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Everyone wants to live the dream: work for yourself and make a million dollars. There are thousands of entrepreneurs struggling to achieve this goal each and every day, but only a select few reach the million-dollar mark. The good news? That small group is growing each year, with an increasing number of “solopreneurs” making millions.

What’s their secret? What business skills does it take to be part of this elite group of million-dollar one-person businesses? Before we delve into that question, let’s take a look at some stats that will light a fire under you.

Success Rates of Solo Businesses

With advancements in technology and the interconnected world created by social media, it’s easier than ever to work for yourself. This growing trend is evident in an article posted on Forbes that shows a rise in the number of solo businesses reaching multimillion-dollar annual revenues.

  • 29,494 companies reached the $1 million to $2.49 million group in 2012, which is a 10 percent increase over 2011.
  • 1,900 businesses were reported to be in the $2.5 million to $4.99 million range the same year, which also shows a 10 percent increase over the previous year.
  • 386 solopreneurs made it to the $5 million mark in 2012, an increase of five percent from 2011.

There’s also been an increase in solo businesses reaching six-figure yearly revenues. In fact, 1.7 million of them made at least $100 thousand in 2012, as compared to 1.6 million in 2011.

Business Skills of Successful Solopreneurs

With success rates like these, it’s not impossible to have a piece of the pie. With hard work, dedication, and sufficient planning, anything can happen. Take a look at these five business skills you need to create a million-dollar one-person business.

  1. Planning. Strategizing is the first step toward that million-dollar mark. Once you have a profitable idea, devise a plan of action that includes product/service lifecycle innovation, marketing, promotion, daily operations, and anything else your business entails. Be sure your plan is realistic with time and budget restrictions.
  2. Sales and Marketing. Since you’re in business for yourself, you have to handle all aspects of both sales and marketing if you plan on gaining clients. Fortunately, our uber-connected world makes this process much easier. Blogging is a great way to generate leads. In fact, research shows that 70 percent of consumers prefer learning about a product or service through a blog rather than a sales ad.
  3. Communication. Solopreneurs have to be excellent communicators, since they’re the only ones representing their products/services. Take sufficient time to inform and educate your market by providing useful information—through blog posts and social media—and offer your expert advice when possible.
  4. Flexibility. As the sole owner and operator of your business, you wear many hats. Be flexible about what you’re willing to do to succeed. Remember, things don’t always go as planned: Sometimes they go better than planned. Rolling with the entrepreneurial punches makes you much more productive.
  5. Focus. While you’re flexible in the daily grind, don’t lose focus on your ultimate goals. Keep your buyer persona in mind to make sure that what you do speaks to your target audience in a way that is effective and fruitful.

The glamorous world of successful solopreneurship may seem out of reach, but in actuality, it’s completely attainable. With the business skills listed above and a little help from a professional, you can be on your way to a multimillion-dollar solo business.

What do a confessor, defense attorney, and business coach have in common? Turns out, it’s plenty! Just like a rabbi or priest, a business coach gets a unique look into the minds of entrepreneurs—confidentially, of course.

As a trusted confidante and advisor, a business coach is privy to the true needs, wants, and desires of small business owners before anyone else. Consequently, coaches have intimate knowledge of the challenges causing entrepreneurs the greatest angst…and what can be done to tame the beast.

    1. Searing overwhelm and grueling stress.
      There are several contributing factors to this predicament. stress and overwhelm are triggered by ill-informed decisions that pull a business off course. Without the guidance of a strategic plan, little time for strategic thinking, and absent performance indicators, it’s easy to see how this occurs.Solution:

    2. Difficulty adapting to rapid technological changes.
      Unmistakably tied in with the minimal time allocated to think, plan, and work on the big picture of the business, many entrepreneurs find themselves being left behind technologically. Not only does this create a loss of business efficiency, it causes many organizations to lose valuable clients.Solution:

      • Engage a provider well versed in all things related to technology.
    3. Inability to innovate quickly enough to keep up with the shrinking product/service life cycle.
      Tied to an inadequate amount of time for long term thinking and planning, many companies becomes trapped in irrelevance, losing market share and suffering a drop in revenue.Solution:

