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Fast Food Restaurant SWOT Analysis.
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 fast food restaurant.
If you are going to go to a bank for funding then they will insist that you complete a SWOT Analysis for your fast food restaurant or your fast food restaurant business concept.
In effect, what a business SWOT Analysis does is show you how your fast food restaurant is, or will be, placed in the current business market, and how well you will be able to compete in that market. It breaks down the good and bad points of your fast food restaurant or concept against those of your competitors.
This gives you an opportunity to amend or strengthen certain operating practices or promotions you may be running to gain an advantage in the business marketplace you are trading in, whether you are in The UK or The USA.
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:
Strengths, Weaknesses, Opportunities and Threats.
The strong points of your fast food restaurant - Examples are:
✔ Your outlet exterior is clean and tidy.
✔ Your prices are cheaper than your competitors.
✔ Your service style is new to the area.
✔ You offer a product no other fast food outlet offers
✔ You have a branded image.
✔ You have a good choice of items available on your menu.
✔ You employ well-trained staff.
The weak points of your fast food restaurant - Examples are:
✔ Your fast food restaurant is new and not established.
✔ You have limited funds available.
✔ You offer a product which is already available on the market.
✔ You don't have a drive thru.
✔ Customers have to travel further to get to your outlet.
Benefits for your fast food restaurant - Examples are:
✔ A new office complex is opening nearby.
✔ A new housing development is being built nearby.
✔ A main competitor has closed down.
✔ The building next door has become available so expansion may be an option.
Instances that can harm your fast food restaurant - Examples are:
✔ A high street brand is moving into the area.
✔ Your operating costs are set to increase soon.
✔ Your business lease is up for renewal and a rent increase will happen.
✔ A main competitor has lowered their prices and started a price war with you.
When doing your own SWOT Analysis you can add as many points as you want for your fast food restaurant.
SWOT Analysis for your fast food outlet.
What you should do is complete one of these for your own business, stating each and every relevant example for the main sections of SWOT Analysis, in order to get an idea of where your business stands in the current market and how competitive your business actually is, whether you are in The UK or The USA.
Don't worry about whether you think something is not important enough to include on your SWOT Analysis as often when you compare all the points for each section you will find that when grouped together you can spot certain opportunities or threats and deal with them so much more easily.
The same applies to favouring the positive points over the negative ones to make your fast food restaurant look better, all you are doing is putting yourself at a disadvantage, you must create a realistic 'look and feel' for where your fast food outlet stands in the market otherwise you won't be able to devise a plan to counter the negative points and build on the positive ones.
To download your SWOT Analysis template, click on the download link below:
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Looking to borrow money or wanting to apply for a credit card, mortgage, overdraft, business loan or even car insurance for your restaurant? This article covers the areas you need to consider when applying for finance, borrowing money and applying for credit for your business. Looking after your money is important, especially money you borrow.