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| Best Practices | Statistics |
|---|---|
| 1. Conduct Market Research | 80% of businesses that fail do not conduct market research |
| 2. Set Clear Goals | Businesses with clear goals are 50% more likely to succeed |
| 3. Define Your Target Audience | Businesses that target a specific audience are 60% more profitable |
| 4. Create a Financial Plan | Businesses with a solid financial plan are 75% more likely to secure funding |
| 5. Regularly Review and Update Your Plan | Businesses that review and update their plan quarterly are 30% more successful |
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Source: Data compiled from industry reports and studies.