Business Growth: 7 Strategic Ways One Must Consider

Right skillset

One of the most critical factors for achieving business growth is to have solid operational skills. But, it is not limited to having efficient plans that enhance the skills and talents of each of your employees. 

A specific and attainable plan Is critical to the success of an organization. Without a plan, a company can lose track rather quickly and lose sight of the end goal. 

Build relationships

Another critical factor for the growth of a business is to have special relationships with clients, employees and suppliers. Companies who value personal relationships having a much stronger chance of repeated business with these clients. People have a natural tendency to realize what companies are genuine and what companies operate only to make a profit. Companies who care more about building a relationship and serving the client’s needs stay relevant and have a healthy business activity than the companies who only care about money. 

Proper plan

In addition, another critical factor for business growth has a plan in a procedure to implement and maintain growth. The growth of a company not only can include increasing the number of employees and clients, but it can also main higher amounts I love investing in research and development to improve a company’s products and services. This could also mean For a company to expand the areas in which they serve. This could result in reaching out to out-of-state clients or opening new operations in different states or counties. 

For a company to effectively grow the founder or president of that particular company needs to know how to delegate appropriately. There are many hours in a day & it is not effective for the starter of that company to take on every single responsibility that comes with the territory. While some people are hesitant to hire employees consistently hiring people to do the small work for you result in you focusing on the bigger picture items that will drive the business forward. 

Stay updated

The next factor that can result in sustainable growth for the business is staying current with different forms of technology. People who are dogmatic in their technology approach often are not as effective as companies who embrace technology. For example, call companies in a lot of different industries but to keep handwritten records however if the company can hire someone who’s proficient in Microsoft Excel you can create electronic files a lot more consistently and quickly compared to having handwritten records. Over recent years, a lot of new technologies have emerged that result in much more effective communication such as zoom, Google Meet etc. 

Companies who adopt these methods can talk with a wide variety of clients and it is not dependent on where that particular person is. With today’s growing technology, in-person conference calls and meetings are becoming less and less relevant. Having the ability to be proficient in these technologies can result in consistent business practices. 

Seek professional help

In addition, seeking professional advisory for business growth is another critical component. The investment can pay for itself many times over if you seek quality advice from a trusted advisor. There is a wide range of business advisors who can help in a multitude of areas including but not limited to financing, marketing, product development, and setting up a legal business structure, such as an LLC or corporation. A consistent business checkup with an advisor can prove to be very beneficial.

Effective marketing strategies

Another factor that results in sustainable business growth is making sure that their marketing is accurate and effective. It is common for businesses that offer quality products and services that are lacking in customer growth because of their inefficient marketing activity. In today’s day & age, online marketing is a big sector of business as a whole. If a company can market themselves effectively online, they can reach a much wider client base which increases their probability of acquiring and retaining customers. 

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Keys to Asset and Brand Planning for Healthcare Companies in a Covid-19 World

The coronavirus has caused major disruptions in the lives of people and the normal working of countries worldwide.

It has also caused businesses to reconsider many of their normal practices, and forced entire industries to adjust how they operate.

One industry that has seen great demand for change and innovation is the healthcare industry. Hospitals, clinics, medical device manufacturers and suppliers, and medical laboratories have been severely taxed during this time revealing its glaring weaknesses.

From supply chains, to product quality, to pricing, the healthcare industry has been under a microscope and often found wanting. And we all know that this industry is one of the most important on the planet. When they do not perform their jobs well, people get sick and some even die, so the stakes could not be higher.

But with covid-19 causing such disruption, how can helthcare companies do asset and brand planning? The key is access to good data and do several other key things.

Work with a Top Provider of Critical Market and Customer Data

If you intend to be successful in the healthcare industry today, you need access to a complete set of reliable data and you need it constantly and quickly. The majority of companies in the industry not only do not know where to look for this data, they also do not have the in-house resources to build a research department that can provide the data resources needed. Therefore the best approach is to work with a top healthcare research company like Cello Health.

For the past 30 years Celio Health has provided healthcare companies with strategically valuable insight that confirms or challenges conventional thinking. Their cutting-edge advanced analytics, and behavioral economics bring added-value to clients. And this information is critical to companies needing strategic and tactical decision-making at key stages of their corporate lifecycle or when asset and brand planning.

