Someone once said that fear is what keeps deer alive. If a deer senses a minute change in their environment, they immediately drop what they are doing to observe the change. It is wondering:
- Is it an enemy?
- Could this be a threat?
- Should we RUN?!?!
The split-second decision path often keeps it out of the paws of would-be predators.
In elementary school, they call that ADD. In the business world, we call that being savvy. It is what can make the difference in the success or failure of your business.
As a business leader, it is your responsibility to make sure that you are aware of what is going on in your environment. You should have credible sources of information at your fingertips that might tell you about impactors – or things that could have an impact on your business, and you need an organized way to gather and analyze the data that makes sense to you.
Understanding your environment is foundational to strategic planning. If you likened it to designing a building, you need to understand many other factors, including the soil, traffic, use, etc., before the building design can be finalized.
One tool that we use and find very effective is a STEEP analysis. The STEEP analysis captures data related to your business or organization related to:
- Society, in terms of purchasing patterns, interests, habits, buyer confidence etc.
- Technological changes in the marketplace
- Economy – is the economy getting better or worse?
- Environment – we often equate this to other players in the industry – trends, capabilities, capacities, etc
- Political – legislation, regulation, government contracting, grant programs, etc.
Click on the picture above to see a visual representation of the STEEP assessment
Being able to recognize and respond properly to impactors in the environment is essential to the success and continuity of your business. As a business leader, it is your responsibility to provide the guidance and direction for your company. Be extraordinary. Build an Extraordinary Business.
** “Fallow Deer Stag” Picture courtesy of Dr Joseph Valks
Aepiphanni Business Consulting: The Business Strategy People is a Strategy Consulting Firm dedicated to serving the needs of small to medium sized business leaders and executives. We specialize in helping leaders create extraordinary businesses. We welcome clients in the personal and professional services industries, including Creative and Design Services, Software & IT Services, Professional Services and Healthcare Services. As always, we welcome your comments, thoughts, questions and suggestions. If you are seeking a business assessment, or have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at [email protected].