward.
The surrounding environment comprises of PESTLE or STEEPLE, that is the politics, economy, social, technologies, legislation, environment, ethics. Researching this environment regularly highlights potential business opportunities.
Knowing the specific business comes from having clearly defined business capabilities as strengths and weaknesses, which highlight which opportunities would strengthen the business and overcome weaknesses.