Learn how to do External Analysis of a company (with examples)

Legal factor analysis is easier to conduct because you will find all the legal information at one place for any country. The government of most of the countries have published their legal documents online for public viewing. You can visit those sites and read through the laws and regulations that are governing the country.

One of the issues that you may face while going through these legal documents is interpretation. Language of the laws are inherently complex. You have to smart enough to understand the complexity of the language. But once it is clear, you can be rest assured to ahead as it is not something that changes every other day, unless the government is super volatile.

You can also take help of legal consultants who can help you in the interpretation of the laws. They will list out all the key legal aspects that are directly relevant to your business operation. But, one caveat is that they charge good sum of money if you go for seasoned professionals.

If your business is new and you do not want to invest in the legal fees, the only way out is to go through those laws. With the advent of the internet, you can also find several websites that explains the complex laws in easy to understand languages.

But you should also be wary of these sites as some may not be written the legal professionals.

In order to conduct the legal factor analysis, list all the business areas and find out the laws that govern it. In the previous lesson I had listed some of the laws governing different business areas such as consumer, labor, import/export, taxation, and others.