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Planning is always a major challenge. The market has become very dynamic, there's always something new happening, new developments and so on. This in essence will require re-strategizing and redesigning too on a regular basis to remain relevant.
Risk Management is another. Some risks are somewhat not given as much attention as should be given probably because they are not "threats".
Issues of credit availability, new product launch and the need to protect intellectual property are risks one needs to pay attention to.
There definitely are other issues like customer service and customer management, cost control and so on too. I'll rest my case here and allow other participants
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