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.