SWOT stands for strengths, weaknesses, opportunities, threats. These are the things that you, as the owner or manager of a business venture, should be familiar with because these can help you know the exact aspects where your business can bloom and where it faces the danger of failing. You may also see SWOT analysis examples & samples.
It can help you develop a safe place for your business in the gigantic corporate world where you can harness your talents and abilities using your most important resources, your people.
SWOT is particularly useful because it can help make you aware of your company’s strengths that you may have initially overlooked. This also gives you the chance to open your critical eyes and study the aspects of your business that are bringing the whole operation down. You may also like personal SWOT analysis examples.
It is a technique that allows you to look at yourself among your many competitors and pinpoint the things you are doing from the things you are doing wrong. With this new perspective, you can approach your business and the competition that it is a part of with a more cunning eye, able to see all the particulars. You may also check out SWOT analysis worksheet examples.
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.
This refers to the positive traits that are present in an organization, those that are within their control. This points to the attributes that a company can use in developing and improving the present state of the business.
Usually, the strength lies in the abilities of the company’s employees, both as an individual and as a team. The talent and ideas that the members of the company are able to contribute can make a big difference between a company’s success and its failure. You may also see why every business needs a good SWOT analysis.
What are the things that you do and have that no one else in your field can offer? What are resources that are within your reach but are unavailable to others? Using the SWOT analysis, you can familiarize yourself with your company’s strongest suits. This knowledge is important because, then, you can choose to fortify these strengths and use them in a way that can benefit your cause more. You may also like statement analysis examples & samples.
This refers to elements that may hinder an organization from attaining its smart goal. It may also allude to the parts where the company can improve as a whole. Is the company’s manpower in need of improvements? Can the management do better at the job? Should the company embrace a different perspective? What are the things you should avoid and the habits you should stop doing? What are factors that may cause your sales to diminish?
Despite a long list of strengths, a company can only go so far with the presence of more imminent weaknesses. These are the things that should be directly answered to. But how can you solve the things you don’t even know are causing you problems? This is a question that SWOT analysis can answer for you. You may also check out what is an analysis?
This refers to external elements that may help push a company forward. Unlike strengths, opportunities are something that are not within your control. However, if you play your cards well the way businessmen should, these opportunities will come swarming to you as if you are a sweet nectar inside a beehive. You might be interested in business analysis examples & samples.
What are the present trends in society you can use to your advantage? Are there any technological advancements that can help you in your field? A pro tip in identifying opportunities is to look at your strengths and study the different angles to see if they can open any opportunity for you. You may also see process analysis examples & samples.
SWOT analysis can help you identify the opportunities that are directly in front of you and the opportunities that you will have to work hard to get. It can give you a tangible list of the possibilities you can venture in to help you improve your business.
Basically, these are things that have the ability not only to put your business down but to close it for good. Whereas opportunities are something you can still have a say in, threats will come without asking for your permission. They may attack when all of your defenses are most down. The best thing that an organization can do is to work to solve them as quickly as possible before the effects have spread too far. You may also like critical analysis examples & samples.
What are your competitors doing? Are their actions directly affecting you? Do you have any financial issues that may affect your productivity? Do the weaknesses you have identified have the ability to create threats to your company? SWOT analysis will help you predict the areas where you are most vulnerable to attacks (which are mostly in correlation to your weaknesses). Although you can’t hope to fight them off, at least you have prepared yourself for the assault.
Hotels are one of the big earners in the market. They give back a considerable amount, in the form of revenue, back to the public. Unfortunately, aside from earning a lot, they also take a lot to maintain. It’s a big business that needs a lot of people. That in itself already makes hotel management one of the most difficult business type to maintain. And we haven’t even weighed in the upkeep, the competitors, and the marketing strategies.
Since hotels produce both quality products and services, managing a hotel has become a job meant for more than one manager. Plus, when dealing with a business that has a massive financial muscle, you need to have a clear-cut strategy because the bigger the business, the better target it is for threats.
