SWOT analysis for your hospitality business.
Food & Beverage Asset Management
Cooking Europe, Tilburg. November 17th 2022.
What elements must be included in the SWOT analysis for our hospitality business?
In order to correctly carry out a SWOT for a hospitality company, you have to start by creating certain questions for each section. The more exhaustive it is, the better we can analyze the result later.
The SWOT analysis, acronym that refers to weaknesses, threats, opportunities and strengths. It is a widely used tool in the business world to be able to assess all aspects of influence in a company and then act correctly and make the right decisions that are going to launch the project. This analysis is carried out by a graph divided into four parts, in each section the essential situations that are identified are exposed in order to later analyze the results.
In a hospitality business or a gastronomic project, there are many internal and external factors that must be analyzed. For the SWOT analysis to be done correctly, we must bring together a team that has the capacity and objective vision to be able to capture all the virtues and defects of the restaurant.
The leaders of the hospitality project have to be involved since they are the ones who know these aspects the best. These leaders cannot do this analysis alone since they need other points of view so that the SWOT analysis of the restaurant is as complete and objective as possible.
What elements must be included in the SWOT analysis for our hospitality business?
Weaknesses: they are the attributes that go against a good result in the business. Weaknesses prevent the business from achieving its optimal results and therefore we must constantly work on improving these weaknesses so that they are no longer in the project.
Threats: are the external factors that can prevent the good result and progress of the gastronomic project or the hotel business. These factors must be taken into account and analyze whether they are important enough to not continue with the project. For example, some environmental regulations, lack of labor…
Strengths: are all those characteristics that distinguish the hospitality business from others and that represent the virtues of the organization. Brand, resources, guests…
In order to correctly carry out a SWOT for a hospitality company, you have to start by creating certain questions for each section. The more exhaustive it is, better we can analyse the results later.
Why do we at Cooking Europe create SWOT analysis for hotels and restaurants?
We know that this analysis is one of the first stones of the gastronomic project. Once we have carried out a good market research study and have an idea of a Food & Beverage concept, we gather the entire team to analyze the data we have, which will also be important for the financial feasibility study of the business. Creating a brainstorm together, we expose all the important factors for each section of the SWOT. Once we have done this, each department will try to solve the weaknesses so that the final project is adequate. It is important that the gastronomic project is solid and lasting over time, since all the threats and weaknesses of the SWOT influence the business and can destabilize its viability. Therefore, before starting the execution of the restaurant or hotel and investing unnecessary money, we must provide our client with a good study and analysis of the gastronomic concept.
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