Business in Practice
1. Introduction. 3
The business vehicles define the nature and type of the organisation as identified from the legal structure and rules. There are different kinds of business vehicles such as public organisation, private company, sole trader, partnership, incorporation and limited company. The sole trader organisation is developed by a person only and very easy to establish. The business process provides very less financial and legal protection for the owner of the organisation (Gao and Zhao, 2018). The person maintains the same identity of the business which makes the person liable for any kind of business issues. The nature of the partnership business practices is similar to sole traders. The financial profit is divided among the partners who are associated with the business process (Ng, Leung and Ka Tat Tsang, 2018).
The limited liability partnership refers to the business process where the organisation acts like a limited company but managed like a partnership. The turnover margin of the organisation is less than 10.2 million whereas the asset value is less than 5.1 million and the number of employees in the organisation is less than 50. The organisation holds more than 2 designated owners for the handling of the operation in different departments (Toson, 2018). The private limited organisation is generally owned by different shareholders and possesses a separate legal entity. The public limited organisations are generally operated by different public groups and advertise for the sale of the share among the public. The incorporation business vehicle is done online which provides certificates for share, incorporation, statutory books and the memorandum and articles for the incorporation of business practices. The essay provides discussion regarding different social, economical, legal and technical perspectives and provides justification for the technology startup in the UK (Bartlett and Ray, 2021).
The UK is one of the most popular spaces for the development of business in different sectors. The current business confidence index of the country is almost 101 which suggests that the people in the UK are very comfortable with the development of business organisations (Clark, 2021).
Figure 1: Business Confidence Index in the UK (January, 2010 – August, 2021)
(Source: Clark, 2021)
There are different types of business vehicles for the development of the business organisations in the UK such as sole trader, partnership, limited liability partnership, private limited organisation and public limited company. The sole trader business vehicle is the easiest to establish as it is owned by only a person. The operations are developed as per the mindset and the perception of the person (Faour-Klingbeil, Kuri and Todd, 2020). The profits related to the business activities are available for the person and the income tax is developed on the basis of the profit margin of the business organisation. The financial results of this type of business are not published and the liability for the activities of the business is imposed personally. The insurance facilities are available in this business vehicle. There are different types of liabilities present in this particular business vehicle such as third party liability, employer liability, product liability, damage in business property and equipment and professional indemnity (Ayobami and Babarinde, 2018).
The business vehicle of partnership is similar to sole trader which is crucial for the optimisation of business activities. The profits are divided among the partners and the income tax is developed on the basis of the profit margin of the organisation. The financial results of this business are not published and the liability is divided among those partners of the business organisation. The liability of theis business vehicle is similar to that of the sole trader business vehicle such as employer liability, product liability, damage in business property, damage in business infrastructure, third party liability and equipment and professional indemnity (Qin and Guo, 2020).
The limited liability partnership is similar to the limited organisation but managed like a partnership. It is identified that the margin of turnover is less than 10.2 million and the asset level is less than 5.1 million. The number of staff for the business vehicle is less than 50. The number of owners is more than 2 and the profit is divided among all in an equal margin (Andersson et al., 2017). The income tax is dependent on the share of profits and the financial results are provided at the Companies House. The private limited organisation is a completely different legal entity where the operations are owned by the shareholders. The organisation is owned by one shareholder and one director. The liabilities of the business organisation generally stops within the organisation. The audited accounts are not mandatory in case of small business organisations. The assets, profit margin and the income level belong to the organisation and the corporate tax is developed on the basis of the profit margin. The salary and the benefits of the directors of the organisation is liable for the income tax or PAYE (Borzaga, Poledrini and Galera, 2017).
The profit margin after the payment of the corporation tax is divided between the shareholders as dividends in this business vehicle. The process often includes contractors which is crucial to avoid any kind of employment responsibilities. The public limited organisation possesses a minimum capital share of €50,000 (Rashid, 2020). The business vehicle is instructed to possess audit activities. It is further identified that the business vehicle can provide advertisement regarding the sale of the share to the individual public or public groups properly. The information regarding the share process is often available at different stock exchanges such as London stock exchange, AIM or others (Palacín-Sánchez, Bravo and Reguera-Alvarado, 2019). The incorporation business vehicle is another major business type in the UK. It can be done online and the memorandum and article of association is provided to the business organisations. The major benefits of this type of vehicle are the certificate for incorporation and the share certificate. The details of the information is provided in the statutory books and the first minutes is provided to the owners of the business (Kaur, Bhardwaj and Lohchab, 2018).
