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| Best Practices | Statistics |
|---|---|
| 1. Develop a solid business plan | 80% of businesses with a solid business plan succeed |
| 2. Build a strong brand identity | 64% of consumers cite shared values as the primary reason they have a relationship with a brand |
| 3. Focus on customer satisfaction | Repeat customers spend 67% more than new customers |
| 4. Invest in marketing and advertising | Businesses that invest in marketing see a 20% increase in revenue |
| 5. Prioritize employee training and development | Companies that invest in employee training have 24% higher profit margins |
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Source: Data compiled from various industry reports and studies.