Do business plans help you run your business?

A good business plan guides you through each stage of starting and managing your business. You’ll use your business plan as a roadmap for how to structure, run, and grow your new business. It’s a way to think through the key elements of your business.

Business plans can help you get funding or bring on new business partners. Investors want to feel confident they’ll see a return on their investment. Your business plan is the tool you’ll use to convince people that working with you — or investing in your company — is a smart choice.

There’s no right or wrong way to write a business plan. What’s important is that your plan meets your needs.

Most business plans use a standard structure, and encourage you to go into detail in each section. They tend to require more work upfront and can be dozens of pages long.

When you write your business plan, they should use some a combination of these nine sections:

1) Executive summary

Briefly tell your reader what your company is and why it will be successful. Include your mission statement, your product or service, and basic information about your company’s leadership team, employees, and location. You should also include financial information and high-level growth plans if you plan to ask for financing.

2) Company description

Use your company description to provide detailed information about your company. Go into detail about the problems your business solves. Be specific, and list out the consumers, organization, or businesses your company plans to serve. Explain the competitive advantages that will make your business a success. Are there experts on your team? Have you found the perfect location for your store? Your company description is the place to boast about your strengths.

3) Market analysis

You'll need a good understanding of your industry outlook and target market. Competitive research will show you what other businesses are doing and what their strengths are. In your market research, look for trends and themes. What do successful competitors do? Why does it work? Can you do it better? Now's the time to answer these questions.

4) Organization and management

Tell your reader how your company will be structured and who will run it. Describe the legal structure of your business. State whether you have or intend to incorporate your business as a C or an S corporation, form a general or limited partnership, or if you're a sole proprietor etc… Use an organizational chart to lay out who's in charge of what in your company. Show how each person's unique experience will contribute to the success of your venture. Consider including resumes and CVs of key members of your team.

5) Service or product line

Describe what you sell or what service you offer. Explain how it benefits your customers and what the product lifecycle looks like. Share your plans for intellectual property, like copyright or patent filings. If you're doing research and development for your service or product, explain it in detail.

6) Marketing and sales

There's no single way to approach a marketing strategy. Your strategy should evolve and change to fit your unique needs. Your goal in this section is to describe how you'll attract and retain customers. You'll also describe how a sale will actually happen. You'll refer to this section later when you make financial projections, so make sure to thoroughly describe your complete marketing and sales strategies.

7) Funding request

If you're asking for funding, this is where you'll outline your funding requirements. Your goal is to clearly explain how much funding you’ll need over the next five years and what you'll use it for. Specify whether you want debt or equity, the terms you'd like applied, and the length of time your request will cover. Give a detailed description of how you'll use your funds. Specify if you need funds to buy equipment or materials, pay salaries, or cover specific bills until revenue increases. Always include a description of your future strategic financial plans, like paying off debt or selling your business.

8) Financial projections

Supplement your funding request with financial projections. Your goal is to convince the reader that your business is stable and will be a financial success. If your business is already established, include income statements, balance sheets, and cash flow statements for the last three to five years. If you have other collateral you could put against a loan, make sure to list it now. Provide a prospective financial outlook for the next five years. Include forecasted income statements, balance sheets, cash flow statements, and capital expenditure budgets. For the first year, be even more specific and use quarterly — or even monthly — projections. Make sure to clearly explain your projections, and match them to your funding requests. This is a great place to use graphs and charts to tell the financial story of your business.  

9) Appendix

If this is required, use an appendix to provide supporting documents or other materials were specially requested. Common items to include are credit histories, resumes, product pictures, letters of reference, licenses, permits, or patents, legal documents, permits, and other contracts.

Of course, if you didn’t want to do all the hard work or have the time available, like most business entrepreneurs, you could always contact one of our professional plan writers at:

email - consultants@plan-writers.com.au or phone - 1300 490 940

What business start-ups should do before Santa comes to town ....

These are some tips for making sure your business start-up is on track for a fantastic Christmas period.

Be festive… Keep customers engaged with a festive environment in your business. You would be surprised how far some Christmas decorations can go. Why not think up a special Christmas promotion for your customers? We all love to get a little something extra, so get creative with your promotion ideas.

Use Social Media… Can you even remember a world without Facebook and Instagram? Small businesses should use social media to engage with customers over the lead up to Christmas. You could share gift ideas or do a countdown to Christmas. Make sure you use lots of images as they promote more engagement.