Phases of Joint Venture Formation
The new venture formation process refers to the process of the transformation of a new idea into a business process which is able to grow effectively in the market and attract investors for optimum success in the future. The formation of new ventures is done with the help of different phases such as development of ideas, evaluation of different opportunities, planning activities, development of the organisation and future growth (Parameswar, Dhir and Ongsakul, 2018).
Figure 2: Phases of Joint Venture Formation
Development of Ideas
The first phase of the creation of a joint venture is the development of ideas as per the market scope and skillset of the owners of the new business. The idea for the start up is generated with the help of the problems faced by the people in the society and development of an unique idea which can fulfill the issues effectively (Shen et al., 2019).
Evaluation of Opportunity
The next phase of business venture is the identification of business opportunity which is relevant as per the trends in the market and requirements of the people in the society. The valuation of the opportunity is a crucial part as it helps in the development of investment practices for different business activities (Shen et al., 2019).
The third stage of the new venture formation process is the planning which is crucial for the success of new ventures. There are three major types of planning for the formation of new ventures such as operations, financial and strategic. The stage is crucial for the identification of the opportunities and the sustainability for the business growth (Dhir and Mital, 2018).
Launch of Business Venture
The fourth stage of the process is the launch of the business at proper locations which is suitable for the potential consumer groups. The owners find out proper methods for market entry and pricing to sustain the business practices properly in the market (Dhir and Mital, 2018).
The organisation ensures smooth growth in the future after the launch of the business at appropriate locations. The owners of the business focus on the execution of the strategies for the smooth growth of the business in future (Dhir and Mital, 2018).
Role of Companies House
Companies House is a segment inside the department of business, innovation and skills. The main duty of the Companies House is the supervision of the information for the maintenance of rules and regulations for the business process in the UK. The organisation is responsible for the analysis of information which is related with the initiation and dissolution of new businesses, examination and storage of crucial information of the businesses and the delivery of those business organisations to the local public of the UK (Alkhatib, Ojala and Collis, 2019).
The role of the Companies House is crucial for the supervision of the strategy as per the rules and regulations available in the UK. The process is effective for the development of the strategic practices which are proposed by the owners of the business. The responsibility of the organisation is crucial for the effective setup of the new technology startup and delivery of smooth growth in the UK.
Investment Options for Joint Venture
The investment in the joint venture process is done by the business owners who agree to operate the business activities. The business organisations can attract investment from different options such as venture capital, crowdfunding, business loans, insider finance and others. The development of venture capital is the most suitable for the new technology startup. The venture capital refers to a special form of private equity and special type of financing which the investors decide to provide for startup organisations (Signori and Vismara, 2018). The implementation of the venture capital is effective for the activities in the technology startup.
The incorporation of tools are necessary for the analysis of the business practices, identification of the weak areas and the development of the processes for the smooth growth of the organisation in the future. There are different types of analysis tools for the business planning system such as PEST, SWOT, OKR, Balanced Scorecard and others (Cheah, Amran and Yahya, 2019). The SWOT analysis is the most suitable for a new startup as it is expected to enter into the new market. The analysis of the strength, weakness, opportunities and threats is effective for the identification of activities which are suitable for the new technology startup to follow in the UK market.
SWOT Analysis for Business Planning
The UK is one of the major countries which maintains quality technological activities in different sectors. It is one of the main strengths for the startup as it can deliver solutions for the technology in different sectors of the UK. The government of the country provides adequate support for new startup organisations (Sukumar et al., 2020). The country also received plenty of foreign direct investment which is beneficial for the investment process of the organisation. The stable political conditions and the positive relation with other strong nations across the world is a strength for the technology startup in the UK. The knowledge and skills of the employees is very high which is beneficial for the new organisation to include quality workforce and ensure smooth growth in the new market conditions (Prasanna et al., 2019).
The country lacks innovation skills which is a major weakness of the technology startup. The lack of innovative mindset and the development in the production standards is harmful for the business organisations. The process can damage the growth in the infrastructure of resources for the new technology startup. It is ineffective for the technology startup to stabilise their business in the new market. It is required for the business startup to outsource materials from different countries. The process is difficult for the new organisation especially in the existing COVID-19 pandemic situation (Lloyd and Payne, 2019).
