SWOT Analysis is not a complicated thing to have to do, yet it is a very worthwhile and useful task to take on if you are to decide the best marketing strategies for your restaurant.
If you are going to go to a bank for funding then they will insist that you complete a SWOT Analysis for your restaurant or your restaurant concept.
In effect, what a SWOT Analysis does is show you how your restaurant is, or will be, placed in the current market, and how well you will be able to compete in that market. It breaks down the good and bad points of your restaurant or concept against those of your competitors.
Don't be put off by the technical sounding name, SWOT Analysis is simple and straightforward, let us start by telling you what SWOT stands for:
Now, let us look at some examples of these:
Now, what you have to do is complete one of these for your own restaurant. Highlight any relevant points for each heading and you can then work out how well-placed you restaurant will be in your market.
Another useful analysis tool that pretty much goes hand-in-hand with SWOT Analysis is competitor analysis, this really is just about comparing your own restaurant or concept with your competitors to see how you fit into the market, and whether or not your business will be able to trade successfully.
The main points of competitor analysis are:
To download a free SWOT Analysis and competitor analysis right click HERE and 'save target as'. It has been created using Microsoft Excel®, so will be easy for you to use.
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