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SLEPT analysis - whenever a person listens to this term first time, he always thinks that it is an asleep process. But no, this analysis is needed for the organization. You must have heard about the SWOT and PESTLE analysis. There is one more analysis used to take care of the external environment, SLEPT analysis. Are you assigned an assignment on this analysis? If yes, you really need to read this blog further.
As in this write-up, you will understand this analysis easily with the steps and examples. So, what are you waiting for? Go and grab a cup of coffee and be ready to know everything about the SLEPT analysis. So, enjoy this blog so that you write an effective assignment on it.
The SLEPT analysis is the tool that tells about the 5 major external factors that affect the outside environment of the company. Those are;
S - Social
L - Legal
E - Economic
P - Political
T - Technology
In short, it is called SLEPT. When you will complete this analysis, you will know an overall macro-environment and also identify the threats and opportunities. It helps in maximizing the opportunities and minimizing the threats. Moreover, it also provides assistance to the organization to grow in a better position for strategic decision making.
Now that you have got the simple definition and the full form of the SLEPT analysis, you have understood how to write it in the document. So, let’s move further and know about the factors included in this analysis that makes a business grow.
There are a lot of factors that are combined and affect the external environment for the company. So, let’s have a quick glance at the factors that are included in this analysis.
S - Social - In the social factor, you will learn about the things like health consciousness, education level, population growth rate, gender distribution, social classes, etc.
L - Legal - When you will study the legal factor, you will know about different types of laws that affect the organization such as anti-trust laws, discrimination laws, intellectual property laws, consumer protection laws, employment laws, regulatory mechanisms, etc.
E - Economic - In the economic factor, you will study growth rates, inflation rates, interest rates, exchange rates, fiscal policies, monetary policies, credit availability, etc.
P - Political - The political factors like government policies and intervention in the economy such as corruption level, government stability, trade control, competition regulation, employment laws, etc affect the organization the most.
T - Technology - There are many technical aspects that affect the growth of the organization such as R&D activity, technology incentives, rate of technological change, infrastructure level, access to technology, etc.
These are the factors that affect the external environment of the company. Now that you know about the factors, let’s know the steps to conduct SLEPT analysis in business.
Also Read: Pestle Analysis Examples of 8 Top Brands
Well, the SLEPT analysis is similar to the PESTLE analysis. The way PESTLE analysis is conducted is to know the external environment of the company, similarly, this analysis is conducted. So, here is an overview of how this analysis is conducted.
Step 1: Brainstorm
The first step in conducting this analysis is to research the company. It becomes necessary to know the area in which the company works on. For example, if you go with Uber, you know the company functions in Taxi service. So, how will you search for that company? Search for the social service, the laws that affect the organization, the rules about the cab service that the government has published, and the technology they are using for increasing their profits.
Step 2: Compare Two Companies
The next thing you need to do is, compare the two companies like OLA and Uber. With this comparison, you have to identify the changes that occur in the environment due to these companies. So, the way you search for the above step, similarly, you have conducted it in this step. Therefore, do the comparison to know which company is affected more.
Step3: Review the Result
Now that you have all the information from this analysis, write it in the document. Explain every factor with the details of the company like, how it works, how it has affected the company, what is the conclusion of the comparison, and many more. Then, review the result and write it in the document.
Step 4: Summarize
The last step is to summarize the result to give an overview of the SLEPT analysis. Make sure you include all the key points regarding the company and how the result of this analysis has affected the organization.
So, this is how this analysis is conducted in the organization. However, if you still are not able to know about it, then get the SLEPT analysis example to write the document.
Many students are there who do not understand this analysis without examples. So, here is a sample SLEPT analysis template for 3 different companies - McDonald's, IKEA, and Coca-Cola company.
These are examples of the SLEPT analysis. Now that you have finished your coffee and read the blog on the analysis, if still, you face any problems, give a little more time to this write-up and find the solution to your problem.
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