Plan ahead for expenses… Make sure you think about the costs that many come about this Christmas season such as Christmas parties and gifts for staff. Account for holiday pay requirements as there may be penalty rates to pay in some instances.

Put off spending… Put off expenses that can wait until cash flow is more abundant. These could include things like repairs or maintenance.

Monitor your cash flow… Work out where your business is at by using your small business accounting software. You should be able to get an overview of what your regular cash flow cycle looks like from this. Use this information to make important decisions not only in the holiday period but throughout the rest of the year too.

Reward your staff… You know that your team are your greatest asset, so take the time to celebrate all they contribute to your business. Too often we focus on marketing strategies and the numbers and forget that it’s  the people that make any organisation great.

Plan your holidays… If you want some time off over Christmas take the time to talk to your staff so you are confident that things will keep operating as they should while you are away. Delegate tasks to responsible team members and leave instructions for these tasks so that they can have something to refer to while you are gone.

Enjoy yourself… Above everything else, at this special time of year, don’t forget to remember why you got into business in the first place. For lifestyle and to enjoy yourself more, so take a moment or two to smile about all your achievements …….

MERRY CHRISTMAS TO YOU & YOUR LOVED ONES

The Business Plan Writers Australia team!

Sacrifices that every Entrepreneur will need to make...

Every entrepreneur starts out with big dreams and excitement. As an entrepreneur, you control your own destiny, and with the right ideas, the right skillset and unflinching dedication, you can build wealth or establish an enterprise to serve as your legacy.

This is the bright side of entrepreneurship, but unfortunately, there is also a darker side. The rigors of entrepreneurship demand sacrifices, and if you do not make those sacrifices, you’ll never be able to succeed. Business is, at its core, a give-and-take process. The more you invest, and the more you are willing to part with, the more you will reap in rewards in kind.

These are five common sacrifices that every entrepreneur needs to make:

1. Stability

You are starting a new venture, and there is no guarantee you’re going to succeed. The foundation of your company, even if your idea and plans are solid, is rocky at best, and there is no telling which direction your business is headed until you are several months, or often much longer, into running things. If you have not already sacrificed a comfortable, well-paying, stable job to follow this route, odds are you will have to sacrifice some other kind of stability before you can move forward.

Entrepreneurship is, by nature, an unstable path to follow. Do not be surprised if you encounter multiple, unpredictable shifts in your fortune as your work progresses. It is natural and part of the process. Eventually, if you work hard with a clear vision, things will stabilize.

2. Work/life split 

When you become an entrepreneur, the lines between your working life and your personal life will blur. You will start thinking about business even when you’re away from the office, sometimes because you want to and sometimes because you can’t help it. You will also get calls and emails urgently needing your attention because you’re the boss and there’s nobody else to answer them.

Your downtime will become “light” business time, but the flip side is that your time in the office will feel more like personal time because you will want to be there. Remember, it is still important for you to balance your work priorities and your personal ones -- always make time for your family and your mental health -- but the firm split between personal and professional time is going to go away no matter how you try to handle it.

3. Income 

This goes along with the stability sacrifice, but for the first few years of your business, you are probably not going to be making much money. In most businesses, entrepreneurs and their families end up investing heaps of their own money to get the business going. If this is the case for you, you will be making even more of a sacrifice since your potential safety net will be gone.

Since you will be deciding where the money goes, you can set your own salary, but many entrepreneurs do not even take a salary during their first several months of operations, at least not until there’s a steady line of revenue backing them up. Be prepared for this. You will need a strong marketing plan to overcome barriers to entry and gain a share of the market in your industry.

4. Sleep

Sleep is vitally important, but no matter how hard you try to preserve healthy sleeping habits, you are going to sacrifice some sleep-in order to run your business. In some cases, you will be pulling all-nighters to get that last proposal together. In other cases, you will be getting up super early to make a meeting or get all your tasks in order. In still other cases, you will be lying awake at night, restless and wondering about the future of your company.

Whatever the case may be, your sleeping habits are going to change when you become an entrepreneur, and you will have to make the best of them no matter how they end up.

5. Comfort 

Being the boss of your own company means the buck stops with you. You are going to have to wear dozens of hats, make decisions you’ve never made before and delve into subjects you’ve never before considered. Part of being an entrepreneur means stepping out of your comfort zone, often multiple times every day.

