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Common challenges in strategy development
Shortcomings in implementation: Many companies have good ideas but find it difficult to actually implement them.
Lack of resources: Smaller companies often cannot afford to hire dedicated strategy consultants or in-house strategy teams.
Disjointed communication: In fast-growing or smaller companies without a formal structure for strategy, it can be difficult to ensure that everyone in the organisation is on the same page.
Measurement and follow-up: Many SMEs lack robust systems to measure and follow up on strategic initiatives.
Change management: With rapid technological development and market changes, adaptability is critical.
Time saving: SMEs often have less time and resources to devote to strategy work.
Ignorance or uncertainty: Smaller companies often do not have the same access to strategic planning expertise as larger companies.
Difficult to prioritise: With limited resources, it can be difficult to know which strategic initiatives should actually be prioritised.
Complexity of collaboration: With multiple departments, suppliers, and other stakeholders, coordinating strategic initiatives can be a challenge.