A SWOT analysis is a strategic planning technique that helps identify the Strengths, Weaknesses, Opportunities, and Threats of the person or organization under the analysis. Depending on its subject, the SWOT analysis can serve a different purpose. For an individual, the SWOT analysis can help one develop a career in a way that allows the best use of their talents, abilities, and opportunities. For a business, the SWOT analysis can help an organization find its USP (Unique Selling Point) and carve a niche in that organization’s market or industry.
A SWOT analysis is an important part of developing a strategic plan and as such, there will always be an emphasized time for analyzing the strength, weakness, opportunity, and threat during the company’s strategic planning process.
Running a hotel too can involve a SWOT analysis. As it is a part of the multibillion-dollar hospitality industry, a hotel’s SWOT analysis is essential to its success. The hospitality industry is one of the most competitive industries around the world and given that there are thousands of hotels around the world, running one would require a great strategy. How a hotel is run allows it to remain relevant and not be swallowed up by the competition.
A SWOT analysis involves what makes up its acronym: Strength, Weakness, Opportunity, and Threat. These four categories are divided into two factors, the internal factors, and the external factors. The internal factors involve the aspects that are found within the organization. This includes the strengths and weaknesses. The external factors meanwhile involve the aspects that are found outside of the organization. These are the opportunities and threats. You may also see sample healthcare SWOT analysis.
The strength is the property within the organization that is positive. It is important to know the strength of the organization so that it can make the most use out of it. The strength basically describes what the organization does well. You may also see personal SWOT analysis templates.
Some questions to ask when analyzing the strengths are:
The weakness is the property within the organization that is negative. Weaknesses are the factors that prevent the organization from accomplishing its mission and realizing its vision. Including the weakness in the SWOT is essential as aside from it being the “W” of the acronym, knowing the weakness allows the organization to work toward improving them. You may also see employee SWOT analysis templates.
Some questions to ask are:
The opportunities are the properties and circumstances outside of the organization’s control that can be exploited to gain an advantage. An organization can not create opportunities, it can, however, choose how to position itself for maximum benefits to gain. It is important to include opportunities for the SWOT as it is for the best interest of the organization. Opportunities are very hard to recognize but being able to recognize them and recognize them fast would put the organization in a very favorable position. You may also see simple SWOT analysis.
Some questions to ask when finding opportunities for your organization include:
The threats are the circumstances that are external to the organization but can cause a negative impact. These are things that do not benefit the company. Threats may even cause damage to the organization but there is nothing that could be done about it. Threats should be included in the sample SWOT analysis as predicting them can help the organization find ways to lessen their impact or avoid it entirely. You may also see
Some questions to ask when looking out for threats to your organizations include:
As mentioned above, it is not only organizations and corporations that can benefit from the SWOT analysis. SWOT analysis can be used before making decisions with a properly defined objective. They can also be used in pre-crisis planning and preventive crisis management. SWOT analysis can also be essential when developing a recommendation during a viability study or survey. Among others uses of the SWOT analysis are:
SWOT analysis is an important aspect when creating a business strategy. One of the steps when creating a strategic plan is to take a stock of the situation. This involves identifying both the positive and negative aspects relating to the company, both within and outside it. This makes the SWOT analysis an integral part of the strategic planning process.
The matching process is done to find competitive advantages by matching perceived strengths to possible opportunities. Converting is another tactic to try to convert weaknesses or threats into strengths and opportunities. Not every threat can be converted to the least an organization can do is to minimize or avoid them. Sometimes, it is better to duck than to counter. You may also see sample marketing SWOT analysis templates.
Corporate planning is the use of a systematic and rigorous process to develop strategies and plans that enable an organization to achieve its objectives. The SWOT analysis can be combined with a PEST (Political, Economic, Socio-cultural and Technological) or PESTEL (Political, Economic, Socio-cultural, Technological, Environmental and Legal) analysis can be used as a basis for the analysis of business and environmental factors.