      • Allocate regular planning sessions.
      • Follow industry trends using tools like Feedly.
      • Transform your organizational culture to one with innovation built into the system.
    4. Struggle to identify resources that fit into the budget.
      It seems as though a majority of service providers target big corporations to sell their wares. This can limit the resources available for the smaller business. Along with the so-called “big bucks” from the big corporations, however, come stiffer competition, longer sales cycles, and red tape to match.Solution:

      • While networking, whether it’s online or offline, develop relationships with qualified individuals who provide excellent service at a fair and reasonable price.
      • Ask your colleagues for recommendations.
      • Keep your eye out for special deals.
    5. Battle to find qualified, skilled staff.
      Yikes. This is a huge frustration. Hiring and training is an enormous time commitment that is stressful for many business owners. And, if employee turnover is high, it’s very costly.Solution:

    6. Distress over proficient, talented service providers.
      This is quickly becoming one of the biggest challenges for entrepreneurs who are growing rapidly. Tactical service providers are no longer adequate for a 21st century business. What’s needed are service providers that truly partner with a business, understand their big picture, and are instrumental in advancing the growth of the business by working strategically with the owners.Solution:

Do any (or all) of these frustrations sound familiar to you? Although these collective irritations create a fair amount of harm to the business—and its owner—take hope in that solutions are within your reach.


 

Contrary to Kermit the Frog’s signature line, it’s not easy being green,” it’s easier than ever for your business to reduce its environmental impact. Not only can “going green” improve energy efficiency, reduce consumption, and net some cost savings, today’s buyers are more interested in doing business with companies dedicated to social causes. One of which is environmental responsibility.

In fact, in 2014, Nielsen conducted a study on corporate social responsibility involving 30,000 consumers in 60 countries. The results were revealing. The survey showed that over 55% of consumers are actually willing to pay more for products and services from companies dedicated to social and environmental causes. Now, that’s impressive!

Little Things That Make A Green Difference

Whether your business is looking to reduce its impact on the environment, lessen unnecessary costs, or meet the needs of your evolving consumer, there’s much your business can do to support the protection of our environment.

  1. Set up a recycling program. Did you know that 90% of office waste is recyclable? An office-recycling program accomplishes two objectives. It contributes to protecting the environment and it saves your business some serious cash.
  2. Go paperless. Think twice before hitting the “print” button. Advancements in technology make it easier than ever to reduce the amount of paper in your office.One of our favorite apps is Evernote! Instead of printing and filing vital information in paper files, Evernote allows us to maintain digital files. And, what can be said about the archive capabilities of Google business apps? Google makes it easier than ever to find the information you need when you need it without using a drop of printer ink.

    Capabilities in QuickBooks eliminates the need to print monthly, quarterly, or annual reports and filings. Plus, emailing invoices to your clients saves paper for you and your clients.

    How about furthering your commitment to going paperless by paying your bills online? To avoid any concerns about online identity theft, purchase an ID recovery service for just pennies a day.

    Finally, don’t forget regular data back ups to ensure you won’t lose vital information.

  3. Use alternate forms of transportation. If you’re fortunate to live in a city that has a comprehensive transportation system, you can save time, money, and a few brain cells using public transportation. Carpooling is also an option although it can be challenging when living and working in a larger metropolitan area.Have you considered walking to lunch? Biking to work? It’s good for the earth, your pocketbook, and your waistline!
  4. Give gifts that keep giving. Rather than a bottle of wine or a fruit basket as a client “thank you,” you’ll certainly leave a lasting impression when you plant a tree in their name.How about a branded bottle from miir.com? Inspired by the work of John Muir, an early advocate of preserving the wilderness, Mirr leaves a “branded” impression, saves your client countless plastic water bottles and each bottle purchased provides clean water for one person in need for one year. It doesn’t get much better than that.
  5. Organize an event for your staff. Nothing is better than a day at the beach—even if it does mean picking up trash. But, don’t stop with your employees. Why not take the lead and invite your service providers and strategic partners to join you.
  6. Reduce your energy consumption. There are so many ways—big and small—by which you can make a difference and protect the environment.  Here are a few of our favorites:
    • unplug chargers when not is use to avoid phantom voltage,
    • replace filters on heater and air conditioners regularly for greater efficiency,
    • block sunlight to reduce the need for air conditioning,
    • use energy efficient light bulbs,
    • use recycled paper,
    • use paperclips rather than staples,
    • reuse file folders, and when possible,
    • use your more energy efficient laptop in place of your desktop.