Celio Health uses a bespoke research design that goes beyond traditional methodologies to develop innovative approaches for clients. This allows an organization to have insight that goes way beyond a discussion to gain critical insight needed in planning

They provide the critical foundation for innovation utilizing real, deep insight into beliefs, motivations, and drivers at an emotional as well as clinical, and rational level. The result is a complete alignment with customer needs and a roadmap to understand customer behavior better. Understanding customers intimately allows for better brand planning and asset positioning

Be Prepared to Adapt Quickly

Being prepared to adapt quickly means having employees that are well trained and able to move quickly as market changes occur. Employees are your brand and they bring the real value to your assets. In terms of the coronavirus pandemic healthcare companies are asked to anticipate needs and then to ramp up quickly to meet those needs. Employees must be able to work in high stress situations where certainties shift. This must be true for regular workers as well as management. Arming everyone with the right data helps them to perform better.

Have Flexible Company Protocols

Company operations and protocols must also be flexible. Multiple vendors must be sourced and at the ready to supply or modify orders. Healthcare companies must engage multiple supply chains in case one collapses on short notice. And they must use the data they receive to determine where the market is and where it is heading. At the center of a company’s success in acting quickly and with precision is the constant inflow and management of high quality market and customer data. This forms the foundation for asset and brand planning.

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Construct Your Project Well With These 6 Tricks

Running a construction project involves a lot more than telling men where to hammer things. You are responsible for the core of the project: it’s financials. Learning how to cut costs is key to managing construction projects effectively.

 

Establishing Directive: Short Term Costs vs. Long Term Costs

First, you need to decide if your goals for this project are short term cost savings or long term. These are not always the same. The best goal for a company depends on its situation. Only you will know r current circumstances the best.

Short Term:

If you require to keep costs as low as feasible right now, focus on searching for short term solutions: I.e., Renting vs. Purchasing Equipment.

Long Term:

Long term cost savings can often cost more now. Run your project with as little debt as possible, and you will save huge on interest charges, but you will pay much more upfront.

If the company can afford to spend more now, it’s often possible to position it for a much stronger future thanks to long term savings.

Construction managers have numerous areas within their projects; they can find savings if they look hard. Below are only a few examples. The best construction managers will use them for inspiration and find even more using their experience and creativity.

Equipment Cost

Equipment in construction is one of the largest expenses of any construction project. How you manage these expenses determines in large part the size of the overall budget. Consider the merits of whether you should rent or buy each particular piece of equipment.

Equipment that will be used often should be purchased. Equipment that’ll only be used for one or two jobs a year may be better off being rented.

Labour Expenses

Next up are your labour costs. Sometimes fewer higher-paid workers produce better, more cost-effective results than a larger quantity of unskilled workers. Decide whether it would be best for the project you are assigned to have fewer higher quality workers or a larger quantity of lower quality workers.

Eliminate Wasted Expenses

Keep records of previous projects. In the end, tally up everything that was wasted. Over a year, it is likely thousands of dollars. You won’t ever entirely eliminate waste, but you can save substantially by reducing it some.

Equipment Hire

When you need to break ground on a project and need an excavator, make sure you get the right excavator attachment hire. It is wise to hire construction equipment rather than investing. Else, you waste a lot of time & only using ineffective techniques.

Audit Accounts Regularly

It may be the least glamorous aspect of managing a project, but keeping your books in order is just as important as everything the foreman does. Auditing accounts will let you cut off expenses accruing before they mount too high a cost.

Create Budgets Before Breaking Ground n a New Project

Make sure that for every project you begin, there is a professional estimate that has been done. Never walk blind into a project. That is the easiest way to go way over budget. If you have an idea of where you want the final budget, it is a lot easier to land close to that number.

Bargain With Multiple Vendors For All Regularly Ordered Items

Please do not accept the first price you are quoted for anything you order, whether it’s a piece of equipment, part, or something else.

You can save huge sums if you are negotiating with multiple vendors to find the best prices before ordering things.