The most successful entrepreneurs are the ones who approach uncomfortable situations with confidence and a degree of excitement. Learn to thrive in uncomfortable environments, and you will find yourself much more at peace with your job.

Do not think of these sacrifices as literal sacrifices. You will be giving something up, sure, but try to think of it as a type of investment. You are giving up intangible luxuries in exchange for something better down the road. You are paying for the opportunity to find success in your own enterprise, and your sacrifices will be rewarded many times over so long as you stay committed in your chosen path. 

Remember, as an unidentified student of Warren G. Tracy said, “Entrepreneurship is living a few years of your life like most people won’t so you can spend the rest of your life like most people can’t.”

A Return To "Out-of-home" Activities

Research by McKinsey revealed that customers still crave a return to out-of-home activities, but online retail will continue to be their comfort zone.

With vaccination availability increasing, owners—specifically small business owners—need to refocus their efforts on bringing shoppers back into stores. Here are some tips we think can effectively boost in-store traffic in the coming months:

1. Focus on personalization. It no longer makes sense to target personas and demographics—it’s best to market toward people.

To do this, Inspira Marketing Chief Inspiration Officer Jeff Snyder believes companies need to personalize outreach to appeal to consumers’ desire to invest in a company’s products and its values.

“Marketing is no longer transactional; it’s relationship-building,” Snyder said. “Marketers need to demonstrate long-term value and strengthen brand loyalty. Today, consumers have unlimited choices at their fingertips, so the experience they have with your brand must be as personalized as possible.”

According to data from Forrester Research, 36% of shoppers wish brands prioritized personalization more. Focus on individual customers by initiating a two-way dialogue throughout the buyer journey. Bring this mindset into stores to get customers excited about in-person interactions.

2. Make authenticity a priority. Brands spent the past year preaching authenticity through a flood of customer emails, digital ads, and other from-a-distance tactics. In TBGA CEO Christine Alemany’s opinion, businesses need to bring that same energy to in-person interactions. According to Stackla, 86% of shoppers value authenticity in their brands of choice.

“If your business can give customers the ability to connect with your brand by being open and vulnerable—and by seeing them as people instead of dollar signs—you will provide them with something to look forward to when visiting your store in person,” Alemany said.

Ask questions and incorporate that feedback into your in-store experience. It’ll show your commitment to being a brand that values buyer preferences.

3. Align innovation with intent. Businesses get caught up in implementing solutions before finding out how they’ll benefit buyers. As customers come back to stores, try to link technology with purpose.

“It’s important for businesses to remember that, while the tools now available to consumers to navigate their shopping journey have evolved dramatically, the underlying motivations for that journey have never changed,” said DeAnn Campbell, former Harbor Retail’s VP of retail strategy and insights.

To connect innovation and intent, businesses can pair in-person with digital approaches to ramp up interactions with customers and ease the transition back into stores. Think pop-up-style events centered around lifestyle. This approach keeps some distance while bringing out-of-box, engaging interactions to stores.

4. Tap into senses and sensibilities. Customers are happy to get out from behind their screens and in front of people. To that end, Verdania Fields co-founder Pamela Moffat thinks in-person experiences that engage multiple senses will resonate.

“After a year of limited contact, a balance of safety and sensuality is needed,” Moffat said. “(That includes) using outdoor spaces where possible, continuing to require masks in stores, but also making room for celebration and excitement.”

Create an enhanced customer experience by elevating your environment with locally made decor, playing music, and using flowers for visual cheeriness. These touches can help cultivate an immersive in-store vibe.

5. Add mobile to the in-store journey. Mobile technology is a tool numerous brands leverage. About 71% of marketers call it core to their outreach efforts, meaning small businesses need it as another touchpoint to help bring customers who are unsure about in-person shopping back to stores.

“Engaging customers through either a mobile phone or television screen should be a key aspect for local businesses, even as more people start to go out more,” said Simon Bray, CEO of Streaming Television Inc.

Businesses can create excitement around their brands by creating short-form videos that spotlight their products and key features while addressing consumers’ worries and desires. Leaders should also review their mobile engagement to make sure it reflects current services while showing they’re willing and ready to reconnect with consumers.

