If you owned your own business with a staff of 150 what would be the three...

If you owned your own business with a staff of 150 what would be the three most strategic considerations you need to address and why?

Expert Solution

The three most important strategic considerations to be taken care of are :-

HR Strategy of Recruitment and Retention - SInce this is a small business with only 150 people the employees are the main asset that the company has in this case. SO, it is very important to make sure that the employees are taken care of and employee turnover is next to zero because for a small organization acquiring new employees is tedious as well as expensive.
Competitive Analysis - As a starting point, a SWOT analysis and a Porters' Five Forces analysis needs to be done to understand the competitive landscape so that a long-term strategy for the organization can be charted accordingly.Also, understanding the competition well, would help the company to take advantage of their shortcomings and deliver a product or service which they do not provide in the market.Since the company is a small business it is imperative that it understands the competition very well otherwise it can be crushed by big players in the market.
Thorough understanding of customer needs is very important to be viable these days. As the company is a small business it would have to provide some USP which differentiates it from other products in the market and it can do so only if it understands what the end consumer wants.

Apart from these three considerations, it is important for the business to have a clear vision and mission for the company as that would be the primary driver of the long-term strategy.

keosha answered 7 months ago

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