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ePaper created 2016-07-29, 16:53:04 | version 1.38.0
27 2 2016 laser practice management | much more likely to be successful than if your activi- ties oppose it. Good use of PEST analysis helps you to avoidtakingactionwhichiscondemnedtofailurefor reasons beyond your control. PEST is useful when you start operating in a new country or region. Applying PEST analysis helps you to break free of unconscious assumptions, and helps you to quickly adapt to the realities of the new envi- ronment. Its four components include: – Political aspects: government type and stability, regulation and de-regulation trends, social and employment legislation, tax policy and trade/tariff controls, environmental and consumer-protection legislation, likely changes in the political environ- ment – Economic aspects: stage of business cycle, current and projected economic growth, inflation and in- terestrates,unemploymentandlaborsupply,labor costs, tax system (corporate tax: 10% in Cyprus), likely changes in the economic environment – Socio-cultural aspects: population growth rate and age profile, population health, education and social mobility, and attitudes to these, population employment patterns, job market freedom and attitudes to work, press attitudes, public opinion, social attitudes and social taboos, socio-cultural changes – Technological environment: impact of emerging technologies,impactofInternet,reductionincom- munications costs and increased remote working. Someyearsago,Cyprusheldthemonopolyincom- municationservices,butnowthepriceshavedropped dramaticallysincetherearealotofplayersinthemar- ket. For example changes, in the government policy may affect the nature of treatments that may be available, for example under the NHS. Changes in the economic climate can have a direct impact on the spending power of patients. The so-called ‘feel good factor’amongsthomeownerswheninterestratesare lowandhousepriceinflationishighisoneexampleof how the state of the economics affects the mood of consumers. Socialchangescanalsoaffectourpractice.People are tending to work longer hours. This could have an effect on your practice opening hours. Or maybe therearemanypeopleinyourareawhoareolderthan 60 years old and, as a consequence, there is an in- creased need to treat this group of people. Or there arelessbirthsandthusthereisnoneedoforthodon- tists. Technology has made a huge impact on our lives and the internet in our workplace. We need to raise © bizvector /Shutterstock.com 22016