Do you want to make sure you are optimising your business, targeting the right customers and ready to take on the new year with amazing tourism opportunities and experiences? Kickstart 2022 with a SWOT analysis.
A SWOT analysis is a systematic way of identifying strengths, weaknesses, opportunities and threats within your business and the market that you operate in. It’s a great tool to help businesses take a look at multiple internal and external factors that together significantly influence your operating environment and ability to set and achieve tangible goals.
Why do a SWOT Analysis
The insights you can uncover in a SWOT can be gold gems of strategic clarity to help you to focus your priorities and this is very important in a marketplace that is constantly changing, like in the COVID pandemic in the tourism industry.
To make sure your business is heading on the right track in 2022, we recommend you conduct a SWOT analysis.
Basically, it is a very important step in developing your business plan and can be used to prepare for improvements in your marketing and online presence.
For example, you can conduct a SWOT across your business generally or you can narrow the scope of your SWOT and analyse your customer feedback and reviews. It is a versatile tool that encourages you to think about your internal and external business environment and then reflect on the holistic story that your analysis presents.
The Construct of a SWOT Analysis
Strengths:
These are internal positive factors within your control. Think about the assets that your business has, anything that gives you an advantage over your competitors.
Ask yourself the following questions:
- What do we do well?
- Why do customers buy from you?
- What talent or technology do we have?
- What are our tangible assets?
Weaknesses:
These are internal negative factors that are within your control. Think about elements within your business that place you at a competitive disadvantage or detract from the value of your product/service.
Ask yourself the following questions:
- What do we lack?
- What can we improve on?
- Are our processes inefficient/wasteful?
- What do your competitors do better than you?
- Are there gaps in our team?
Opportunities:
These are external positive factors that you don’t have immediate control over. Think about the things that are likely to contribute to the success of your business.
Ask yourself the following questions:
- Are there possible alignments/collaborations we could make with neighbouring businesses?
- Are we receiving positive feedback from customers…what insights can we draw?
- What new digital technology can we adopt to improve operations and efficiency?
- Is there a market demand for our product/service?
- Is there any available funding/training available to us?
- Are there market trends eg. consumer demand for environmentally friendly products that we could align with?
Threats:
These are external negative factors that you don’t have immediate control over. Think about what might put your business at risk and how you might handle the negative impacts.
Ask yourself the following questions:
- What are my competitors doing that may impact our position in the market?
- Is your business subject to severe weather or other risks?
- Have market trends changed since COVID-19?
- How do border restrictions and lockdowns impact your business?
- Could emerging technologies/regulations change the way we operate?
Complete the SWOT template below, applying the above questions to your business. If your business is still in the planning stage, consider what you anticipate to be your strengths and weaknesses and what opportunities and threats might occur.
Turning Insights into Action
Looking at your SWOT, what jumps out at you? What conclusions and or new insights can you draw upon?
Can you identify strategies for growth or product improvements? Maybe there are urgent operational priorities that you need to address. What new opportunities can you begin leveraging off to close the gap between you and your direct competitors?
Take these insights and develop an action plan so that you are making a commitment to continual improvements in your business and moving forward towards your business goals.
Need help interpreting the information? Either use the table below to help you or book a one-on-one coaching session with one of our digital marketing specialists.
Thinking about this persona, what ideas do you have to enhance the following aspects of your business:
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