The government of the UK has focused on the development of technology hubs in different parts of the country. It can help the organisations to develop activities regarding different technology factors in industrial sectors. The process can provide opportunities for the startup to identify the trends in the global technology market and adjust their operations accordingly. It can help in the smooth development of the startup in the UK market (Parkin et al., 2019). The country also possesses a positive trade relationship with different countries across the world. The process can provide opportunities for the technology startup to create mergers and acquisitions with different organisations in other countries and expand their market bases properly. It can help in the joint venture processes in different parts of the world and enhance the financial stability further in the future (Griffin, Hammond and Norman, 2018).
The level of competition is constantly increasing in the technology sector of the UK. It is threatening the position and the competitive index of different medium and small level technology firms. The process is challenging for the technology startup to maintain stability in the business practices and expand their bases. The process is also challenging for the generation of investment for different technological operations in the organisation (Parn and Edwards, 2019). The strong competition is also challenging for the technology startup to maintain financial stability and develop the profit margin in the UK market. The growing number of COVID-19 cases has enhanced the financial crisis of the country. The process can threaten the position and the performance of the technology startup in the new market conditions (van der Linden, Michalec and Zamansky, 2020).
Structure regarding management clearly defines the strategies and techniques required for the development of business organization. Generally, in business enterprises there is a hierarchy that systematically evaluates, interprets the flow of necessary information regarding the parameters of the business management system. Formulation of effective management structure for the growth of business in the modern technology startup has adopted different sales and marketing strategies for the expansion of business. This kind of strategy has identified the target of the business market and has created lots of opportunities to persuade the interests of customers on a massive scale (Bouch et al. 2018).
Business management structure has provided an immense opportunity to expand its size of operations for starting up a new advanced technology. It has provided a systematic and comprehensive approach to ascertain the progress of business strategies. In an enterprise, structure may vary and it solely depends on middle and board hierarchy. There are even some of the business enterprises that are middle in position and the execution of business activities might get delayed due to lack of an ineffective management system (Klochkov et al. 2017).
In the upper level of hierarchical management, the overall structure of business techniques gets centralized and diversified to accentuate the developmental goals of business. Authority and responsibility to implement the decisions are allocated between various kinds of departments like sales and finance. Business managerial systems are mainly persuaded by culture and society based ideologies to influence productivity, sales and profitability in the long-run. In the technology driven-era, most of the business companies have re-boosted the internal structure and have brought about innovative strategies to move a step ahead in the midst of a highly competitive business environment (Viriyasitavat and Hoonsopon, 2019).
Outlines of an organization has provided an effective parameter in which the business approaches should be followed and to enable the technology starters to acquire the predetermined objectives of business. It clearly evaluates the uninterrupted channels of information to the business planners and ultimately they assign different functions to be carried out for flourishing the business. For illustration, in a centric based business, the implementation of decisions passes from upper to lower level. In an uncentralized framework, power to make appropriate decisions gets allocated to different departments to enhance the operations of business (Viriyasitavat and Hoonsopon, 2019).
This kind of effective structure has enabled the business organization to upgrade the retention of employees this in turn ultimately results in the enhancement of business activities. Structure based on organization has varied kinds like divisional, functional etc (Zebari et al. 2019). The business leaders in a firm have considered multi-diversified components and made an adequate decision concerning the kind of enterprise or organization that becomes suitable to set up a modern-tech business. This primarily focuses on the goals of business and ethics of business. However, placing an effective organization framework has promoted the standards and ideologies of business.
On this basis, the overall evaluation of employees can be estimated concerning their performance and provides them motivation to work harder towards the betterment of an organization. Establishing a new technology in business has also helped the employees to work constantly for reaching the targets of an enterprise (Suša Vugec et al. 2018). In other words, the management structure has offered a division based approach and due to such kind of inclusion in business managerial functions decisions can get easily implemented. The sudden upsurge of startup technology regarding the division of work in enterprise has enabled business companies to become accustomed to the latest inclusion of policies and function independently.