By being a bit more conscious of protecting the environment, your business benefits in so many ways. Not only do you reduce your operational costs, productivity is improved…as is your public image.

There’s no downside to “being green.”

Women have made significant progress since the days of suffrage. Today, women not only have the right to vote, but also play a vital role in the economy. In addition to holding high-power positions, females have taken the entrepreneurial world by storm. In fact, an average of 1200 businesses are started by women entrepreneurs each day, an increase of 740 more per day than last year. (Click to Tweet) And, this trend shows no signs of slowing down! The growth pace of women-owned businesses exceeds the national average.

What sets women entrepreneurs apart from their male counterparts? Simply put, a desire for better work/family balance. As the price of living has increased over the years, so has the need for women to work outside of the home. It’s nearly impossible for families to thrive financially on one income these days. That presents a huge problem for many women who are born nurturers.

For this reason, more women than ever are creating their own enterprises and seeking ways to either work from home or be in charge of their own schedules so that they can still devote 100 percent of themselves to their families.

If you’re in business for yourself, check out these five tips for succeeding as an entrepreneur:

  1. Don’t Be Afraid to Dream BIG – If you have a dream, don’t limit yourself. With more than 9.1 million U.S. firms owned by women and $1.4 trillion in sales from these firms, nothing is impossible. If other women are doing it, so can you. The first step toward success is to open your mind to the possibilities. Don’t limit your dream.
  2. Never Stop Believing in Yourself – This is a big one. Going into business for yourself is not easy; no one’s saying it is. In fact, the opposite is true. But a common phrase comes to mind when thinking about women entrepreneurs: Anything worth having is worth working for. You have what it takes to achieve your dream. Tell yourself this every day.
  3. Seek Trusted Support – With the number of women entrepreneurs increasing daily, there’s no shortage of support. Some of these very entrepreneurs, like the founders of In Good Company and Passion Planner, have even built their businesses with the goal of helping others. It’s crucial to your success that you seek guidance from trusted advisors who can help manage and achieve your goals.
  4. Get Educated on Entrepreneurship – Although you’ve managed a team in “another life,” entrepreneurship is different. Being an owner of a business is a different ball game, which requires a unique market outlook. Read educational materials, talk to other successful women entrepreneurs, and seek answers to any specific questions.
  5. Don’t Give Up on Your Dream – Failure is a natural part of life, and entrepreneurship is no exception. It’s challenging – but not impossible – to manage business and family. That’s what makes success even sweeter. Women in business often need to be tougher than men, but they combine that toughness with a sense of femininity and respect. Just keep on keeping on.

No matter your goals, remember – lots of women are making their dreams a reality. There’s no reason for you not to join the ranks of the successful woman entrepreneur.

Did you know that March is National Women’s History Month? (I must live under a rock, as I hadn’t seen it publicized.) Although I personally believe that every month should be National Women’s History Month, alas, we’ll celebrate when we can! 

 

This year’s theme, “Weaving the Stories of Women’s Lives,” reminded me of the women whose stories are woven into the fabric of my life and, subsequently, into my business.
 
My Grandmother – known in the community as “Ma” – taught me about overcoming overwhelm; something every small business entrepreneur benefits from knowing.
 
My mom, rest her soul, left an indelible influence on how to treat others respectfully through common sense and practical advice like “wear clean underwear”.
 
My Jewish great-grandmother, disowned by her family when she married a Lutheran, taught me courage of conviction in the face of controversy. She imparted lion-heatedness and tender-heartedness when, as a young woman in the early 1900’s, she immigrated to the Unites States from what was Prussia, purchased land, and donated it to the church.
 
My aunt, who never had children of her own yet nurtured her nephews and nieces, taught the significance of attention to detail through weekly cleaning of window frames and baseboards – which is why you’ll never find a round corner in my house.
 
Another aunt who imparted the value of enjoyment, laughter, and happiness when she taught “dirty” phrases in Russian when my parent’s back was turned. She may have been my very first “coach.”
 
Why It Matters
 
Although their courage, common sense, humor, and influence will likely not be published in a history book, like those of Susan B. Anthony or Rosa Parks, their influence is indelibly published in my history book.
 
