Are you about writing a hotel business plan? If YES, here is a sample SWOT analysis for a hotel company to help you form a competitive strategy.
Hotel Business Plan – Economic Analysis
When starting a hotel facility business, you just have to get your costing cum economic analysis right if your intention of building the business is to generate profits, grow the business and perhaps expand the business and start competing at the national level.
When conducting costing and economic analysis for your hotel facility business, you have to critically examine these key factors; place, pricing, and promotion. As a matter of fact, you would have to continue to review these key factors at regular intervals while running your hotel facility business.
It is important to note that acquiring a facility, construction and furnishing the facility, providing overhead and running cost are some of the most important factors contributing to the overall cost of running a hotel facility business and should be considered as a major factor when carrying out your costing and economic analysis.
A Sample Hotel Business Plan SWOT Analysis
Sean and Sharon Hotel is fully aware that they are coming into an industry that can be highly competitive which is why they have decided to pay attention to the SWOT analysis for the organization. We know that once we are able to identify our strengths, our weaknesses, our threats and the opportunities that is available to us, we will be able to come up with good business strategies that will help us achieve all our business goals and objectives.
We know too well that one of the ways to build a successful business in the long run, is the ability to glean some lessons from the weak points we have found ourselves in and convert it to an area of strength. In a case where there is little or nothing that can be done, we may also work so hard so that our areas of strength blossoms more, so that are weak area is very less visible.
Here is a of the result we got from the SWOT analysis that was conducted on behalf of Sean and Sharon Hotel Las Vegas, Nevada;
- Strength:
Our area of strength cannot be farfetched; the location of our hotel is perfect for such business, our management team has robust experience in the industry, our customer’s services is second to none in the whole of Las Vegas and our facility is top notch
- Weakness:
Our perceived weakness could be that we are a new business, and we may not have the financial muscle to sustain the kind of publicity we want to give our business.
- Opportunities:
We are in one of the cities in the world that never goes to bed, plus the fact that Las Vegas is regarded as the world headquarter as far as casino business is concerned. It means that loads of tourist, business executives and travelers would want to visit Las Vegas and we are well positioned to welcome them, because our hotel facility is just about 20 minute drive from McCarran International Airport in Las Vegas, and few minute drive from Mandalay Bay Event Center.
- Threat:
One of the threats that is likely going to confront us is; unfavorable government policies, downturn in the economy which is likely going to affect sales and perhaps the emergence of new hotels (competitors) within the same location where our hotel is located.