5 Things You Know Your Should Do for 2015 But Probably Haven’t: #2 – a SWOT Analysis | TravelResearchOnline

5 Things You Know Your Should Do for 2015 But Probably Haven’t: #2 – a SWOT Analysis

Your company needs to do a SWOT analysis.  SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The traditional SWOT looks at Strengths and Weaknesses of a business (internal factors) and tries to thereby ascertain the relationship with Opportunities and Threats (factors external to the agency). Doing a periodic SWOT analysis is a good exercise as your develop your business strategies and tactics and assists with developing the appropriate goals for your travel practice.

Generally speaking, your travel practice has certain strengths that justify its existence. These strengths give rise to the ability to take on opportunities.On the other hand, your agency probably has weaknesses that provide an opening to your competition where they are better capable than you of taking advantage of the market. A SWOT Analysis makes each of these factors clear and provides a guideline for approaching each in your planning. Our SWOT Analysis Worksheet will assist you in performing your own analysis.

The high and lofty aspirations of a mission statement, if they are to be realized, have to be effected in the context of the real world in which the travel agent operates. An honest evaluation of the possibilities inherent in the mission statement will require the travel agent to closely examine his or her weaknesses and the threats the economy and other external factors pose. Likewise, the strengths of the agent, and the opportunities that present themselves, need to be clearly contemplated and prioritized. From that perspective, the agent can more realistically create goals for their practice, develop strategies to realize those goals and make the most effective use of assets. A SWOT analysis plants the goals of the agency firmly in context and presents the possibility of realization.  Now, we have some reading to do…

 

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Read these articles to remind yourself of the parameters of a SWOT analysis and what’s involved.

Exercise:

Download our SWOT Analysis Worksheet and fill it out as completely as possible.

 

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