Now is a good time to keep a promise to yourself and conduct a SWOT analysis for your travel business. The SWOT acronym indicates 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 an annual SWOT analysis is a good prerequisite to a marketing plan and assists with developing the appropriate goals for your travel practice. One of the most important aspects of a SWOT analysis for travel agencies is very simply the act of planning: the analysis makes you take a good look at your positioning in the market. Each component of the SWOT analysis bears a relationship to the others. Each of your strengths will give rise to opportunities or the capacity to exploit an opportunity. Likewise, your strengths allow your travel practice to better confront the threats on the horizon or compensate for weaknesses.