SWOT Analysis for Special Event Planning
SWOT is an acronym that represents the strengths, weaknesses, opportunities, and threats of any venture. SWOT is, therefore, a technique for assessing the business’s performance, risk, competition, and potentials (Walbank, 2017). Before planning for an event, SWOT analysis has to be performed to aid the decision-making process. SWOT is the collective process that ensures a business identifies its internal and external variables that might interfere with development and potential success. Despite SWOT analysis not being the first course of action in research, it must be finalized before planning an event. Besides, the success of planning an event depends on the SWOT analysis because it has significant importance in event planning.
There is a need to provide a correct assessment of strengths and weaknesses in event planning. By having a more in-depth look into the event planning idea, we have to involve managerial accounting analyses. According to Gartner (2019), it is vital to note that the strengths of a new venture are linked to its innovation and creativity, and flexibility. Some of the notable event planning strengths include enthusiasm from all stakeholders involved, event agility, conducive and familiar work environment, informality, and a superior product. Opportunities are activities that may be of benefit to an event without significant investment by your organization. In that sense, there is a need for an event record that will serve profits and, in the process, acquire future product orders necessary for this event to thrive.
Cox (2017) says that it is practical to make adjustments quickly when the event has not started yet. Another strength is the conducive and familiar work environment that a new event experience. Not only does SWOT analysis ensure investigations into the market demands, competition, but also risks. Also, the event planning process may benefit from significant investment and funding. SWOT analysis is beneficial in offering publicity services and other special resources to help in the event plan. Unlike other event start-ups, a wise entrepreneur should have the right protocols in place to break even with market demands.
Threats are activities that prevent one from maximizing the potential of an event. In that sense, there are some emergent threats and weaknesses in event planning. One of the weaknesses developed is the lack of sufficient funds to keep going. Leidecker (2018) states that access to capital has been challenging for an individual seeking to start a new event. Furthermore, the lack of cutting-edge technology can also be a weakness in event planning. The mere inability to understand how to handle event development is quite worrying. Another weakness is the lack of networks and connections. According to research, a successful event plan will require the right contacts and network connections to help drive it to full potential. Another weakness that new event faces is undeveloped business processes. All in all, SWOT analysis is crucial to a new event that seeks to penetrate the market and has not yet experienced the market variables to understand the dynamics of profits and losses. The lack of fully developed systems often leads to business stalling and hitches, leading to inefficiency in operations.
References
Cox, C. (2017). New event planning.
Gartner, J. (2019). Predicting new event survival.
Leidecker, B. (2018). Causes of new event failure.
Walbank, M. (2017). SWOT analysis: Equity sharing, policies & funding.