PEST analysis - Part 3
If you would like to read part 2 click here.
The third part of the PEST analysis is the social analysis and the future scoping of how that environment might change.
This is particularly interesting for my business because we’re centered around dental implant treatments which is often an older section of the population.
It’s clear that the percentage of the population as over 50’s is increasing but also that demographic is changing.
The baby boomer generation of significant cash wealth is reducing and the people entering the baby boomer generation as older patients are becoming less wealthy.
Oral health is (generally) improving although that may change now following the pandemic and effects on the NHS.
All of these factors dial in to whether we’re moving in the right direction over the next 5 to 10 years or whether we’re running out of people to look after.
There are a myriad of social considerations to be undertaken while looking forwards to plan your strategic approach and it’s tough and takes a lot of thinking and a lot of time out.
We learn through this process that only 10% of all companies actually go through a formal strategic planning process.
That’s 10% of ‘all’ companies.
It means that even if you’re going through this process organizationally, you’re in the top 10% of thinking in companies.
Surely it’s worth the effort just for that?
If you’re interested in strategic thinking or thinking more long-term and bigger for your business of any size in dentistry why not check out our dental business offerings and in particular the Business Course which begins in March 2021. Details about the course are here, it’s six 2-day modules across the year within a tribe of people trying to go in the same direction as you and now might be the time to think about thinking about your business.
Blog Post Number - 2601