The Value of a Hotel SWOT Analysis
A strategic plan is a result of research, analysis and deep discussions. It defines key areas of the business to focus on, where growth is needed, aspects to be scaled down or dropped, and position with respect to competitors.
As restrictions start to ease hotels need to map out their future direction and contemplate next steps towards opening and re-building their business.
One of the most commonly used methods for business analysis is the ‘SWOT Analysis.’ It can indicate where the business is now, the desired future and likelihood for success.
Revstar Group has been performing SWOT Analyses for many years and believe it’s a necessity to reconstruct as your hotel strengths, weaknesses, opportunities and threats may not be in the same position when you enter the recovery stage. Your competitor set will also need to be reviewed given the change of market and shift to targeting new demographics.
Below are some of the questions Revstar Group visit when performing a SWOT Analysis for our clients:
S – Strength
What does your hotel do well and better than others?
What are your key selling points?
What do guests/clients see as your strengths?
How is your hotels reputation regarded externally?
Who are your allies and how can we utilise their strengths?
W – Weakness
What are your main business gaps?
What do guests see as your weakness?
What segment of your business are the complaints coming from?
Why are your competitor hotels performing better than you?
O- Opportunity
What are our opportunities?
What can be capitalised on?
What are the trends that you are aware of and executing?
Are there potential partnerships we can build?
T- Threat
What is changing in our environment that will impact us negatively?
What are the obstacles to improving performance/delivery?
What are your competitors doing and how does it impact you?
What resource problems do we have?
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