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When your Excel file is large but only has two sheets with minimal data, you can optimize performance by eliminating unused formatting and metadata. Excel on the web offers a new feature called Review Check Performance, which identifies and suggests optimizing unused formatting in your sheets. By selecting this feature, you can either optimize each sheet individually or choose to optimize all at once. This process reduces unnecessary data while retaining all essential information, resulting in a significant decrease in file size from 4.9 megabytes to 46 kilobytes.