Ecological dimension of PESTEL analysis in small enterprises in the Republic of Serbia

Strategic decision-making seeks to analyze the external environment in which business organizations operate. External environmental factors are analyzed and monitored using PESTEL analysis. PESTEL analysis provides insight into organization's business opportunities and threats, in order to rapidly adapt to new market conditions. The objective of this paper is to present the use and the importance of PESTEL model for the analysis of ecological factors in business environment. The most common challenges of environmental analysis, and examples of positive practice from the Republic of Serbia, are presented in this paper. The paper represents a professional contribution to the business community, specifically, it helps organizations to improve their ecological performances through more efficient use of opportunities and elimination of threats arising from ecological factors.