impact of external factors

political

Government could increase minimum wage businesses spend more on wage

competition

Rival firms will try producing cheaper alt to your popular product. decreases sales for business

economic

unemployment high when there’s recession less disposable incomez. Focus on necessities so don’t go bankrupt

social

Business change to accommodate to target market as trends change

technological

Business need to keep up with software update solar system doesn’t breakdown

environmental

Bad weather can disrupt deliveries causing delay leading to business not fulfilling customer orders