It feels a bit foreign after more than a year of isolation and social distancing, but it’s clear we want to meet people again and have in-person experiences with the brands we love. Small businesses must take the time now to decide how they’re going to welcome consumers back into their not-so-metaphorical arms.

Business has a big role to play in vaccinating the world

Ø  The mass vaccination programmes launching around the world face a host of challenges that businesses can help to overcome.

Ø  All employers can help to build trust in the vaccine and encourage uptake.

 Ø  COVID-safe precautions in workplaces will remain vital in slowing its spread in the meantime.

 Ø  Employment records can be a rich source of data to help health systems provide more equitable vaccine coverage.

With the COVID-19 pandemic still raging, all of us are hoping that our jobs, businesses, schools, and social lives will soon return to some semblance of normalcy. Universally, there is the belief that the availability of a vaccine will break the spell and we can finally rid ourselves of our masks. But the last mile from ‘vaccine’ to ‘vaccination’ must be trekked before our world can truly start to become safe, and that journey is fraught with challenges. Some of these problems, though complex, are well-defined – like connecting the dots between vaccine providers, distributors and consumers, nurturing a cold supply chain framework or even streamlining the broad spectrum of vaccine management from prioritization and administration, all the way to adverse effect monitoring.

In a June 2020 survey, conducted by the World Economic Forum’s COVID Action Platform, only 71.5% of participants reported that they would be very or somewhat likely to take a COVID-19 vaccine. With experts estimating that at least 70% of the population will need to be immune to the virus to stop community spread, building and sustaining vaccine confidence has never been more important.

Then there are people who are not vaccine-hesitant, with the wealthier countries reserving vaccines to increase the chances of protecting their own population, reserving doses at a whopping 9.8 billion. This is despite every expert pointing to the fact that the nature of the pandemic is such that no one is safe unless everyone is safe. Even if we refuse as a collective to recognize it, clearly this is the moment to collaborate and prioritize distribution to protect at-risk populations first so that they do not aggravate the spread and endanger all our lives.

Any employer, given the influence they wield, can significantly alleviate the situation if not entirely remedy it. In the same survey, 61.4% of those polled said they would accept their employer's recommendation to be vaccinated. This means that businesses can play a pivotal role in encouraging vaccine literacy and engendering vaccination trust in the workplace by putting in place structured programmes for knowledge sharing and guidance.

A big benefit of driving vaccine literacy also lies in creating widespread appreciation for the fact that the vaccine itself is no silver bullet. The early batches of the vaccine, much like the flu vaccines in the US that are about 40 to 60% effective, will decrease one’s risk of exposure but not necessarily eliminate it. While policymakers are ramping up investments to bring the vaccine to citizens, it is only practical to assume that not everyone will get a shot when the first vaccines become available. To stop the contagion and defang the virus, it will be necessary to vaccinate at least two-thirds of the world. Therefore, our communities will become safe only gradually, and in phases. This also means we cannot all put away our masks and forgo social distancing protocols for some time. Workplace norms and employers that encourage pandemic-time discipline, even after the vaccination programs kick-off, will play a pivotal role in driving continued positive outcomes. Given that this is adult vaccination at a scale which we have not done ever before, it is only natural that the workplace will emerge as one of the key hubs for evangelizing and expanding vaccination cover.

Employers can also play a vital role in identifying and prioritizing those in the workforce serving in essential occupations that keep our community and our society functioning, but which also expose them, in turn, to people and risk. As vaccine distribution progresses, employment records can serve as a rich source of demographic data – age, ethnicity, and occupation, for example – to continue to support equitable vaccination coverage.

Governments, central banks, and organizations like WHO are hugely supported by enterprises joining the good fight. Public-private partnerships, adopting the ‘all hands-on deck’ approach, have served us tremendously well even as corporations fight their own battle to protect employees, redeploy capabilities to help new pressing needs, steady cashflows and keep the economy running. From contact tracing apps, digital health passports, technology for safer public spaces, vaccine discovery, logistics capabilities for vaccine distribution to massive philanthropic funding for community support, enterprises are truly partnering nations struggling to tide things over through these trying times. Enterprises are uniquely equipped to chime in with reason and reassurance and bring the transparency and clarity that’s needed to counter the spread of distrust and fear. Now is our chance to be the ambassadors of humanity, moving us all forward together towards a definitive end to the pandemic.

