If you are considering your business strategy, then this is a common tool used to assess your business environment. It is an acronym standing for the six external factors affecting your business.
In the present business climate, a PESTLE analysis can be very helpful in determining your long-term goals and the strategy to achieve them. Your analysis should take the form of a table like the one below:
|Type of impact|
|Rate of impact|
Have a go at creating this table, guessing what the headings mean. If you then decide to develop the technique, a Google search will throw up a lot of guidance. Here is an example from CIPD: https://www.cipd.co.uk/knowledge/strategy/organisational-development/pestle-analysis-factsheet