However, all thanks to Mr. Humphrey and his Stanford team, this burden is alleviated. Using the SWOT analysis, hotel management is not only easier, it has also become more systematic. Simply identifying the four key points in the SWOT analysis, you can find out the most important aspects of your business on which you should concern yourself. Here is a thorough example of a SWOT analysis of the hotel management business when viewed as a whole:
This is the main purpose of this business: to create a home for those who cannot go back to their own. This is a major strength for the hotel management business because there will always be travelers, people who will need somewhere clean and warm to stay in even for just a night. Without hotels, road trips and vacations will never be made possible. Plus, hotels are always thinking of new and better installations to their present services. You may also see requirements analysis examples.
For example, some hotels now offer event venues and catering services. There are those who have created swimming pools and allowing non-hotel guests to use it for a day with a fee. There are many things that hoteliers can use to attract more guests to stay with them, aside from the classic bed and blanket. You may also like literary analysis examples & samples.
It’s true that people from everywhere visit a particular place for its tourist spots but they stay longer because of hotels. Imagine traveling so far to get to a place and only staying there for a day because you have nowhere to spend the night. The hotel industry is a big aspect of a community’s financial earnings. You may also check out company analysis examples.
When tourists visit a tourist spot, they stay longer in a hotel. In turn, they can roam around the town, visit malls and parks, and buy local food and products. All of this money, when added up, are going to go back to the community’s treasury. Imagine the case scenario but without hotels.
Even with small, startup hotels, it would still need a handful of people to function. Managerial, ground works, services, entertainment, all of these fields are traversed by hoteliers as a part of their business management which means that they would need a lot of people to do different jobs for them. Hotels play a contribution at employing people, which means that they also help decrease the community’s unemployment rate. You might be interested in sales analysis examples & samples.
Hotels are unfortunately unrealistically expensive. A lot of dollars for a single night? People become hesitant to stay at hotels for this reason. Although cheap hotels are also an option, they don’t offer very good service or amenities. In the long run, consumers may look for another option if hotels keep charging absurd rates. You may also see needs analysis examples.
In some countries, hotels are asked to pay an unbelievable amount of tax. (But not as unbelievable as the amount they ask for a stay on their beds!) This unfair structure in terms of tax will also reflect on the cost of hospitality that these people charge their customers. At the end of the day, it is the customers who take the strongest brunt of it all. You may also like feasibility analysis examples.
1. Despite it all, no one can get rid of hotels. People will always need a place to stay in a strange land and hotels are the only secure option. This is an opportunity that hoteliers can take advantage of. Hotels are a secure investment. As long as you know how to take care of your business in general, your consumers can take care of the rest for you. You may also check out project analysis examples.
2. Every community needs a hotel because every community is centered on improving their tourism, thus attracting people who are willing to pay for a place to stay. This is an opportunity because future hoteliers can be assured that they will be needed wherever they choose to start their hotel. You might be interested in analysis essay examples & samples.
3. The hotel industry enjoys a year-round stream of customers. Although they also have peak seasons such as those during Christmas breaks and summer, their customers aren’t limited to specific months.
1. People are looking for other hospitality options that may dampen the robust mood of the hotel industry. Since hotels are becoming even more expensive to the day, people are looking for other cheap deals that can take care of them just the same. The Airbnb, an American company offering hospitality service, is a fast rising competitor. You may also see organizational analysis examples.
2. Civil conditions are also a big threat to hotels. Wars, famines, epidemics, despite the great tourist spots a locality can offer, with the presence of all these negative factors, hotels may not earn as much as they should.
3. The state of the country’s economy will have a big effect on hotels. But then again, they will have a big effect on every type of business.
Managing a business is difficult. Making sure it keeps running is even harder. SWOT analysis makes managerial just a little bit easier. Especially for big businesses in big industries like hotels, 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. You may also like analysis examples in word.