Stay safe… get vaccinated!

Top five government grants for Australian startups

The government support offered to startups across Australia is the envy of many entrepreneurs around the world, but these grants can be a tough nut to crack.

The lengthy applications, process times and chance of rejection are enough to put most off, but for those who win, it can be a game changer for their venture.

Here are five grants for the startup sector that may be well worth your time.

1. Entrepreneurs’ Programme

The Entrepreneurs’ Programme, which replaced Commercialisation Australia and the Innovation and Investment Fund in 2014, aims to help businesses increase productivity and competitiveness with funding and access to a national network of private-sector advisers and facilitators.

The programme offers entrepreneurs grants through the Accelerating Commercialisation fund.

Accelerating Commercialisation Grants offer ventures up to 50% of expenditure on a project, which is capped at $250,000 for commercialisation offices and eligible partner entities, and $1 million for other applicants.

Entrepreneurs can also apply to get free expert advice on their ventures to address knowledge gaps and accelerate growth. Additionally, the Entrepreneurs’ Programme offers funding support for incubators helping startups enter global markets.

New and existing incubators can apply for $13,000 to $250,000 of funding for up to 2 years. Funding covers eligible project value of up to 65% in regional areas or up to 50% in major cities.

Apply for the Entrepreneur’s Programme here.

2. CSIRO Kick-Start

Startups and SMEs keen to partner with Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) in research activities can get up to $50,000 in matched funding to help them further develop and grow their business.

Kick-Start started in early 2017. It aims to further drive Australia’s innovation output by supporting local startups “on their way to becoming Australian success stories”. Aimed at the research and testing stage of companies, the grant is for companies researching a new idea, or testing or developing a “novel” product or service.

To be eligible, companies have to be registered in Australia for GST, have an annual turnover of $1.5 million or less in the current and past two previous financial years, and have been registered as a company for less than three years.

If you meet those eligibility criteria, you could receive between $10,000 and $50,000 in matched funding. The funding can then be used to cover the costs of undertaking the project — such as salaries for researchers or travel and accommodation — but it may not be used for capital works, expenditure, or infrastructure costs.

Apply for the CSIRO Kick-Start grant here.

3. Biomedical Translation Fund (BTF)

The Biomedical Translation Fund (BTF) was established by the federal government as part of  the National Innovation and Science Agenda in December 2016, and was fuelled with $250 million of Commonwealth capital and an additional $250 million of private sector capital. Currently, the fund is managed by three fund managers, including one from startup VC fund OneVentures.

So far, 10 investments have been made through the BTF, including a $7.5 million investment in medtech startup Global Kinetics in 2018.  

To be eligible, your company must be “developing and commercialising biomedical discoveries” and have the majority of your employees and assets in Australia, along with a revenue of less than $25 million over the past two financial years.

‘Biomedical discoveries’ are classified as “therapeutic, medical or pharmaceutical products, processes, services (including digital health services), technologies or procedures that represent the application and commercialisation of the outcomes of research that serve to improve health and wellbeing”.

Alternative, traditional, or complementary medicine developments are not supported. Startups are also not guaranteed an investment just for meeting the criteria, with the investments made at the discretion of the fund managers.

Apply for the Biomedical Translation Fund here.

4. Export Market Development Grant (EMDG)

The EMDG has been set up for aspiring and current exporters across a wide range of industries and products to help drive new outbound markets from Australia and encourage inbound tourism.

For businesses that have spent $15,000 or more on export promotion, they can be reimbursed up to 50% of costs exceeding $5000.

To be eligible, businesses must have promoted either the export of goods and services, inbound tourism, export of IP and “know-how” or Australian events and conferences.

Eligible businesses will have an income of under $50 million in the grant year.

Applications lodged by approved consultants are open between July 1, and midnight (AEDT) November 30, 2020.

Apply for the Export Market Development Grant here.

5. Research and Development Tax Incentive

The R&D tax incentive aims to help all businesses stay ahead of the curve through a tax offset that encourages innovation in even the smallest ventures.

From July 1 2016, companies with an annual turnover under $20 million can claim a 43.5% refundable tax offset against R&D expenditure that amounts to $100 million or less.

All other eligible companies can claim a 38.5% non-refundable tax offset.

Non-refundable offset amounts that go unused can be carried on to future income years.

