The key challenge of this paper's topic is the attempt to resolve the dilemma whether and to what extent a company's environment affects its business results, as well as which of the company functions should be conveniently entrusted with analyzing the issue. The choice of controlling as the analyst bearer is based on the view that all subsystems of management are the objects of controlling. The task of controlling is their integration and coordination. The next step opens up the question of selecting the analysis method and the instruments to be used. This paper deals with the role of the controlling function in conducting the analysis of the external environment using the PESTLE method for the analysis of the wider environment, and Michael Porter's method of five competing forces for the analysis of the narrower external environment, i.e. industry sector. As an example, the activity of mineral fertilizer production was selected, specifically Petrokemija d.d. Fertilizer Company from Kutina. In this context, illustrative data was collected from publicly available sources. It was studied and analyzed by the application of selected methods and instruments, from local to global world trends. The issues related to the purpose of production of mineral fertilizers, social responsibility, environmental protection, and the subsistence and health of the employees were placed in the context of the expectations of the owners and the economic challenges that the company is facing. The results of the analysis should serve as one of the input sources for the development of the business strategy.