Marketing and Sales Strategy have been considered the indispensable factor for driving the growth of business. Systematic application of strategies is created to drive sales and bring the involvement of customers to purchase the relevant services at an affordable price. (Kashirskaya et al. 2020).
Sales and marketing approaches is the pivotal factor to aware the consumers to buy the products that is cost-effective. In other words, (Jackson et al. 2018).
The main intention of leading sales in UK business is to provide adequate knowledge to customers concerning selection of products. Various kinds of resources like modern sophisticated techniques have been practically applied to uplift the sales of business and to procure profitability. The customers in the UK rely primarily on professionalized marketing services and make a distinct assumption of the latest products that are launched in the market. Tastes and preferences of consumers are different and the purchasing power of consumers also varies; hence, the business in the UK market has been created in such a way that easily meets their requirements within a stipulated period of time (Waszkowski, 2019).
Effective planning regarding sales has briefly outlined the core of business to provide standard quality services to customers and thereby enhance profitability of business. The modern trend in digital technology has enabled the consumers to become acquainted with e-commerce platforms and they can easily get relevant information about standard quality marketing and sales services (Qu et al. 2019). For defining the strategies in business, a clearly defined goals based on marketing and sales is necessary. Taking this into consideration, some of the strategies have been formulated to retain the customers and thereby develop an innovative model to influence them concerning the appropriate selection of products and services.
To develop the sales and marketing strategies, in online platforms search engines consumers get data and exquisite features about the products easily and conveniently. Through SERP and other digital channels UK consumers explore the content of different kinds of products, detailed explanation of products about their characteristics and features is available in the websites. Consumers get in touch with varied branded products and learn about the latest innovative technologies in sites. Any business organization, either small or large, depends solely on creating an illusion in the globalized network and considers the topmost priority to make its presence in the social networking sites (Zhang et al. 2018).
For raising consciousness regarding different brands Youtube and Instagram is the most common platform to enhance the sales of business. The other significant factor for the expansion of business requires to accelerate different brands of content via advertising and due to this flexibility approach the organizational structure of the business becomes possible. The interests of UK customers have progressed rapidly and the main factor that draws their utmost attention is to involve such techniques that proliferates the generation of revenue and assures the progress of successful business enterprise (Mohammed et al. 2017).
7. Labour and Human Resource Issues
Ensuring the successful growth of a business organization is indispensable and topmost concern to grow the business. Some of the factors like human resource and labour issues have deteriorated the structural framework of business and this has created lots of complicated problems to start the latest based technology in a firm. The major issues have been highlighted below to describe the problems.
Selection of talented employees: Selection of appropriate candidates is a complicated task. Here the HRM has to make a close scrutiny to evaluate the talent of selected employees in an enterprise. As soon as an interview takes place, exploring suitable candidates becomes a tough job. The main issue which has proved to be detrimental for acquiring successful results is that if the unqualified candidates are recruited then the entire department of HR team has to commence its process of interview again (Snihur and Tarzijan, 2018).
Although there is the existence of certain issues involved in business, effective solutions are also necessary to uplift the moral of business. Automated or manual process has enabled the organization to recruit a wide pool of candidates through a well-diversified platform. This system has enabled the managers to recruit qualified persons via online technology services. The chances of impending danger to hire effective managers becomes possible in UK business. Startup of including technology in business becomes easier on account of the practical application of automation manuals.
Skillful retention of employees: For enhancing the performance of business, retaining of employees is an essential factor to maximise the productivity and sales of business. To recruit such employees requires excessive cost for providing adequate training and opportunities for growth. Excessive amount of work pressure has demotivated the morale of employees and has ultimately deteriorated the culture or ethics within the company. Sometimes due to excess rigorous policies employees are retrenched from the working environment and this in turn has brought a negative impact in an enterprise. Besides such critical issues faced by an organization, there are some remedies to maximise the scale of business (Viriyasitavat and Hoonsopon, 2019).
Through onboarding criteria, employees get easily boarded and comprehend how to work conveniently so that the Company can acquire fruitful results.
Diversification in the working environment: One of the main reasons due to which the progress of business has been interrupted is the diversified nature of the working environment. As there are no innovative strategies, recruiting employees is totally vague and hence does not stand any meaning. It becomes a serious factor because talented people get rejected without any justified point. Racial discrimination has diminished the top most strata of society on account of laxity in business administration. Remedies are required to fill the gap that hinders the success of developing strategies in business. In order to recruit selective candidates, business owners and managers have to search about some places to find good staff (Suša Vugec et al. 2018).
