Several key external factors should be consistently monitored:
Economic Environment: Factors such as inflation rates, interest rates, and economic growth can impact a business's profitability and operational costs. Political and Legal: Changes in government policies, regulations, and legal issues can influence business operations. Technological Advances: Keeping up with technological innovations can help a business stay competitive. Social and Cultural Trends: Understanding shifts in consumer preferences and societal values can guide marketing and product development strategies. Competitive Landscape: Analyzing competitors' strategies and market positioning can provide insights for strategic planning.