You may be asked to complete a STEEP analysis. STEEP is an acronym for “social, technological, economic, ecological and political” factors that may impact demand in your industry. Such an analysis provides context, from which we can build a scenario about how such external factors may impact your business.
Don’t focus on the things that my not impact your business, and don’t overthink it. A PowerPoint list of a dozen or so factors that you can cover in a half hour or less is generally sufficient.
However, be specific on how those factors are relevant. For example, changes in demographics will surely have a significant impact on the workforce; specifically, a shortage of experienced supervisors and managers. A useful insight might be, “companies who recruit and retain people in their thirties will have a competitive advantage over those who do not.”
See Marc’s trend series at Vistage Research Center.
Some of our favorite STEEP resources:
B2B International
Bureau of Economic Analysis
Bureau of Labor Statistics
Businessweek
Census
D&BHoovers
Fast Company
First Rain
Forbes
Forrester
Gartner
GutCheckIt
Harvard Business Review
IBISWorld
Inside View
Kiplinger
QuantumRun
Rain King
Research Now
TrendOne
Vistage Research Center
Download the STEEP Template here.
Quick links
What will the process look like?
What is going to be expected of me?
What will be the output from this meeting?
How will we communicate with you?
What to expect in executive interviews
How to complete a STEEP analysis (if assigned to you)