Lack of effective training in Company: The business environment gets hampered because of the monotonous or repetitive training in an organization. Effective training is required to enhance the growth of business and this would bring about a positive outcome to retain the hardworking or industrious employees (Jackson et al. 2018). Training and development of research work in business is necessary, then only employees can bring a holistic and comprehensive approach for the purpose of fulfilling the objectives of business. The notion has been inculcated to provide a good remedy to solve the problem of ineffective training. Offering special courses concerning business management practices has helped a lot to the newly recruited employees to gather vast knowledge of business.
Commencing any business enterprise requires a systematic understanding of managerial issues that have adversely affected the prosperity of establishing technology start-ups in UK business. These issues have been highlighted in this section to demonstrate the actual point that obstructs the promotion of business.
ERP: The process of integrating ERP or executive relationship manager if it does not get practically implemented then the system of business becomes difficult to be performed. Launching start-up technology in business requires skilful integration of ERP then only the flow of work in business gets gradually developed. Unfortunately, this approach becomes unrealisable because of fragmentation in working departments (Zhang et al. 2018). Absence of ERP has wasted the precious time of senior managers as the necessary information or data gets splitted and this situation has spoiled the internal structure of an enterprise. The other factor is that ERP has no such uniformity or consistency in its working activities and even the relationship manager in a business organization lags behind due to non-availability of resources.
Strengthening the structural framework of business enterprise does not stand suitable owing to rigidity in carrying out the business policies. Lack of transformation attitude has delayed the time management and this has brought a negative repercussion or impact in a firm and therefore introducing a start-up technology gets restricted.
CMS: The other factor that has affected the business managerial system is the lack of customer management system. In this process, employees or workers do not possess any knowledge to inform or guide the customers concerning the standard quality products and services. The CMS managers find it a bit difficult to persuade the customers regarding buying of branded products (Mohammed et al. 2017). Bringing innovative technologies requires the skilful application of CMS that enables the customers to clarify their doubts about the latest technology to enhance the prestige and thereby add extra value or advantage to business. Practically, this is not possible because management has faced issues like assessing information about management is something that stands vague due to the inappropriate managerial system in the hierarchy of business enterprise.
CRM: Businesses have faced some of the other critical problems and that is the Customer Relationship Management system. The relationship managers have failed to accomplish the essential requirements of customers because of scarcity of resources, inadequate technological and infrastructural facilities. These factors have avoided the practical approach of business and has disrupted the inclusion of technology (Klochkov et al. 2017).
The technological solutions are constantly evolving and implemented in different business sectors. The trading practices have also started to implement different advanced technologies and ensure smooth growth in the trading practices in different sectors. The emerging technologies such as Artificial Intelligence, Blockchain Activities and Internet of Things is reshaping the quality and efficiency of the trading activities (Neves, Scott and Silva, 2020).
The incorporation of AI is crucial for the identification of trading practices from different activities and providing effective processes in the trading system across the nations. The AI practices are effective for the reduction of unnecessary costs and the optimisation of the accuracy in the trading processes. The management of the organisations in the trading sector is incorporating AI activities to effectively handle complex tasks such as classification of materials for trading, identification of the consumer demands in the market, management of the order and other crucial activities. The system of AI can identify the nature of the transaction and detect the level of efficiency and security with the help of identification of the parties associated with a certain transaction (Ahmad et al., 2021). The identification of risk in the trading and supply chain of a specific organisation is expected to send notification of the senior management and the government officials in the locality. The delivery of information to the associated stakeholders can help to maintain a secure transaction and follow the trade practices effectively. It is identified that 3CE has developed a specialised system in the automation of the process which is helpful for the classification of the Harmonised System commodity and the verification of the Harmonised System code with the help of AI (Bughin et al., 2018).