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Why Smart Packaging is So Important for Creative E-Commerce Stores

They say you should never judge a book by its cover, but the fact remains that the packaging for your product is the first thing people notice. Packaging may also make or break their purchasing decision. More importantly, the packaging can help sell the product even when you’re selling it online.

The impact of packaging goes well beyond the color scheme and buzz words printed on the outside of the box, which is why you’ll need to be creative and find ways to make your packaging stand apart while keeping production and shipping costs low. Let’s learn why smart packaging is so important for creative e-commerce stores.

Lower Logistical Costs

E-commerce companies are shifting from the practice of wrapping a product and putting it in a plain box to ship it to putting products in branded boxes. By investing in branded corrugated boxes, you’re guaranteeing the product is protected during shipping. This means fewer things are returned because they were damaged in shipping, and fewer items are returned to the warehouse because they were lost in the shuffle. There will be fewer demands for refunds, too.

Flexible packaging can also protect the product while taking up less space. It will also lower storage and shipping costs. Services like The Packaging Lab allow you to create custom packaging online in minutes and have it ready to try almost immediately. Shifting from boxes you stuff inside boxes to branded flexible packages that fit inside almost anything allows you to ship in the most economical package available.

Enhanced Branding

Branded boxes and other forms of custom packaging increase the branding of the product as well since the company name is seen by everyone who handles it. Furthermore, the customer knows when your order has arrived instead of seeing one more box on the front step.

More advanced package engineering like in-mold label graphics can help your products stand out even more. Others like embedded smart codes could help you link products to multimedia experiences like interactive recipe books, or instructions on how to properly recycle or dispose of the item when they’re done with it.

Keeping Up with the Customer’s Expectations

Smart packaging helps you keep up with your customer’s expectations. If you ship your product in a standup resealable pouch, your customers will appreciate the convenience. You’ll also gain points with consumers if the new packaging is frustration-free when they open it. When you use less material in the packaging and shipping of your products, you can advertise the fact that you’ve made your product more sustainable as well.

Adding functionality or improving performance is equated to higher quality. For example, a hybrid package that combines flexible and rigid materials could result in a package that stands up by itself on the shelf while remaining easy to ship in a densely packed crate when sent to retailers. Or you could shift to more secure packaging that’s less likely to leak or let in air, extending its shelf-life.

It is probably time to update and upgrade your brand’s packaging, so take the time to do it right. Investing in the right packaging will improve your profit margin as well as customer loyalty.

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4 Essential Business Costs

Most startup owners start with a small budget, so the ability to maximize funds is an important entrepreneurial survival skill. 

However, if you don’t figure out and focus on business spending priorities, it might end up hindering your business growth in the long run. What you skimp on today may cost you big tomorrow. 

We’ve put together some essential business costs that you must factor into your tight budget as a business owner.

Hiring Talent

It is important to find employees to identify and develop different talent when you are looking to move the company forward.

While paying the minimum wage might be enticing to save business expenses, if you have some fantastic talents, you may want to consider paying them fairly. You need to compensate them accordingly if they prove valuable assets to your business.

This not only saves you in employees turnover but it also subsequently saves you money and time as undervaluing your employees may lead to them quitting, which will lead to a costly rehiring process.

Marketing

If potential customers do not know that your business exists, it doesn’t matter how great your products or services are, and you will not be able to grow. Successful enterprises have a strong marketing plan which identifies their target markets and outline strategies to reach them. And while startups may be tempted to lower their marketing budgets to save cash, the fact is that ineffective marketing would hamper business growth.

Insurance

One area you definitely don’t want to skimp on is business insurance. While it may be rare for a business to be hit by an accident or disaster, it absolutely does happen.

Small business owners should invest in insurance companies to provide their company adequate cover and ensure its continued survival in the event of a fire, burglary, litigations and other disasters that could occur. In addition, a good insurance policy will provide added protection for your business products as well as your employees. 

Small business and startup owners are always trying to work out which business area to cut cost and save money. Discussed above are five essential areas not to skimp. With that sorted, you can increase the chances of success for your business. 

Technology

Putting the right frameworks in place from the outset will help improve efficiency and accelerate success. By having technology that can streamline processes now, you can build a solid foundation and start to sustain growth for your business.

