EVs and PESTLE

There is a great analytical tool called PESTLE - an acronym for Political, Economic, Sociological, Technological, Legal, and Environmental. It is typically used to ensure a thorough scan of all external factors affecting a proposed plan of action. You use it to identify the forces working for you and against you – and your competitors – and your customers. This allows you to identify new opportunities, and also some threats.

For today's Tuesday Tune-up, let's do a short mental exercise based on the T in PESTLE. Let's look at the Technological opportunities created by electric vehicles.

Electric vehicles (EVs) have reached a tipping point. Tesla has sold over a million units since it started. Every major manufacturer in the world is making dramatic commitments to EVs. I think most people standing on the sidelines are watching this transition with curiosity and probably some amazement. But what happens if we get past that amazement, and you get out in front of the trend and ask “what are the threats and opportunities for my business five years from now when EV adoption is absolutely mainstream?”.

Some ideas:

• Retailers. You will want to install on-site fast chargers, and increase your power supply (Solar? Battery storage?) You will have a more predictable dwell time for your shoppers and possibly better air quality.
• Manufacturers. Attracting employees means on-site charging. You may want to ask how your carriers power their trucks.
• Builders. EV parking and charging requirements, heavier vehicles, better indoor air quality / less ventilation required, different electrical systems (DC / AC, power storage, grid connectivity).
• Vehicle Repair and Maintenance. Reduced parts and labour requirements, no oil changes, more expensive crash repair, smart vehicles – fewer crashes, battery replacements and recycling, code upgrades.
• Gas Stations. Fewer ICE vehicles, overnight charging services, local solar / wind generation, expand coffee / convenience service, cater to ICE vehicles (motor heads?)

These are very high-level examples. EVs will absolutely impact every business in some way. Why not ask your team now what it means to your business? Is it a threat or an opportunity? Either way, best to start preparing for it now.

If you’d like me to walk through an exercise with you, just ask. We can cover not only T but P,E,S,L, and E as well .