In your responses to your classmates, share your thoughts on their analyses, whether or not you agree with their findings, and why.
Respond 2 classmates discussion
speak in first person. Speak as you are talking to each classmate directly
My previous job was at Planet Fitness. I ran a location and assisted other GM’s when the regional couldn’t. I could type a bit about this franchise and defend every word but I’m sure you all have things to do so I’ll keep it short. The strength of the franchise is the prices, locations and general equipment. This company has mall locations which are within 15 minutes of populated areas as well as general equipment that doesn’t scare off newbies. A weakness of the franchise, is the turnover of employees. How is that you ask? Well, new employee cost more. There is more training, more supervisory needs, trust to be earned and they make more mistakes. ” The reality is that regardless of the size of your business, employee turnover is a major concern. Whether it’s because of cutbacks or employee dissatisfaction, if it becomes a frequent occurrence, it can have serious implications for your business.”. (Hall p.3). This it very true. Our 3rd party payroll company charges $200 bucks per month, per employee. When you lose 10 employees a month and hire a handful in the same month, there is a lot money going out that is not remade. However, the opportunity is always in cheap membership, membership perks and knowing there are always new members looking for a gym. This franchise markets around the clock in every way. Very big on brand recognition. The threats reside in other gyms not backing down, at home gyms have increased due to covid and covid itself. Gyms have been under magnify glass since the pandemic started and I don’t see that changing soon.
Hall, J. (2019, May 09). The Cost Of Turnover Can Kill Your Business And Make Things Less Fun. Retrieved December 30, 2020, from https://www.forbes.com/sites/johnhall/2019/05/09/the-cost-of-turnover-can-kill-your-business-and-make-things-less-fun/?sh=7626f0c07943
A SWOT (strengths, weaknesses, opportunities, threats) analysis can be an important tool to use when working to determining where you currently stand in the marketplace, where you can grow, and where you need to improve. While SWOT analyses are key in looking at both internal and external factors that affect your organization, they become useless if upon completing the research the company does not follow through on the strategy. The plan should “include concrete steps to harness your company’s strengths in order to target the opportunities identified in your analysis” and “should also include specific measures to address the weaknesses and threats you face” (BDC, 2020.).
This week, we have been tasked with conducting our own SWOT analysis of a company we currently work for or have worked for in the past so I have chosen a past employer to analyze – the Brookstreet Hotel. The strengths that we can look at when we do this type of analysis include “things your company does well; qualities that separate you from your competitors; internal resources such as skilled, knowledgeable staff; and tangible assets such as intellectual, property, capital, proprietary technologies etc. [sic]” (Shewan, 2020). Brookstreet Hotel’s internal strengths include: strong communication processes in place; well-defined and highly visual guiding principles; significant encouragement to recognize and support SPICIER (sensational experiences, integrity, commitment, innovation, empowerment, respect principles which promotes a certain standard of employee behaviour and awards outstanding employee actions; working with multiple divisions within the hotel and focus of management to actively breakdown “silos”; significant employee training and staff perks such as free meals, free use of the gym, discounted rates on stays and spa services.
Brookstreet’s external strengths include: unique identity being a boutique hotel with a four diamond seal; attracts multiple niche audiences such as golfers (they own a golf course that is 4 minutes away), sports fans and athletes (they are located 15 minutes from Scotiabank Arena), guests looking for rest and relaxation (they have a spa on-site); families (they have a kids room, games room, and family perks such as vouchers, etc.); professionals and organizations conducting business (they offer 18 meeting rooms); and weddings and parties.
The weaknesses that I looked for when reviewing the Brookstreet Hotel included things that the “company lacks; thing your competitors do better than you; resource limitations; unclear unique selling proposition” (Shewan, 2020). The hotel’s internal weaknesses include its intense and long hours during events or busy seasons; stringent rules on personal appearance rules and does not allow employees to be creative with their identities at work (all staff must wear black slacks and black golf shirts that we were often a little loose); limited employee growth and ability for pay increases.
The organizations external weaknesses include its location (it is in Kanata which is 20-25 minutes outside of downtown Ottawa meaning that it doesn’t have as much tourists or attractions); higher hotel room rates than their competitors; limited resources such as small in-room dining menu and spotty internet connection that consistently causes issues for guests if the hotel is at full capacity; parking is not included for guests.
The opportunities I analyzed when looking at the Brookstreet Hotel were “underserved markets for specific products; few competitors in your area; emerging needs for your products or services; press/media coverage of your company” (Shewan, 2020). I believe the majority of opportunities lie externally for this organization. The hotel could use their social media to improve consumer relations and engagement through contests and brand awareness by encouraging “re-posting” which may lead to more client referrals and traffic. Another opportunity includes creating more sustainable practices and use green technology to attract a new segment audience and provide a unique selling proposition by being a “eco-friendly” destination which is currently a hot button issue.
Finally, the threats that I analyzed for the hotel included “emerging competitors; changing regulatory environment; negative press/media coverage; changing customer attitudes toward your company” (Shewan, 2020). Internal threats include strong employee turnover and unsuited staff for the sector that negatively impact customer service. External threats include a fluctuating market where hotel guests may not be able to pay the boutique hotel’s rates; new hotels being built that are closer to downtown Ottawa or offer a more “modern” experience; supply chain problems and; negative customer reviews.
I didn’t really find anything surprising when doing the SWOT analysis of the Brookstreet Hotel. I did notice however, that the organization does an above average job trying to ensure that their employees feel empowered and focus on communication and teamwork which I think is a huge strength for any business. I would say that this analysis reiterated to me that you cannot control threats as an organization but that the SWOT strategy can help make sure organizations are more prepared and are looking at factors through a creative, solution focused mentality. This will help support resourcefulness and adaptability more which will better allow for longevity for a company in an ever-changing marketplace.
BDC. (2020). SWOT analysis: An easy tool for strategic planning. Retrieved from https://www.bdc.ca/en/articles-tools/business-strategy-planning/define-strategy/swot-analysis-easy-tool-strategic-planning
Shewan, D. (2020, April 20). How to Do a SWOT Analysis for Your Small Business (with Examples)2 [Web log post]. Retrieved from https://www.wordstream.com/blog/ws/2017/12/20/swot-analysis