PEST analysis - Part 1
Part of the build process of the next 3 years for us involved a PEST analysis, it’s a standard business exercise to assess your external influences for the next 3 years.
PEST stands for:
Some aspects of this in dentistry you can see clearly and some you can’t.
In our political analysis of the external factors that might influence us, the first thing was an election within the next 3 years. How much is a change or retention of government likely to affect our business opportunities over the next 3 years.
From our point of view (and we’re an apolitical organization entirely) we could not see a feasible situation where the government would change.
That means politically for the next 7 years we will be an environment of reducing regulation and increasing capitalism, I think that’s clear for everyone to see. You can assess whether that is a threat or opportunity for your business.
The next thing would be Brexit and the impact that it might have and that will remain to be seen but certainly from our point of view we hope that our relationships with our suppliers are strong enough and secure enough that they will help us through the Brexit situation at least as well as they will for anyone else.
Our loyalty to our suppliers over the past 22 years has been extraordinary and it’s not unreasonable that we can expect that loyalty back.
The final part of the PEST analysis was the affect that the government might have on the provision of NHS services.
NHS dentistry will not become better funded in the next 7 years with our expectation of a retention of a conservative government.
You can see that as a threat, or you can see it as an opportunity but I hope you begin to see the importance of looking at these things now in your business if you intend to be in dentistry for more than the next 12 months.
Blog Post Number - 2596