No one likes pests. We have sprays and chemicals and professionals that get rid of pests from our lives. But in business planning and development, there is one pest that we DO want! I’m talking, of course, about the PEST analysis.
PEST is an acronym that stands for “political”, “economic”, “social”, and “technological” elements, and it is a framework that business strategists use when developing strategy for organizations. It’s a mnemonic device that guides strategic thinking and prompts analysts and strategists to explore each of the four areas and consider how current and future conditions may positively or negatively impact the business.
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Remember in high school math class when the teacher would write an equation on the board and then tell us to “solve for X”? To solve for X students would have to work out the entire equation with X to the side and then get to the point where it became obvious.
Example: 2X+6 = 30
(30 – 6)/2 = X/2
(24)/2 = X/2
Therefore: X = 12.
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“Onomatopoeia” (pronounced “on-oh-matta-pee-ya”) is when the word for a sound closely resembles the sound itself. The word “hiss” hisses just like a real hiss. The word drip seems to drip from your mouth like a real drip. Buzz and murmur are two other words that are “onomatopoeic” in nature.
In a way, the word “scope creep” is sort of like onomatopoeia, except that it’s not named for a sound. Just like the word mucus and fungus sound gross (and, indeed, ARE gross), scope creep feels as disgusting as it sounds.
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When we hang out our proverbial shingle and start selling something, people come to us to transact business, buying our goods or services with their hard-earned cash. I call these people customers. They transact occasionally and it’s based on the value they perceive from the product or service you provide.
Businesses need customers. But I think they need more. Some businesses stop their “sales pipeline” at the point where they transact business to create a customer. But I think that the next step in the pipeline is to transition customers into clients.
I realize that I might be redefining a term here but it works (in my mind, at least!).
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