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Shared Excel Sheet Very Slow to Open and Use on Network

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We have a shared Excel file stored on a network drive. 5 users can possibly access this at any one time, the document is now becoming very slow to respond. IT is very slow to open and on one of the machines Excel 2007 freezes on regular basis. 

We have a combination of office 2007 / 2010 & 2013 clients all access this files. 

Is there anything we can do to make this spreadsheet respond quicker. 


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