Best analytical tools for Business Analysis include SWOT, PEST, MOST, Heptalysis, de Bono's Six Thinking Hats, CATWOE, Five Whys, MoSCoW, SCRS and VPEC-T.
Social factors affecting business include buying habits, education level, and religion. Two examples of the impact these factors have on leading companies.
Political factors affecting a business range from bureaucracy, trade control and corruption level to government stability, regulation and deregulation.
Beginning by performing a SWOT analysis, business owners can learn more about the firm’s external factors by doing PEST, STEEP and STEEPLE analysis.