Welcome to the Zeus Manager blog! In today’s article we will teach you to perform a SWOT analysis step by step, one of the most important diagnostic tools to detect strategies and actions that can help define the situation of your restaurant and also give the first steps to build the target customer or buyer persona profile. Shall begin? 😉 If this is the first time you hear about this concept, it is important that you understand that the primary objective of this analysis is to develop a diagnosis to guide the strategy by identifying Weaknesses, Threats, Strengths and Opportunities (SWOT ) which in this case can also affect the general objectives of the business. This instrument is ideal for defining a perspective that indicates where we should focus our efforts going forward, constituting a simple way to identify important aspects that have a direct impact on the results of our business. Basically the SWOT analysis includes four areas, and normally the information is organized in a table like the following:
WEAKNESSES AND STRENGTHS in the SWOT analysis
We understand weaknesses : those internal negative factors of our business that create a disadvantage in the market, are therefore aspects that limit the development capacity of the business strategy and that ideally we should try to correct where possible. We consider strengths : those internal positive factors of our restaurant, such as capabilities and resources that create an advantage for us in the market ( and that at the same time will serve to exploit opportunities .) As an example, a series of areas where we can identify strengths and weaknesses in a restaurant could be:
- menú offers
- Online presence
- Marketing strategy
In general, when defining our strengths and weaknesses, we will always be comparing our restaurant or business with our direct competitors. So, if, for example, we have identified as one of our strengths that we have an automated reservation system with automatic emails , this would mean that our table organization is more agile in our restaurant than those of the competition.
“Try to be honest and try to weigh everything that you consider that makes your business unique”
OPPORTUNITIES and THREATS in the SWOT analysis
An opportunity is a external positive factor that can be used to generate more demand in our restaurant, that is, everything that is likely to constitute a competitive advantage in the external environment. For example, the appearance of new human resources programs that have communication from interconnected mobile technology, such as our Zeus Employee app, could reduce incidents in employee management. Some questions that can help you identify opportunities would be:
- Where is there a gap in the market?
- What demographic is not being given due attention?
- What food offer is not present in our area?
- Is there a possible association that could benefit us?
- What new trends could we incorporate into our offer?
A threat is a external negative factor that could generate a decrease in demand in our business. As an example, the following questions can help us to detect them:
- Are they going to open a new restaurant in our area with the same gastronomic offer that we offer?
- Can the price of our raw material go up unexpectedly?
- Is there a trend change in consumer taste regarding our offer?
“MICRO SWOTS” AND FEEDBACK
Finally, let us bear in mind that if we involve our colleagues in the SWOT analysis, we will surely obtain very interesting feedback , when seeing different possible assessments regarding Weaknesses, Threats, Strengths and Opportunities , which can always enrich our perspective. We hope that our post dedicated to SWOT analysis will help you plan your business and allow you to enhance the essence that makes it unique compared to your competitors 😉