Politics has always played and will continue to play an important role in shaping business all over the worLD comment??
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Answer:
There are many external that can affect your business. It is common for managers to assess each of these factors closely. The aim is always to take better decisions for the firm’s progress. Some common factors are political, economic, social and technological (known as ). Companies also study environmental, legal, ethical and demographical factors.
The political factors affecting business are often given a lot of importance. Several aspects of government policy can affect business. All firms must follow the law. Managers must find how upcoming legislations can affect their activities.
The political environment can impact business organizations in many ways. It could add a risk factor and lead to a major loss. You should understand that the political factors have the power to change results. It can also affect government policies at local to federal level. Companies should be ready to deal with the local and international outcomes of politics.
Changes in the government policy make up the political factors. The change can be economic, legal or social. It could also be a mix of these factors.
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