Your website is yet another vital component of your business. Never skimp it out. First impressions matter, and because of the way we primarily search for new offers online, it is vital your website looks professional as it will quickly communicate the right message to potential customers.

For a lot of startups, the idea of spending money is daunting. Whether that money comes from a grant, investors or those first few sales, it can be hard to part with. However, the four things outline in this article is some of the key areas where it is necessary to spend money to see real growth and development for your business.

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Why Skilled Implementation Is Critical To Business Strategies

If you’re aware of the importance of business strategy, you most likely know that it’s much easier to put your thoughts to paper than to actually implement your ideas. For many business owners, implementation doesn’t always come naturally, though nearly 39% of business owners know that skilled implementation is key to driving their strategies home. But what does this mean? Just as you would require a specialist to implement a winning marketing strategy, it’s important to involve professionals when it comes to business strategy, too.

The Formulation Of Strategy 

One of the most important parts of a business strategy is the actual formulation. In many cases, formulation of the strategy can take as long as the actual implementation. Resources exist to help with the formulation of the strategy, but if you’re not familiar with the processes or terminology, this might just be lost on you. It’s during this process where defining critical factors such as SWOT (Strength, Weakness, Opportunities, and Threats) become integral. Fortunately, business coaches and strategists have the skills to ask the right questions in order to formulate a successful strategy, and consulting them for advice or guidance can be crucial to your roll out.

The Implementation Of Change Management 

Change management can be particularly tough, especially if this change eats into operational output and time constraints for the business. It can also place staff under severe pressure if the new processes are foreign to the leadership and support is not readily available. While this might not be an important factor for new businesses, it can play a defining part for those who are already familiar with existing processes and systems. The risk of ineffective change management can tank particularly if the change is due to operational risk, legislature, or technological advancements in the market.

Effective change management requires the assistance of business strategy consultants who can provide the support and training needed to facilitate the change. It’s important that the business strategists are able to monitor the progress of the change management to ensure it takes place in a timely and cost-effective manner. Without this, businesses can lose out on their strategic objectives, significant investments, and perhaps even fail to meet industry requirements.

The Oversight To Bring Strategic Objectives Home 

A business strategy means very little when it’s implemented, but there is no objective or goal to reach. One of the ways to ensure that a business strategy meets its objectives is to use a SMART business plan. SMART (Specific, Measurable, Attainable, Relevant, Time-Based) goals provide business strategists with the criteria for setting an achievable business plan in place. The single most important component of SMART goals to drive strategies home is “T” for time-based. It’s impossible to reach a business goal or objective successfully without knowing what the timeframe is. Not only will it create a sense of urgency around the objectives, but it will also keep the strategy top of mind. The other components of SMART goals are most essential in the formulation and implementation stages.

A business strategy is important to reach specific business goals. With the right team behind it, a business strategy transitions from being just a dream, and instead, becomes actionable objectives.

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How Easy Is It to Achieve Funding for Your Home Business?

Many people dream of starting their own business and becoming their own boss but are being held back by a lack of funding. When you have a viable business idea that you know is going to make you a lot of money, not having the available capital to get started can put you in a very frustrating situation. No matter how unique or ground-breaking your business idea is it’s difficult to get it off the ground without the right funding. The good news is that getting business funding for your home business is much easier than you may realize. Let’s take a closer look.

Use a Business Credit Card:

Business credit cards are one of the most efficient options to fund a startup, and it’s worth considering for any new business owner. Usually, obtaining a business credit card is a much easier process than applying for a business loan from the bank, and you have the option of only using it when you really need to, allowing you to have more control over how much you’re borrowing. And, many business credit cards come with relatively low rates; many even offer 0% interest promotions, making them a very cost-effective option of financing your startup.

A Small Business Loan:

When it comes to applying for a bank loan, small, new startup ideas are facing an increasing amount of rejection. However, the good news is that there are now more small business lenders who’ll be willing to help provide your new company with the funding that it needs. Lending Express, for example, helps rejected SME applicants find the funding that they need to realize their business dreams by connecting them to viable funding solutions using algorithms and technology. When you apply, they will optimize existing funding and use the information that you provide to match you with a suitable lender.