For R&D expenditure under $20,000, companies can only make a claim if it was undertaken with a research service provider or co-operative research centre.

Applications are ongoing but companies must register for R&D activities within 10 months of their income year first.

Apply for the Research and Development Tax Incentive.

Another program to help your startup grow … Austrade Landing Pad

This initiative aims to give Australian startups a leg-up in the global market by immersing them in one of five world-class innovation hubs.

Startups accepted into Landing Pads in Singapore, Berlin, Shanghai, Tel Aviv or San Francisco benefit from on-the-ground presence in these markets plus access to their networks, talent, mentors and investors.

To be eligible, startups must demonstrate strong vision, scalability, traction and differentiation, and explain how 90 days in a Landing Pad could help their venture.

Austrade provides workspace in an accelerator and free services but participants must fund their own travel, accommodation, living costs, visas and insurance.

Austrade does provide funding for global startups in Australia through the Export Market Development Grant.

Apply to the Austrade Landing Pad here.

Put Your Inventory Issues on the Shelf

You put all of your heart and soul into your business — and you expect a little piece of it to leave with each shipment. However, when your inventory is chaotic, shipments get delayed, money gets lost, and customers get unhappy. If you are experiencing inventory issues, it’s time to pack them up and put them on the shelf. Here are some tips, techniques, and tactics to help you streamline your operation, starting with your warehouse.

Invest in a Comprehensive POS System - If you are not already using a point-of-sale system, you should be. These are pieces of equipment and software that help you keep track of everything from daily and weekly sales to payments processed. Many also come pre-bundled with an assortment of business and inventory management tools so that you can keep your books straight.

Become a Forecasting Master - Many new business owners are overly optimistic or woefully pessimistic about what they expect to move within the next six to 12 months. Forecasting, however, is a crucial function that affects your business. While there is no 100 percent fool-proof method for predicting the future, learning how to forecast by using historical sales data can help you better determine how productive you need to be in the coming weeks and months. This will tell you how much product you need sitting on the shelf.

Audit Your Inventory - Do you know how many of each of your products are sitting on a shelf right now? If not, it’s time to grab a clipboard and physically count your inventory. For the most accurate numbers, wait until the close of business. Then, either do it yourself or find experienced employees who know your backroom layout. If possible, plan your inventory audit at least a few weeks in advance. Putting your body next to each box serves the purpose of not only taking inventory attendance but also puts eyes on your products to determine if you’re sitting on anything that’s out of date. You can also see if you have slow-moving stock that you need to offload quickly.

Reduce Downtime - One of the biggest problems facing producers today is downtime. Whether you are making handmade items or rely on a machine for the bulk of the handiwork, when products are not being made, shipments are not filled. Reduce downtime by addressing issues where possible. For example, if your employees routinely call out without notice, enact a new attendance policy. If you have machines that need routine maintenance, schedule that for the overnight hours. One way to help reduce downtime is to implement a barcode system that allows you to stay on top of your inventory, equipment, and supplies without relying on old-fashioned pen-and-paper systems. With barcode systems, you can electronically maintain and manage what you have on hand, as well as give you the ability to access that information — including item descriptions, prices, and various info — via programs and apps, many of which you can download to your phone or tablet. Also, if you’re working with metals and plastics, you can find durable barcodes that won’t fade, become damaged, or fall off your product or supplies. What’s more, many of them can weather extreme temperatures and climates. By keeping track of information at the press of a button, you can help eliminate inventory-based downtime with ease.

Make Quality Control Your Top Priority - Quality control is the process of ensuring that everything you sell to your customers is in top shape. Insight Quality Services explains that there are many different types of inspections you can do. When you are a small business, you might start by inspecting raw materials and then running a quality assurance test just before shipping. This can reduce the number of faulty items leaving your facility and, in turn, improve customer satisfaction.

Appoint a Shipping Agent - Do not allow just any employee to pack and ship items. Create a logical flow, which should begin with the order and end with a designated clerk checking over the packing list and verifying that what goes in the box matches the customer’s order. Once that’s done, they can confirm that everything has the correct address and is packed securely before leaving the building. You can find shipping agents and experienced customer service representatives (along with many other professionals) on freelance job sites.

As you are learning to best control your inventory, remember that time is your friend. There are always going to be challenges, but the more experience you have under your belt, the easier it will be to avoid issues.