What are external influences?
There are many factors that can affect how successful a business will be. External factors are the factors that are outwith the control of a business. Even though a business has no control over external influences, these influences can have a large impact on the business. These factors can be grouped into the following areas:
- political
- economic
- social
- technological
- environmental
- competitive
A good way to remember the external factors is by using the acronym PESTEC.