The following steps need to be followed in the process of business environmental analysis: 1. Scanning All the Required Components 2. Grouping the Scanned Components 3. Observing the Internal Components 4. Monitoring External Components 5. Outlining Variables for Analysis 6. Usage of Different Techniques for Analysis 7. Forecasting Future Outcomes 8. Formulating Strategies 9. Execution of Formulated Strategies 10. Monitoring