The National Women’s History Project says it best:
 

“By walking history’s pathways, we learn to step forward with confidence. The legacy of how others shaped society sparks our own longings to contribute. Everyone needs role models — footsteps enough like our own to inspire us. 

History must tell the whole story. For girls, knowing women’s achievements expands their sense of what is possible. For all of us, knowledge of women’s strengths and contributions builds respect and nourishes self esteem — crucial to all children and adults now, and in the years to come.”


 
What women influence your small business achievements?

As an entrepreneur, strategic business coaching is a powerful tool to help you focus on your goals, enabling you to define, prepare, and achieve them. In order to achieve success with this tool, resources such a time and effort must be allocated and success must be measured.  

This tool, when used correctly, reduces the complexity and noise that surround you as you drive business forward. It allows you to experience improved lead generation, enjoy greater revenues, and enhance your work-life balance…all while building your self-confidence. Without a doubt, maximizing the return from this investment is a must! 

Driving the Coaching Relationship

With other kinds of development or learning process you are often a passive observer, active only in the directions of the process. However, the coaching relationship is very different.  You are the driver of ‘your’ goals and objectives.

The importance of getting the most out of the coaching relationship cannot be emphasized enough. Achievement in improved lead generation, revenue, and life-work balance requires dedication and drive.  (Click to Tweet)

The Quality of the Coaching Relationship

A strategic business coaching relationship has an element of any quality standard within a business. The same rules apply. When meetings are booked, they have an agenda. The number of actions that you and your coach plan together need to be prepared for in advance. These agreed upon actions move your business forward and are important for your progress. Your commitment to them is paramount.  Therefore, plan these actions into your schedule of business deadlines to ensure full completion. 

Making the Coaching Relationship Convenient

At Synnovatia, we make the coaching relationship as accessible and convenient as possible. In addition to accessibility by phone and email, we provide a recordable means of communication using Evernote.

By accessing a form within Evernote, you’re able to prepare for your meeting with your coach at your desk or on the go with your mobile device. You can also take advantage of those in-between moments to keep a record of any valuable insights, ideas or observations so you’re ready for your next coaching meeting.

Managing your Time for Maximum Progress

When the number of agreed upon actions exceeds your capacity, over-commitment rears its ugly head. Be aware!

This is where good time management and planning comes in. Knowing how much time an action requires, and your availability to complete that action, is an important skill.

Learn to maximize your coaching ROI by ensuring that you complete the actions you agreed to in the last coaching meeting. This enables your coach to have the expected results on time, and to prepare and allocate resources for the next meeting.

Learning to Go with a New Flow to Reach Goals

Sometimes a path to a goal looks fixed, and may appear as if it is achieved through a conditioned set of actions. This is normal. In fact, it often simply narrows down to a set of common beliefs within your business or industry.

However, through strategic business coaching, a set of alternative actions may be developed that are better suited to where you currently are in your business. Be open to these ideas. Often they are the experience of someone with the ability to look objectively from the outside-in.

The actual process of coaching helps maximize your efforts – especially when you prepare, implement, and stay committed to your actions. 

Business coaching is an intentional interaction between a coach and an entrepreneur endowed with the capacity to take their business to a higher level. This thought-provoking process assumes the coachee is the domain knowledge expert, the master of their craft, and already applies their expertise in running their organization. The work of the strategic business coach, on the other hand, is to assist the entrepreneur to generate the strategies and solutions needed to grow their enterprise.

A Quick History Lesson on Strategic Coaching 

Coaching, as a word, is most associated with sports since it emerged in the early 19th century. The work of the coach was to help athletes achieve the full potential of their talents. 

In the 20th century, management training programs were very common. Managers from different  businesses would participate in the program. The programs were normally pre-set to cut through all businesses. Little consideration was given to the specific needs of each industry or client. It was one-size-fits-all program which proved to have more disadvantages than advantages.

In the 1990s, the need for custom mentoring for business began to emerge. At first, coaching was aimed at improving the performance of the poor performers to make them more productive. My, how things have changed! 

Coaching Trends 2015

As the business world evolves, do does coaching. New approaches replace those no longer yielding intended results.