Crowdfunding:

Crowdfunding has become more and more popular, particularly when it comes to raising money for charity. However, it could also be a great way for your new home business to get the capital that it needs to get off the ground. It’s based on raising small amounts of money from a large number of people and can be done on popular crowdfunding websites such as GoFundMe or Kickstarter. Basically, anybody who believes in your business idea can donate as little as a few dollars to help you get started. Once you’re successful, you can reward your supporters.

Angel Investors:

Generally, angel investors are those who are wealthy and prominent in the business world. An angel investor who believes in your mission will help with funding in return for an agreed percentage of your profits. And, some of the biggest businesses in the world today, such as Google and Yahoo, were helped out by angel investors during their early days. So, it’s definitely worth looking into, particularly if you want business support as well.

Today, there are several great options to choose from when it comes to funding your home business. Even if the bank rejects you, getting the funds that you need is easier than you think!

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5 Home Business Ideas for College Students

The time between lecturers, early in the morning, evening, weekends, and holidays can transform the life of a student forever. The most successful people in the world have proven that prudent management of such time can bring a fortune. If you feel overwhelmed by schoolwork, you can hire expert assistants at paymyessaywriter.com to give you the leeway to focus on your business idea. 

Students who start businesses while in college build a strong foundation for entrepreneurship. It saves you from unemployment upon graduation. It is also an opportunity to earn extra money for your college upkeep. 

Not all businesses can fit the life of a college student. Some might be too expensive while others demand fulltime presence, disrupting your schoolwork in the process. It must be a business that brings reasonable returns with minimal effort. Here are the ideas you can explore for your college business. 

1. Virtual Assistance

Organizations are looking for remote workers to handle their appointments, draft letters, book amenities, and reply to clients, among other tasks. These are simple tasks that do not require advanced training. You will also be working parttime, accommodating the demanding life of a student. A virtual assistant requires minimal resources like a laptop and the internet. Most students can afford these resources. The returns are rewarding, and the student can scale down the business upon graduation. 

2. Freelance Writing

Writing is one of the fastest-growing freelance professions. Businesses and professionals are searching for qualified writers for their content. Luckily, the content comes in multiple formats and types, enabling you to find your area of comfort. 

Starting a freelance writing business requires minimal resources like a computer and an internet connection. You will create a profile on writing sites or an own website advertising your skills. You may also approach clients directly to write their content. Writers are some of the best paid remote workers today. There are numerous opportunities to scale the business upon graduation. 

3. Blogging

Create a blog and monetize it to make money. One of the most brilliant business ideas for students is blogging. A blogger can choose any theme to start a blog. Your creativity and quality of content you write will determine the fortune you earn from blogging. Blog platforms are free and easy to monetize, allowing you to set up a business with zero capital. 

4. Social Media Management

The expanding role of social media in business is raising the demand for professionals to handle the platforms. Companies are also paying a fortune for these services. Managing social media can even be done on the phone. It makes it one of the easiest businesses for students to start. 

5. App Development 

Are you passionate about IT? It is time to turn that passion into a business. Begin developing apps and offering IT services to companies as well as professionals. Their needs vary, allowing you to utilize your amateur as well as advanced IT skills. App development is one of the businesses of today and the future. 

A business started while in college should never interfere with your academic work. Choose an area of passion to avoid fatigue and making your business scalable in the future. It is also advisable to avoid capital intensive business ideas considering the financial status of students in college.

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5 Tips to Control Your Business Finances

No matter what kind of business you run, managing your cash flow is crucial for your operation to survive and grow. While there are many benefits that go hand in hand with running your own company, unless you stay in the know of the financial side of things, you could find yourself racking up debt before you know it. To help you stay in control, here are five tips on how to manage your business finances correctly.

Understand Your Financial Responsibilities

As a business owner, there are various financial responsibilities that you will be held accountable for. The type of business you run, as well as how many people are in your operation will reflect on what is required of you, however, one of the most important responsibilities is to pay your taxes. It’s crucial that you find out what your tax obligations are so you can be sure you’re doing everything above board. Repayments and reports are other responsibilities that you may need to carry out, especially if you have stakeholders to engage with and investors to repay.