The blockchain system is essential for the development of stable and permanent records, bundling of the records in different blocks and creation of a chain which is essential for the distribution with the help of a peer to peer network system. The blocks are developed in a systematic way to maintain chronological order in the transaction process. The changes in the information are identified by the blockchain system instantly which helps in the prevention of the fraud activities. The process helps the translation of the information, advanced visibility for different types of decisions and the maintenance of audibility and security in the information (Chang, Luo and Chen, 2019). The global trade process is inclusive of different stakeholders such as importer, exporter, shipping professionals, banks and other financial institutions, brokers, customs department or other departments in the government. The inclusion of the blockchain system is helpful for the management of the transaction information with the help of centralised control system, cryptography with the help of multiple computer systems, synchronisation of the information and the prevention of the tampering and manipulation of the information. Barclays Bank confirmed the first ever blockchain based trade finance deal in September, 2016 for an amount of USD 1,00,000 (Ermakov et al., 2018).
Internet of Things
The IoT system mainly refers to the network of different physical devices which are associated with the electronics system, sensor and other instruments. The inclusion of IoT in the supply chain of the organisation is helpful for the enhancement of the visibility of the shipment process and the assistance of the stakeholders during the planning of the trading processes (Parra and Guerrero, 2020). The IoT system can further help the organisations to manage the activities in the trading system and update the information with the help of physical network and internet objects. The Swiss start-up organisation Modum has ensured the maintenance of the justified temperature for pharmaceutical products during the transportation with the help of an IoT system (Rodrigues, Bocek and Stiller, 2018).
The main legal and regulatory issues for the technology sector are privacy issues, digital ownership, data collection, security practices and the costs for access. The privacy issues refers to the process of the protection of the information which are stored in the applications and software (Bello, Murray and Armarego, 2017). The privacy issues can damage the reputation of the new organisation in the market. The digital ownership practices identify the activities which are associated with the copyright practices of the content in digital media (Lu et al., 2021). The process is crucial for the protection of the authority of the contents which are available in different digital media or applications and software associated with the technology start-up.
The data collection is a major issue which is associated with the activities of the technology organisations. The management of the technology organisations is required to identify the rules and principles related to the collection of information and implement them accordingly for the delivery of legal standards in the organisation (Arunachalam, Kumar and Kawalek, 2018). The startup business in the technology sector in the UK is required to identify the regulations regarding the data collection process for the business organisations. The data collection and information delivery procedure includes the security activities related to Big Data practices, cloud computing system, wearable computing process, IoT activities, digital payment practices and others which is helpful for the digitalisation of the organisations in the UK (Haseeb et al., 2019).
The technology organisations also face a liability regarding the security which is crucial for the sustainability of the business. The damage in the security system can hamper the performance and information standard for the organisations. It is required for the technology organisations to provide proper safety in the information system which is included in the developed products or services of the technology organisations (Erri Pradeep, Yiu and Amor, 2019). The process is effective for the management of the technology startup to follow and ensure optimum success in the future. The access costs for different technology operations develop issues for the financial system of the products of the technology products and services. The process is challenging for the organisation to include effective resources for the technology solutions and ensure optimum security practices (Goel and Göktepe-Hultén, 2017).
The government of the UK has identified different regulatory issues for the technology organisations and developed regulatory practices for the mitigation of those issues. It is required for the technology startup to identify the rulatoy practices in content development, content moderation, protection of contents, development of the standards of the produced technology solution and upgradation in the features of the developed technology solutions (Romanou, 2018).
It is evident from the overall analysis that there are different types of business vehicles such as public organisation, private company, sole trader, partnership, incorporation and limited company. The technology startup in the UK focused on the development of the joint venture to provide optimum efficiency in the new market conditions. The process is effective for the business organisation as the business confidence index of the country is very high and the scope for technological activities is huge in the UK. The technological startup selected the joint venture process due to the suitability of the operational activities in different technological practices in the UK. The process is inclusive of five major phases such as development of ideas, evaluation of different opportunities, planning activities, development of the organisation and future growth. The proper permission of the Companies House is crucial to understand the legal practices and prevention of any kind of complexities in the future. The investment process is expected to develop with the help of venture capital, crowdfunding, business loans or insider finance. The huge growth is the technology positive for the smooth growth of the technological startup in the future. However, the strong competition and financial crisis due to COVID-19 is challenging for the organisation to develop smoothly in the UK.
It is recommended for the business owners of the technology startup in the UK to follow the legal practices in different operations and implement them for the smooth growth in the future. The management is also required to develop a clear structure for the fulfillment of the objectives and financial development in the future. The management can also identify the global market trends and enter into new markets for international development in the future.
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