Some of the top trends in small business coaching today include: 

  • Balance & energy. With the ever-increasing volume of information filling our day, coaching for balance & energy focuses on reducing stress, improving productivity, and finding new, and better, ways of working. With greater efficiency and effectiveness comes new-found energy to help ease the pressure of demand.
  • Strategic planning & thinking. Joining forces with balance and energy, coaching on strategic planning and thinking focuses on better ways to achieve your goals. Together with your coach, you develop workable ideas to improve performance and uncover better, faster ways of getting to the end game. 
  • Clear line of approach. You are the expert in your field. You have numerous opportunities for business growth. Collaborating on your business potential, your coach helps draw a more direct line to your goals.
  • Direct feedback.  Its not easy being objective about our own business. A strategic business coach, as an objective point-of-view, can more easily see the pitfalls, and the prospects, that await you. Are you on track or off track? Together with your coach, you won’t have to guess. 
  • Trend watching. With all the demands of running a business, you may not always have time to keep up with the changing tide. A strategic business coach is a trend watcher and keeps you abreast of shifts in consumer behaviors and opportunities available. 
  • Tools and technology. Technology is rapidly changing the business landscape. New tools are developed daily to improve the efficiency and effectiveness of your business. It’s hard to keep up! A strategic business coach can guide you through the maze of “gizmos and gadgets” so that your enterprise remains relevant. 

Business Coaching ROI

Each and every action in your small business benefits from a quantifiable return on investment (ROI). What kind of ROI does strategic small business coaching provide?

Statistics obtained from surveys done on businesses show that the ROI on business coaching is very high. One study done on a Fortune 500 company revealed that executive coaching ROI was as high as 529%. Another study showed that for every dollar invested in coaching, the return was $7.90. That’s a whopping 690%!  These statistics show just how strategic business coaching can help increase your business performance.

In addition to the breakthroughs you’ll make, new energy geared to achieving better results returns positive results. You’ll be able to grow your business to new heights previously out of reach.

Who could ask for anything better? 

Running and growing a business is a significant undertaking. You want to do it right. Is it beneficial to hire a coach, or simply a waste of valuable resources? Will a small business coach give you the push you need to succeed in starting and growing your business, or can you achieve success on your own?  Many entrepreneurs wonder if strategic business coaching is right for them. 

Ways Strategic Business Coaching Moves You Forward

International Coach Federation (ICF), a support network for professional coaches, states that 86 percent of companies who invested in business coaching earned back at least what they put in, if not more. (Click to Tweet) Additionally, 96 percent of those companies would hire a coach again. Through its research, ICF also found that working with a business coach increases productivity

Here are other ways business coaching benefits you:

  • It keeps you on track. With regular, structured conferences, business coaching provides a source of accountability to help you stick to your goals.
  • It offers an avenue for sound advice. Professionally trained coaches know the ins and out of the business world, and can use their expertise to guide you in the right direction.
  • It produces attainable goals. One of the biggest mistakes many entrepreneurs make is not clearly defining their goals. A business coach helps you set short and long-term goals, and create a plan that is manageable and effective.

What Happens Without Business Coaching

Starting and growing a business is not impossible without the assistance of a strategic coach, but it is certainly more difficult to grow it alone. Too often we get stuck in our own heads and end up going around in circles, never achieving our ultimate goal. Ugh! While this can be discouraging, all it takes to stop spinning is a little outside perspective.

Someone who is not as emotionally invested in your business venture can often see your business with greater objectivity. It’s good to have a head in the game who can tell you – from an unbiased point of view – how your target audience will respond to your marketing strategies.  

Certainly success is achievable without the guidance of a coach. There’s a great deal to be said for hard work, dedication, and dreams. You’ll reach your goals, so don’t give up.

Just keep in mind that working with a business coach can get you there more quickly – and with much less stress.   

I just finished watching the extended video #LikeAGirl created by Always.com created for Super Bowl 2015. It’s inspirational and thought provoking. It elicited a reaction that I didn’t expect – as I choked back my tears. It stopped me dead in my tracks. When did the phrase “like a girl” come to mean something less than, weak, or less capable? And, how has that simple three-word phrase affected women in business around the world, including myself?

The State of Women-Owned Businesses
 
A recent report on the state of women-owned enterprises was quite revealing. Despite the growing evidence that women build great companies, the average revenue of women-owned companies lags behind by 27%. Is it because they run their small business #LikeAGirl?
 
