The overarching principle for a successful business plan is ensuring that it is easy to read quickly. While, in the past, plans were much more complicated, nowadays the best plans are streamlined and easy to understand. In this article, we examine the best methods for compiling a successful business plan.
Business plans are a factor affecting inventory management
It is essential that the language and structure of your business plan is easy to understand. Readers will usually skim read the plan, and for this reason the main points of your plan must be concise and straightforward. A business plan can be a hugely influential factor affecting inventory management, so it is imperative that all concerned are on the same page.
When writing your business plan, remember to streamline sentences and paragraphs, and to use shorter rather than longer sentences. It may be useful to use bullet points (with brief explanatory sentences where necessary) for lists, as these can help get your point across quickly and succinctly.
Avoid complex language and opt for simple words wherever possible. For example, opt for “use” rather than “utilise” or “then” instead of “at this stage.” You should also avoid using jargon, acronyms or words that only a small selection of readers may understand.
A Short Plan is a Good Plan
The accessibility of your plan and the degree to which it is easy to use also depends on its length. A business plan that is too long may deter readers from taking the time to get through the piece in its entirety, and this can be a key factor affecting inventory management.
If those concerned do not read the business plan, or they do not read it properly, there will be inevitable discrepancies between individuals’ perception of what is expected of them. This can result in a variety of errors when it comes to managing inventory, which can have far-reaching negative effects.
Chart Important Data
As previously mentioned, simple information is easier to comprehend than complicated information. This is especially true when it comes to important data and numbers. Readers are unlikely to pay any real attention if you simply bombard them with numbers and projections. For this reason, any numeric information should be represented through summary tables and simple business charts. Use these charts to demonstrate things such as sales, gross margin, net profits, cash flow and net worth by year. You can also use things like pie charts to demonstrate market share and market segments.
To represent major company milestones or important tasks, you can use Gantt charts, which represent these important tasks as horizontal bars with labels on the left and dates at the top or bottom. A good business plan considers the fact that such data is an extremely vital factor affecting inventory management, so representing it effectively is essential.
Keep it Clean
Although you want to avoid any unnecessary or distracting extravagance, it may be a good idea to format your final business plan in a way that is aesthetically pleasant for the reader. This means sticking to one to two different fonts, and avoiding using a font size that is too small. It is also a good idea to ensure that your writing is not crammed onto too small a page or section, since this will make the reading experience less enjoyable for those concerned. Lastly, proofread your text and make sure there are no spelling or grammar mistakes, to ensure the quality of your writing.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.