Make an Accounting Schedule

Any successful accountant will tell you that the key component to good financial management is staying in control. If you begin to lose focus, mistakes can be made, which can cause disastrous consequences for your business. To help you manage your business finances, creating an accounting schedule is vital. Setting aside time each week to go over your financial tasks such as recording all transactions and filing all invoices will help keep things clear and manageable.

Use Accounting Software

While you may not be an accountant, that doesn’t mean you can’t make use of their tools and software. If you are the owner of a small business, you may be inclined to use basic spreadsheets like Excel, however, this kind of software isn’t designed to manage your accounting processes. There are lots of accounting software that is better suited, such as FreshBooks and Xero, both of which have features to help you manage your finances better.

Take Onboard Expert Advice

To help manage your business’s money better, doing your research and getting expert advice is important. Reading articles written by business owners who have been in a similar situation to yourself will help you come up with strategies to conquer your financial mountain. There are many resources available online that you can use to brush up your knowledge and get better at accounting.

Know When to Get Help

One of the traits that many business owners share is stubbornness. While being stubborn can be useful in some circumstances, if you’re facing issues with financial management and accounting, it’s important that you know when and where to seek help. For example, if you’re struggling financially, rather than taking out a business loan, which can be hard to obtain, merchant cash advances may be the better option for you.

Being out of your depth can cause the day to day operations to slide, so whether you’re making frequent mistakes or you’ve lost control of your cash flow, knowing when to seek help is important.

For day to day operations to run smoothly, it’s important that you have a solid grasp of your business finances. Whether that means overseeing proceedings or hiring an accountant to take care of your cash flow, keeping in control will avoid you running out of funds and getting into debt.

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Top 5 Trends that Shaped SEO in 2019

SEO made a big impact in 2019 with new trends.

These trends helped shape SEO to where it is today. If you haven’t been applying these trends to your website, better jump on board now!

1)    Understanding your audience

One of the biggest trends of the year was learning what your audience wants to see from you. Do they prefer text? Or do they want to see more visuals such as images and videos?

Figuring out what your audience is wanting to see from you will help your rankings.

Even if you have stellar content that is correctly optimizing, you won’t see any benefits if it is geared toward the wrong audience.

2)    Exceptional content!

With all that said about catering to the perfect audience, you still need to provide exceptional content.

Especially with Google’s new algorithm BERT, you will want to create conversational and natural content for high rankings.

Since Google is constantly adding and changing their algorithms, good content is more important than ever. To rank higher, you want to provide clear answers to what people are searching for in the form of high-quality content.

The better quality content, the better the chance of acquiring links, which can improve your ranking on Google.

3)    Technical SEO

In the past year, more companies have put a major focus on technical SEO.

Did you know that the faster your site is, the higher Google ranks it? Because of this, more sites have become faster. If you haven’t improved the speed or simplicity of your website yet, don’t get behind in the game and check this off your to-do list.

Google and other search engines also cater to JavaScript-driven websites. Meaning if you don’t already have a JavaScript-driven website, you should work with an SEO  firm that is familiar with JavaScript to get this done.

4)    On-page Optimization

Yes, on-page optimization has ALWAYS been important, but it definitely became more relevant in 2019.

Aim for content that answers common questions in easy to read and short conversational pieces.

You may even want to consider chatbots. Now, not EVERYONE is a fan of chatbots, but for users, it is a very helpful tool that can improve your on-site SEO.

Don’t forget the simple stuff like websites that are appealing and easy to navigate.

5)    Machine Learning

2019 was the year for machine learning. With Google consistently releasing algorithms, this was the year to crack down and figure them out.

By testing new strategies, companies have been able to successfully optimize for these new algorithms.

It sometimes takes time to figure out if implementing new changes help you rank higher due to new algorithms, but while doing this, you are creating unique content. Which in the end, will improve your SEO.

Remember, there is no harm in trying new things to see if it help you rank higher. If it does end up working, it is well worth the effort.

Want to stay ahead of the game for 2020? Consider working with a Phoenix SEO agency to optimize your website in the new year.

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