Although my energy hides my true age, I’ve been around for some time. I’ve lived through <cough> decades, two centuries, Beatlemania, Woodstock, and the rise of the Internet. Oh, and I survived The Brady Bunch.
 
During that time, the number of organizations with a woman at the helm began to climb. Today, the rate of women-owned enterprises grows at one and a half times the national average, while men-owned businesses shrink. (Click to Tweet)
 
Nonetheless, while female entrepreneurs are making great strides, moments remain where it feels as though we’re patted on our little pink heads as if what we’re doing is “less than.”
 
Why? Because we’re not willing to run our business #likeaboy…
 
What it’s Like to Run A Business #LikeAGirl
 
There is mounting evidence that women business owners have an edge in running a successful business. Female entrepreneurs create more jobs, use 40% less capital, and are more likely to survive the start-up to established business transition. (Click to Tweet)
 
As female business-owners, we struggle balancing the demands of home, family, and work – and achieve in spite of it.
 
We withstand being scolded for our ambitions – and achieve in spite of it.
 
We put our family, and their countless activities, before our business activities – and achieve in spite of it.
 
Although our strategic planning, organizational, and management skills get stretched to their limits as we manage the multitude of daily tasks before us, we achieve in spite of it.
 
Frankly, I don’t want to run my business #likeaboy as if it’s the gold standard to attain. It doesn’t fit my DNA. It’s a mismatch with who I am.

 

I proudly and unapologetically run my small business #LikeAGirl…(Click to Tweet)

 

Small business coaching is vital to the success of any business. Having someone who can encourage and lead you in the right direction can help you reach – and even exceed – your goals. Although most entrepreneurs realize the importance of coaching, skepticism surrounds the use of professional coaching for small business. As a result, entrepreneurs often turn to other sources for advice and mentoring.  Legitimate business coaching, however, provides benefits that simply aren’t available elsewhere. (Click to Tweet)

Why So Skeptical of Business Coaching? 

Every industry has its skeptics, and business coaching is no exception. In some cases, that skepticism is well-founded, such as when the coach has little to no experience, or when the basic competencies of coaching are not applied due to a lack of training.

Some skepticism is good. After all, you certainly don’t want your business coach guiding you in the wrong direction, wasting your precious time and resources. It’s important to check out the legitimacy of anyone offering business advice, which leads us to our next point…additional sources of support and advice.

Other Sources of Business Advice 

The skepticism of coaching for small business has led many owners to seek mentoring and advice from sources other than professional coaches. While each source has its benefits, each one also has its downfalls.

  • Friends – It’s human nature to seek out close friends and family for advice, especially regarding major business decisions. The negative consequences of this, though, often outweigh the positive. For one, too many differing opinions can leave you more conflicted than before you sought advice. Plus, friends may lack the business acumen required to lead you in the right direction.
  • SCORE – SCORE is a program that offers small business advice, templates, and other free resources. It can be a great tool when you’re starting out, but it provides generic advice that may not always be useful in your particular situation.
  • Small Business Administration (SBA) – The SBA is a wonderful resource for offering loans, grants, and educational events. The problem with this program is the same as with SCORE. Advice given is generic, and lacks the personal touch that comes with tailored coaching for small business.

Customized Business Coaching is the Way to Go

You’ve put your heart, tears, and sweat into creating and launching your enterprise. It’s your baby. So why take advice from anyone other than the best professional in the coaching industry? (We ask ourselves that question all the time!)

Your challenges and opportunities are most likely not the same as any other entity, inside or outside your niche. When working with a qualified small business coach, you get a strategy catered to your company’s individual needs and goals. That’s why it’s vital to seek guidance from someone who understands your obstacles, and can help turn them into opportunities.

Running and growing a business is no piece of cake. Snag all the help you can. Everything from what kind of social media strategy to incorporate, to how to effectively grow your client base, weigh heavily on your mind. This is why customized coaching is the best option.

After all, cookie cutters are great for the holidays – not business coaching. (Click to Tweet)

Core Business Assessment

Testimonial

Brooke Billingsley

Vice President
Perception Strategies

Synnovatia is a strategic coaching firm that is detailed and knowledgeable about business. i have a small business that grew from $150K to $750K because of the goal setting and resources that Synnovatia provided. It saves me years of learning on my own.

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