Are you ready to take your hotel to the next level? Everybody wants to, but not everyone knows how. Just like the act of self-improvement, it takes a certain awareness to raise any business towards a higher standard. Thankfully, there is an easy way to learn how. A hotel SWOT analysis is what many need during these crucial times. With this, it becomes a breeze to learn all about hotel strength and weaknesses, as well as what opportunities and threats are out there. Scroll on to learn more and to get your own hotel SWOT analysis template from our list.
We credit this sophisticated strategy to Mr. Albert Humphrey who, in the 1960s and the 1970s, pioneered a research team in Stanford University utilizing the data they have gathered from well-established companies.
The purpose of their research was to understand why a lot of corporate planning fail. As a result, the team of Mr. Humphrey was able to discover a series of critical areas that a company can use to understand the different aspects of the business. You may also see how to prepare SWOT analysis for business.
This concept was called SOFT which stands for “What is good in the present is Satisfactory, good in the future is an Opportunity; bad in the present is a Fault and bad in the future is a Threat.” It wasn’t until 1964 when Urick and Orr represented Humphrey in a conference in Zurich that they changed the F in Soft to W, changing the name into SWOT. You may also like detailed SWOT analysis examples.
This has stuck ever since and although the concept is credited to the researchers in Stanford, the name is regarded as Urick and Orr’s making.
Surely you’ve heard of the Marriott and the Hilton. Those are two of the most famous hotel franchises in the world. Any of their competitors would die to get their hands on a Marriott hotel SWOT analysis or a Hilton hotel SWOT analysis. Basically, this is what companies come up with if they want to get a closer look at where they stand. They will look up where they are doing well (strength), where they are failing (weaknesses), what opportunities they have at the present, and what poses a threat to them.
Those in charge of their own hotels will want to know how to develop their own analysis. Fret not, for the endeavor does not take too long and it can be quite simple. You can even create a SWOT analysis hotel industry document afterward if you really want to go in-depth. Having said all that, let’s take a look at what you can do to make your experience much easier:
You’ve seen our list above, right? There are clearly many examples of what a hotel SWOT analysis PDF version or a hotel SWOT analysis template Word looks like. The use of analysis templates is really straight forward. Simply make edits to it and proceed with the important parts. In doing so, you save yourself even more time.
Even though this document is not likely to spread throughout the entire hotel staff, it can’t always be so easy to just write what your strengths and weaknesses are. Yet that’s exactly what this endeavor calls for. Don’t be shy or stay in denial about weaknesses that you aren’t proud of. Acknowledge them because they can still be used to help you rise to the top of the industry as long as you know how.
Looking at opportunities should not be a quick look at what’s in front of you. This should be a broad look that involves the entire hotel industry as a whole. Do not hesitate to research on what the present trends are. Ask other professionals for their opinion. Perhaps you can also ask your customers through the use of surveys. Be as broad as you can and you will find many opportunities that you probably never even expected in the first place.
Your competition isn’t just limited to the ones directly threatening your business. You never know which indirect threat might catch you when you’re vulnerable. Just like with the opportunities, be vigilant and don’t just look at what’s in front of you. Be thorough with what people are doing and what they aren’t doing. Maybe your answers will lie somewhere in between.
There is an estimate that the yearly revenue of hotel chain owners is somewhere between $40,000 to $60,000.
The first example that comes to mind is the Burj Al Arab hotel in Dubai. Then you’ve got the Fogo Island Inn, the Rancho Valencia Resort, and the aforementioned Marriotts and Hiltons.
The main advantage of a SWOT analysis is that it often addresses many business issues, ranging from managerial, operational, to financial. However, there are those who believe that the issues can also be quite subjective, which makes it far less attractive to others.
Managing a hotel business is difficult. Making sure it keeps running is even harder. Conducting a hotel SWOT analysis makes managerial decision-making just a little bit easier. This is especially true for big businesses in big industries. More often than not, managers and owners will need a sidekick. Why would you hire one if you can create one instead? Look through the many aspects of your business through SWOT analysis and apply what you’ve learned wisely today!