P - Political Changes E – Economic Changes S – Social Changes T – Technological Changes.
Political – and legal factors can have significant impacts on businesses.
>Taxation – VAT, National Insurance, PAYE, Income Tax, Business Rates. > Regulation – Law changes, minimum wage, trading hours. > Legislation – Health and Safety, Requirements.
Economic – The current or expected economic climate will impact business.
> New competitors > Interest Rates > Cost of living, inflation. > Unemployment
Social – Social influences include factors relating to both workers and consumers such as: