how to make milestone in business plan

How to Set and Use Milestones in Your Business Plan

12 min. read

Updated March 4, 2024

As a new business owner, there are fewer more exciting moments than seeing your big idea come to life as you open your door (or website) to customers for the first time.

But are you ready for what comes next? 

Mapping out each step of your business’s evolution – from early planning to long-term growth planning – is just as important as knowing what your value proposition is, or who your target customers are. That makes milestone planning a crucial part of your business plan.

After all, you can’t achieve your vision for the business without understanding the steps and resources required to get there. Adding milestones in a business plan helps keep your business on track and ensures progress toward your goals.

In this article, we’ll discuss the importance of milestones in business planning, how to create effective milestones, examples of common business goals, the difference between goals, objectives, and milestones, and tips for managing your milestones effectively.

Why do you need milestones in your business plan?

The Milestones table is one of the most important in your business plan. It sets the plan into practical, concrete terms, with real budgets, deadlines, and management responsibilities. It helps you focus as you are writing your business plan, and helps you implement your plan as you grow your business.

Milestones put some bite into your plan and management strategy by listing specific actions to be taken. Each action becomes a milestone. This is where a business plan becomes a real plan, with specific and measurable activities, instead of just a document.

Milestones play a key role in your business plan for several reasons:

Tracking progress

Milestones help measure progress towards objectives, keeping your business on course.

Encouraging accountability

Milestones make team members responsible for their progress, keeping everyone focused on the goals.

Promoting adaptability

Regularly reviewing milestones lets you identify areas for improvement and adjust your strategy as needed.

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Enhancing communication

Sharing milestones with your team and stakeholders keeps everyone informed about your progress and fosters a sense of shared commitment.

What to include in each milestone?

Set as many milestones as you can think of to make it more complete. Give each milestone the following:

• Milestone name
• Person responsible

These represent what milestone you’re aiming for, when you expect to get there, what resources are required, and who the main stakeholders are for that milestone.

Then, make sure that your team knows that you will be following the plan, tracking the milestones, and analyzing the plan-vs-actual results. If you don’t follow up, your plan will not be implemented.

Examples of common business milestones

Here are some examples of typical business goals you might include in your business plan milestones:

Product development milestones

• Completing product design and prototype
• Finalizing product specifications
• Securing intellectual property rights
• Launching manufacturing processes
• Introducing the product in the market

Sales and marketing milestones

• Developing a marketing plan
• Establishing a sales team or distribution network
• Achieving specific customer or sales revenue goals
• Expanding market reach to new regions or demographics
• Attaining a target market share percentage

Financial milestones

• Securing funding or investment
• Achieving break-even or profitability
• Reaching specific revenue or net income targets
• Reducing operating costs or increasing profit margins
• Boosting the company’s valuation

Operational milestones

• Hiring key team members or filling essential positions
• Implementing new technology or software systems
• Establishing partnerships or collaborations

How to create effective business milestones

Here are some steps to create concrete, actionable business plan milestones:

1. Identify your goals and objectives

Outline your business’s main goals and objectives, such as growth, profitability, and market expansion. These will guide your milestone planning.

2. Break goals into smaller steps

Divide your goals into smaller, achievable steps. These smaller steps will form the basis for your business plan milestones.

3. Be specific, measurable, and achievable

Your milestones should be specific, measurable, and achievable. Use clear metrics to measure progress and ensure your milestones are realistic.

4. Align milestones with your business strategy

Make sure your business plan milestones align with your overall strategy. Each milestone should contribute to your long-term vision and strategic objectives.

5. Set timelines for milestones

Establish a timeline for completing each milestone, including start and end dates. Be prepared to adjust your timeline if needed.

6. Monitor progress and adjust as necessary

Regularly review your progress toward each milestone and make adjustments as needed.

7. Communicate your milestones

Share your milestones with your team and stakeholders to ensure alignment with your company’s goals and objectives.

Common metrics to track in your business milestones

Selecting the right metrics to track in your business milestones is important to accurately gauge your progress.

There are several common metrics that businesses of all sizes use when determining if they’re progressing toward their milestones. Some of them can sound intimidating at first. But don’t worry, they’re concepts that you can grasp with a bit of reading and an understanding of your company’s financials.

You can check out this resource guide to learn more about a wider range of business metrics you may want to track over time. But here are a few metrics that are likely to be important regardless of the type, size, or stage of business:

• Customer acquisition cost (CAC): CAC is the average cost of acquiring a new customer. It includes expenses related to marketing, sales, and any other costs associated with gaining new customers. Monitoring CAC helps you assess the efficiency of your marketing and sales efforts and adjust your strategies accordingly.
• Monthly recurring revenue (MRR): For subscription-based businesses, MRR is an essential metric that tracks the total recurring revenue generated each month. MRR helps you monitor the health of your subscription business and identify trends in revenue growth or decline.
• Customer lifetime value (CLV): CLV represents the total revenue a customer generates for your business throughout their entire relationship with your company. Tracking CLV can help you determine the long-term value of your customers and inform your marketing, sales, and customer retention strategies.
• Churn rate: Churn rate measures the percentage of customers who cancel or do not renew their subscriptions within a given period. Monitoring churn rate helps you identify issues with customer satisfaction, product quality, or pricing, and take action to improve customer retention.
• Gross margin: Gross margin is the percentage of revenue remaining after accounting for the cost of goods sold (COGS). A healthy gross margin indicates that your business can cover its operating expenses and generate a profit. Tracking gross margin can help you identify opportunities to reduce costs or increase pricing to improve profitability.
• Burn rate: Burn rate refers to the rate at which your business spends money, typically measured monthly. Monitoring burn rate helps you understand how long your current funding will last and when you may need additional investment or revenue to sustain your business.
• Conversion rate: The conversion rate is the percentage of potential customers who take a desired action, such as making a purchase or signing up for a newsletter. Tracking conversion rates helps you assess the effectiveness of your marketing campaigns and make improvements to boost sales.
• Revenue growth rate: Revenue growth rate measures the increase in revenue over a specific period, indicating the pace at which your business is growing. Monitoring revenue growth rate can help you set realistic growth expectations and identify trends that may impact your business’s future performance.

The difference between goals, objectives, and milestones

Understanding the distinctions between goals, objectives, and milestones is crucial for effective milestone planning. Here’s a brief overview of these concepts:

• Goals: Goals are broad, long-term, and often qualitative aspirations that your business aims to achieve. They provide a general sense of direction and purpose for your organization. Examples of goals include increasing brand awareness, becoming an industry leader, or providing exceptional customer service.
• Objectives: Objectives are specific, measurable, and time-bound targets that support the achievement of your goals. They are more quantifiable and detailed than goals and serve as stepping stones toward fulfilling your broader aspirations. Examples of objectives include increasing sales by 15% within a year or reducing customer churn rate by 5% in six months.
• Milestones: Milestones are significant events or achievements that mark the completion of a specific objective or a major step towards your goals. They help you track progress and measure the success of your efforts. Examples of milestones include launching a new product, reaching a specific revenue target, or signing a partnership agreement with a key industry player.

What are essential business milestones to hit within the first year

Some milestones are especially important to achieve within your first year of operation:

Establishing a solid customer base: In your first year, one of your primary milestones should be to attract and retain a solid customer base. This involves identifying your target market, developing strategies to reach them effectively, and implementing customer retention practices. Customer acquisition and retention metrics can help you assess your progress. Achieving this milestone is indicative of market validation for your product or service and can also help secure additional funding.

Developing and refining your product or service offerings: Another critical milestone is the continuous refinement of your products or services based on customer feedback and market trends. This includes launching your minimum viable product (MVP), gathering feedback, and iteratively improving upon it. It’s also about ensuring that your product or service remains relevant and competitive. Hitting this milestone shows adaptability and customer focus, qualities that stakeholders appreciate.

Generating a positive cash flow: Achieving positive cash flow is a key financial milestone for your first year in business. Positive cash flow means that the business’s revenues exceed its expenses over a certain period, which can contribute to the financial stability of the business. To reach this milestone, you might focus on strategies to increase sales, reduce costs, or improve collection of receivables.

Building a strong brand and online presence: This involves creating a recognizable brand identity that resonates with your target audience, and developing a robust online presence through a user-friendly website and active social media channels. These efforts can drive customer engagement, generate leads, and establish your credibility in the marketplace. Achieving this milestone can indicate your business’s potential for long-term growth and success.

Establishing efficient operational processes: In your first year, it’s important to develop efficient systems for daily operations, including sales processes, customer service procedures, and supply chain management. This will help your business run smoothly, improve customer satisfaction, and reduce costs. Successfully hitting this milestone signifies that your business is well-organized and capable of scaling up.

• The importance of setting realistic milestones

Setting realistic milestones is important for maintaining consistency, ensuring steady progress and preventing burnout within your team. Unrealistic or overly ambitious milestones can lead to frustration, disappointment, and loss of momentum. To set realistic milestones:

Evaluate your resources: Assess your available resources, such as finances, personnel, and time, and ensure your milestones align with your capabilities.

Learn from past experiences: Review your previous projects or similar industry experiences to gain insights into what is achievable within a given timeframe.

Break down objectives into smaller tasks: Divide larger objectives into smaller, manageable tasks that can be completed within a reasonable timeframe.

Remain flexible: Understand that circumstances may change, requiring adjustments to your milestones. Be prepared to adapt your plan as needed.

• How to prioritize milestones in a business plan

Prioritizing milestones effectively can help you allocate resources efficiently, focus on the most critical tasks, and drive your business towards success. Here are some tips for prioritizing milestones in your business plan:

Align with strategic priorities: Ensure that your milestones are closely aligned with your strategic priorities and focus on tasks that contribute significantly to your overall business goals.

Assess the impact on your business: Evaluate the potential impact of each milestone on your business’s growth, revenue, and reputation. Prioritize milestones that have the most significant potential benefits.

Consider dependencies: Identify any dependencies between milestones and ensure that they are prioritized accordingly. Some tasks may need to be completed before others can begin or have a more significant impact on subsequent milestones.

Balance short-term and long-term milestones: Prioritize a mix of short-term and long-term milestones to maintain momentum and demonstrate progress while still working towards your larger goals.

Regularly re-evaluate priorities: Periodically reassess your priorities and adjust your milestone plan as necessary based on new information, changing circumstances, or shifts in your business strategy.

• Prepare to manage your business milestones

Incorporating business milestones into your business plan is not only crucial for monitoring progress and ensuring accountability. It also serves as a valuable tool for managing your business growth. As you navigate the process of devising and implementing milestones, remember to maintain open lines of communication, foster adaptability, and monitor progress frequently.

By embracing these strategies, you’ll be better equipped to manage your milestones effectively and keep your business on course toward achieving its goals.

Frequently Asked Questions

What are business milestones?

Business milestones are significant events or achievements that mark the completion of a specific objective or a major step towards your goals. They serve as checkpoints to track progress and measure the success of your efforts. Examples of milestones include launching a new product, reaching a specific revenue target, or signing a partnership agreement with a key industry player.

What is a milestone table for a business plan?

The Milestones table is one of the most important in your business plan. It sets the plan into practical, concrete terms, with real budgets, deadlines, and management responsibilities. It helps you focus as you are writing your business plan, and then, the Milestones table and plan-vs.-actual management analysis helps you implement your plan as you grow your business.

Why are business milestones important?

Incorporating milestones into your business plan helps you:

Monitor progress: Milestones enable you to track your progress towards your goals, ensuring that you stay on track and adjust your strategies as needed. Ensure accountability: By setting clear milestones, you hold yourself and your team accountable for achieving specific objectives. Communicate expectations: Clearly defined milestones help your team understand what’s expected of them and what they need to achieve. Manage resources: Milestones help you allocate resources efficiently by prioritizing tasks that are most critical to your business’s success.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Tim Berry is the founder and chairman of Palo Alto Software , a co-founder of Borland International, and a recognized expert in business planning. He has an MBA from Stanford and degrees with honors from the University of Oregon and the University of Notre Dame. Today, Tim dedicates most of his time to blogging, teaching and evangelizing for business planning.

Table of Contents

• Why you need to track milestones
• What to include
• Examples of business milestones
• How to create business milestones
• Common metrics to track
• Differences in goals, objectives, and milestones
• First year milestones to hit

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How to write the milestones section of your business plan

Company milestones are integral to effectively communicating the executability of your business plan by committing to when key objectives will be met.

Establishing business strategies and goals, especially for large and complex projects, can be challenging for entrepreneurs. However, milestones offer invaluable support by breaking down the endeavor into smaller, manageable targets.

In this article, we'll explore the significance of milestones in your business plan, how to structure them, and the essential information they should contain. We'll guide you in crafting this section effectively to impress stakeholders and investors.

Ready to make your business plan stand out? Let's dive in!

In this guide:

What is the objective of the milestones subsection of your business plan?

What information should i include in the milestones section of my business plan.

• How long should the milestones section of your business plan be?
• Example of milestones in a business plan
• What tools can you use to write your business plan?

The core objective of the milestones subsection in your business plan is to showcase the business’s progress so far to build trust with potential investors and to communicate your team's objectives for the years to come.

The milestones sections of your businesses plan can help you:

• Convey past achievements - stakeholders are more likely to invest in a company that appears credible because they believe it has a good chance of succeeding. Illustrating that your business was able to meet past goals helps achieve this.
• Explain future business goals and objectives - when providing details about each goal, it’s important to emphasize when and how they will be achieved as well as the projected increase in revenue and profitability that will come about as a result. 
• Monitor progress - if your business plan is also used for internal purposes, the milestones section can also act as a guide for monitoring progress over time. You'll be able to tick off targets that you meet as you grow. This helps signify that the business is headed in the right direction.

Strategic planning for any company relies heavily on striking a balance between setting very modest and heavily ambitious goals. So, when setting business milestones, you need to ensure that they are reasonable and attainable. 

When writing the milestones section for investors and business partners, you should keep the “underpromise and overdeliver” approach in mind. This will help increase the perceived competence of your management team and can aid in securing further funding if needed. 

This is a well known trick used by the management teams of listed companies which all try to “beat and raise” in order to drive the price of their stock's up.

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Before we get into the information you need to include in the subsection, you should remember that it is towards the end of the strategy section of your business plan, after the marketing plan and before the risks and mitigants subsection. This means that by that point the reader of your plan is already familiar with what you offer, your market, and your go to market strategy.

You should aim to include key milestones that mark a significant development in your business development. This could include any of the following:

Securing financing

If you are seeking external funding to help start or grow your business, you need to discuss when you anticipate receiving adequate finances. This could include bank loans, equity funding or other forms of financing.

Reaching your break-even point

The milestones section must include the time span you have determined for your business to reach your break-even point (profitability in lay man term).

You should specify a timeframe or set of financial goals by which you hope to have achieved this. For example, this could include selling “X” units of a product or providing “Y” units of a service.

Opening new stores or selling units

If you plan to expand your business in the future, be sure to include milestones about this too. You could talk about dates targeted for opening new stores, manufacturing facilities, and distribution units. 

Acquiring new customers

Emphasize targets for acquiring new customers or growing your current customer base in a predetermined time frame. Here, you can briefly mention strategies that will be used to acquire new customers.

Launching new products or services

When introducing a new product or service, it’s important to provide details regarding the schedule for doing so. If you plan to improve or redesign current products or services, be sure to mention this too.

Expanding into new markets

Specify target dates by which a particular number of stores, branches, or offices are to be opened in a different market. You can also provide brief details about the monetary requirements for entering into new markets.

Hiring new employees

You should also mention when and how you plan to hire essential personnel. Especially if you are writing a business plan to raise funding to scale your business rapidly.

Things to consider

You could also talk about the monetary, human, and technological resources required to achieve each milestone. In addition, you can also include the performance tracking measures and expected challenges.

We recommend using one of these two frameworks when setting milestones:

• The objective key result (OKR) framework - a method of developing, communicating, and monitoring organizational goals and objectives. 
• The SMART framework - a method of setting goals and objectives that are specific, measurable, attainable, relevant, and time-bound.

How long should the milestones section of your business plan be? 

The length of the milestones section of the business plan depends on several different factors. Ideally, this section of the business plan should contain one to two paragraphs for each milestone. However, the following factors determine the level of detail needed for each milestone:

The complexity of the business model 

A technological startup offering complex business products or services would likely need to include more information regarding key milestones than a bookstore operating on the high street.

For example, the “establishing an initial online presence” milestone would look different for both businesses (i.e. a bookstore might just aim to be listed on Google Maps and a handful social networks whilst a tech startup might need to deploy demand generation tactics and capital in order to hit 1M unique monthly visitors).

The significance of each milestone 

If a milestone represents a major achievement, a critical turning point, or a significant investment in the business, it should be elaborated upon in greater detail. You may need to provide additional context, background information, and potential risks or challenges associated with the milestone.

The level of familiarity of the reader

Tailor the level of detail in the milestones section to match the reader's industry knowledge. Take into account the reader's familiarity with your specific industry and adjust the information provided accordingly.

Additional resources

When writing the milestones section, you might need to add additional resources like data charts and graphs for some milestones. 

It’s important to include these details in the appendices section to help keep the milestones section concise.

Remember, the information in your business plan should be comprehensive yet presented in a concise manner. It’s important not to include jargon which might feel complex or technical for the reader.

Example of milestones in a business plan 

Below is an example of what the milestones section of your business plan might look like. As you can see, it follows with the marketing plan subsection and is part of the overall strategy section.

The milestones section of a business plan outlines key achievements and events that mark the company's progress over time. It helps investors and stakeholders understand the timeline and critical steps toward the business's growth, development, and success.

This example was taken from one of  our business plan templates .

What tools should I use to write my business plan?

In this section, we will review three solutions for creating a business plan for your business: using Word and Excel, hiring a consultant to write the business plan, and utilizing an online business plan software.

Create your business plan using Word or Excel

This is the old-fashioned way of creating a business plan (1990s style) and using Word or Excel has both pros and cons.

On the one hand, using either of these two programs is cheap and they are widely available. 

However, creating an error-free financial forecast with Excel is only possible if you have expertise in accounting and financial modeling.

Because of that investors and lenders might not trust the accuracy of your forecast unless you have a degree in finance or accounting.

Also, writing a business plan using Word means starting from scratch and formatting the document yourself once written - a process that is quite tedious - especially when the numbers change and you need to manually update all the tables and text.

Ultimately, it's up to the business owner to decide which program is right for them and whether they have the expertise or resources needed to make Excel work. 

Hire a consultant to write your business plan

Outsourcing your business plan to a consultant can be a viable option, but it also presents certain drawbacks. 

On the plus side, consultants are experienced in writing business plans and adept at creating financial forecasts without errors. Furthermore, hiring a consultant can save you time and allow you to focus on the day-to-day operations of your business.

However, hiring consultants is expensive: budget at least £1.5k ($2.0k) for a complete business plan, more if you need to make changes after the initial version (which happens frequently after the first meetings with lenders).

For these reasons, outsourcing the plan to a consultant or accountant should be considered carefully, weighing both the advantages and disadvantages of hiring outside help.

Ultimately, it may be the right decision for some businesses, while others may find it beneficial to write their own business plan using an online software.

Use an online business plan software for your business plan

Another alternative is to use online business plan software .

There are several advantages to using specialized software:

• You are guided through the writing process by detailed instructions and examples for each part of the plan
• You can be inspired by already written business plan templates
• You can easily make your financial forecast by letting the software take care of the financial calculations for you without errors
• You get a professional document, formatted and ready to be sent to your bank
• The software will enable you to easily track your actual financial performance against your forecast and update your forecast as time goes by

If you're interested in using this type of solution, you can try our software for free by signing up here .

Also on The Business Plan Shop

• How to do a market analysis for a business plan
• What is a business plan and how to create one?
• How to write the products and services section of your business plan?
• How to write the risks and mitigants section of your business plan?
• How to write the suppliers section of your business plan?
• Budget vs business plan
• Do i need a business plan?
• How to describe your business premises in a business plan

Know someone who needs to write the milestones section of their business plan? Share this article with them!

Founder & CEO at The Business Plan Shop Ltd

Guillaume Le Brouster is a seasoned entrepreneur and financier.

Guillaume has been an entrepreneur for more than a decade and has first-hand experience of starting, running, and growing a successful business.

Prior to being a business owner, Guillaume worked in investment banking and private equity, where he spent most of his time creating complex financial forecasts, writing business plans, and analysing financial statements to make financing and investment decisions.

Guillaume holds a Master's Degree in Finance from ESCP Business School and a Bachelor of Science in Business & Management from Paris Dauphine University.

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How to Use Milestones to Create a Roadmap for Your Business

Posted june 11, 2020 by noah parsons.

Using milestones to create a roadmap for your business is the third step in the lean business planning process . If you’re building a lean business plan, download our free template or signup for LivePlan , and then follow along to create a simple, one-page business plan that will grow your business.

Even if you’re not building a lean business plan, this article series will help you develop your business strategy , develop tactics to support your strategy , create a roadmap to grow your business, and define your business model .

In this step, you’ll learn how to use milestones to create a strategic roadmap for your business.

What are business milestones?

Milestones are goals that you set for business, with dates and the person or team responsible. For example:

The marketing team will launch a new website by the end of the third quarter.

A business plan and strategy can’t turn into a real business without milestones. Milestones are what you use to convert your business strategy and tactics into action.

Just like a milestone on the side of a road marks how far you’ve gone, a milestone in business tracks your progress as you grow and implement your plan. They’re what you use to manage responsibilities, track results, and convert your idea into a functioning business.

How do milestones relate to strategy and tactics?

Previously, I’ve written about building your business strategy and then creating tactics to implement that strategy . Just like there’s a link between tactics and strategy, there’s a link between tactics and milestones. 

Tactics are the things you’re going to do to implement your strategy. For example, using social media marketing might be a tactic that’s part of your marketing strategy.

Milestones are used to add specific details to implement your tactics. Continuing the example above, a good milestone would be to establish a new Instagram account for your business and start updating it regularly. 

It may even be useful for you to outline how your strategy flows into a tactic and then to a milestone like this:

Marketing Strategy: Educate millennials about the environmentally friendly nature of our products.

Tactic: Social media marketing

Milestone: New Instagram account, established by the end of Q3, managed by our social media manager with a promotional budget of $1,000/month.

Now keep in mind that this is a very simple representation of this process. More than likely your strategy will have multiple tactics and each tactic will have multiple milestones. Think of them as a pyramid, building up toward the execution of your overall strategy.

What makes a good milestone:

A good milestone clearly lays out the parameters of the task at hand and sets expectations for its executions. When planning out specific milestones you’ll need to have:

• A description of the task

And lastly, you’ll need a responsible person to manage and meet these milestones. It may even make sense to work with this individual on setting the specifics of each milestone and task.

Milestones are key to management

You’ll use your milestones to manage your business better . Once a month, when you meet with your team to review your business strategy and business numbers, you’ll review your milestones to make sure your plans are on track. If there are problems or changes, this is when you can make course corrections.

Reviewing your milestones monthly gives you more opportunities to spot problems and identify opportunities. If you only check in on your progress once a quarter, or potentially just once a year, you have fewer opportunities to adjust course and change direction. In virtually every business, there’s always new information to review and changes in what your customers want and need. 

A frequent review of your goals allows you to be nimble and adjust quickly when you need to. For more on why you should review your milestones and other business metrics frequently, check out my post on the topic .

3 types of business milestones

When you’re building and growing a business, you should end up scheduling three different types of milestones:

Plan review

• Assumptions validation
• Implementation

All businesses should have “plan review” milestones. These might be the most important milestones that you create.

The plan review milestone sets aside time to review your business strategy, tactics, forecast and budget. If you don’t regularly check your plan and make adjustments, you can easily get off track. Not to say that you should follow the plan blindly, either. Instead, a regular plan review meeting will give you a chance to look at what’s working, what’s not, and revise as you go.

Here at Palo Alto Software , we have a monthly plan review meeting on the second Friday of the month. We get our management team together, review our financials, and talk about what got done last month and what’s in the pipeline. This monthly meeting is critical for making changes and adjustments to our strategy and changing course as necessary.

For early-stage startups, it might just be a few of you that get together and there might not be much in the way of revenue or expenses to review. That’s okay. Instead, your monthly meeting will focus on the next steps you can take to make your business idea a reality, and what progress you’ve made so far. 

You’ll review your progress on implementing your strategy and tactics, such as developing a new marketing campaign, increasing the number of customers who make a second order by 15 percent, or signing the lease on new office space.

Milestones to validate your assumptions

When you’re just starting your business and figuring out if you’ve got the right strategy, you’re going to create milestones to help you validate your assumptions . These milestones are set for interviewing potential customers to figure out if they have the problem you think they have, and to discover if they’re interested in your solution. You’ll also work to try and figure out what your pricing should be.

Remember, in the early days of your business, you’re making a lot of guesses – assumptions, really – about what your customers need and want. Your initial strategy is a collection of guesses about the problems your potential customers have, how they want their problems solved, and what they’re willing to pay for your solution. Your milestones at this stage should be geared around validating those assumptions so you can build a successful business.

Some example milestones might be:

• Interview 20 potential customers in my primary market segment
• Research pricing models of my competitors
• Creating a preview landing page for my business to see what potential customers think

The milestones that you create at this stage should be focused on the goal of finding what’s called “product/market fit.” This means that you’ve found a target market that’s interested in buying your product and that your product solves a real problem for your customers.

It’s very likely that you find out that you don’t have good product/market fit right away. That’s OK. It’s easy to make changes to your strategy, come up with new assumptions, and go back and test them again with your potential customers. That’s the benefit of validating your assumptions early in the business startup process – you haven’t invested too much in building your business yet and can easily change directions if necessary.

Implementing your strategy

Once your assumptions have been validated, you’ll start creating implementation milestones. These are the tasks you’ll do to actually build your business. You’ll be doing things like building your product, setting up your office or shop, developing your website, and more.

Implementation milestones are typically for companies that have progressed out of the very early stages of starting up and have a proven strategy that they know is going to work. These milestones are all about getting things done to execute your strategy.

With Lean Planning, you adjust as you go

Your milestone schedules will evolve as you go, so don’t spend a lot of time initially documenting every last step you’re going to take to launch your business. Instead, plot out the next few steps you’re going to take. When those steps are done, come back and add more steps as you go.

After all, Lean Planning is an ongoing process, not just a one-time event. It’s all about creating a plan, running that plan, reviewing the results, and revising before you take next steps. Having solid milestones will make that process easier and more efficient, helping you build a better business, faster. The next post in this series talks about your business model —how you’re going to make money. Read on to learn about the final component of your Lean Plan.

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Plan Projections

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Home > Business Plan > Milestones in a Business Plan

Milestones in a Business Plan

… in the future we will do this …

Milestones look forward to tell the investor what to expect from your business in the future and when to expect it. They are significant events that you think your business can achieve which will indicate that it is moving forward according to plan.

Business Milestones Examples

The milestones chosen will ultimately depend on the current stage of development of your business. For example they might include the date on which any of the following occur:

• Website operational: The date when the website is operational.
• Incentive plan drawn up: The date on which the incentive scheme for senior managers will be introduced.
• Pitch deck produced: The date the pitch deck will be available for distribution.
• Minimum Viable Product/Service Launch: The date when the business’s product or service will be available to the market.
• Hiring Key Personnel: The date when key personnel, such as executives or managers, will be hired.
• Securing Funding: The date when funding, either through investment or a loan, will be secured to support the growth of the business.
• Reaching Target Market: The date when the business will start reaching its target market and generating revenue.
• Breaking Even: The date when the business’s expenses and revenue will be equal, indicating the business is financially sustainable.
• Achieving Profitability: The date when the business’s revenue will exceed its expenses, indicating the business is making a profit.
• Expansion: The date when the business will expand its operations to new markets or launch new products or services.

Milestones Schedule

There is no set style to the milestone section. The example below uses a chart format for a five year period and breaks down the first year into quarters. Each row of the business milestones chart represents a significant event. Presenting each the milestone in this format helps investors to see what the event is and when they can expect it to have been achieved.

Milestones in a business plan provide a road map for the business’s growth and help the management team focus their efforts and resources on the most important goals.

About the Author

Chartered accountant Michael Brown is the founder and CEO of Plan Projections. He has worked as an accountant and consultant for more than 25 years and has built financial models for all types of industries. He has been the CFO or controller of both small and medium sized companies and has run small businesses of his own. He has been a manager and an auditor with Deloitte, a big 4 accountancy firm, and holds a degree from Loughborough University.

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6 Essential Milestones to Achieve in Your Business Roadmap

Free SMART Goal Template

Ayush Jalan

• February 19, 2024

Entrepreneurs start their businesses envisioning the success they wish to see. But just having a great idea is not enough. What’s needed is a long-term roadmap with appropriate business milestones. This helps break down long-term goals into bite-sized objectives.

Through these milestones, you get a birds-eye view of where your business is and where you want to be in a given timeline. Think of it as a guiding principle for your business. It gives you direction, clarity, and the means to track, measure, and compare your progress.

In this article, we will see what are business milestones , why they matter, and how you can set them for your business. We will also share with you six of the most essential business plan milestones you need to create your own roadmap.

Table of Contents

• Business Milestones and Needs

How to Create Business Plan Milestones

6 must-have business milestones to achieve, create your roadmap to success, what are business milestones, and why do you need them.

Milestones are the indicators in your business journey that help you identify how far you’ve come and what you need to do to reach your targets. They help simplify your actions into manageable and perceivable day-to-day activities.

Writing SMART goals and setting milestones are essential for your business to succeed. Milestones help you:

• Map out your goals with relevant metrics to track progress
• Adjust trajectory in case of any deviations
• Predict when you will reach your set goals

Goals without milestones lack direction. And to be able to follow the right direction, you need the right strategies that follow the right timeline.

Creating clear, accurate, and distinct milestones is essential to reaching your goals. An effective milestone has four key elements:

• Description (What): List down the details of your milestone. For instance, instead of writing ‘increase sales, you can write ‘increase sales by 30% percent. Add as many details as necessary to understand your objectives.
• Date (When): Mention a deadline for the task . Without one, it can be difficult to achieve goals on time. Set up a timeline for each task. This helps you manage and complete tasks as per your business requirements.
• Budget (How much): Before you start any task or project, plan your budget and how much of it you want to allocate to each task. This helps you stay within your budget, avoid wastage, and save time.
• Delegation (Who): Assign the responsibility to the relevant talents. Make sure to keep adequate supervision of the progress made to ensure a consistent outcome.

Inspired by a brilliant business idea, you decided to set up your company. You also took it upon yourself to create a custom business plan , acquire capital, secure all permits and licenses, and do other paperwork. Good job!

The next step is to set yourself apart from your competitors, to establish authority. A well-made roadmap can help you get there and make sure that your business stands the test of time.

Keeping that in mind, here are 6 milestones to include in your business roadmap:

1. Create a Tailored Business Model

A business model explains how a company makes money; it describes how your business operates to generate sales and revenue. An effective business model is simple to understand and flexible to changes in the business environment.

Before you put up the “Yes, we’re open” sign, make sure to conduct a customer analysis . This will help you identify your target audience, and their pain points, and sell them profitable solutions. The more complex of a problem you’re solving, the higher you can price your solutions .

Once you’ve gathered enough data from your analysis, you can customize your business model based on the promising trends. After achieving this milestone, start selling your offerings to your target customers.

2. Sell to Your First Repeat Customer

A good business knows how to attract new customers, but a great business knows how to retain them. Your next milestone is to sell your offerings to a repeat customer, i.e. a former customer who wants to buy from you again.

Simply put, it means getting your one-time customers to revisit your store for a second purchase.

Here are a few ways to do that:

• Personalize the shopping experience: When customers buy from your store, they leave a trail of info behind like their age, gender, status, etc. This info helps you understand their buying habits, interests, and purchasing power. With this info, you can provide them with a personalized experience when they visit again to make them want to stick longer.
• Maintain customer relationships: Customers buy from brands they remember. To do so, you can reach them via email, SMS , social media, newsletters, etc. You can use these channels to let them know of special offers, remind them of sales, etc.
• Maintain a strong online presence: Interact with your customers on the platforms they use the most. Create targeted posts and increase engagement. Resist overblown hard-sell tactics. Instead, use creative ways to incur inbound leads.
• Reward customer loyalty: If you happen to be lucky enough to have loyal customers, make sure to reward them for their loyalty. Rewards can include discounts, coupons, free shipping, or free product demos. These will help spread word-of-mouth about your brand and increase awareness

3. Execute a Realistic Marketing Strategy

After attaining repeat customers, the next milestone is to multiply those numbers. We do this by using vigorous strategic marketing techniques. Remember, marketing is the heart of a business. It’s a medium to build relationships and communicate with the outside world.

A good marketer is an ambitious one, but a smart marketer injects a sense of realism into their omnichannel marketing strategy. The more realistic you are, the more likely you are to achieve your marketing goals and successfully promote and sell your offerings.

Creating a marketing strategy requires extensive research and analysis. To do so, a great start is to conduct a SWOT analysis . Keep a close eye on your industry’s growth, prevalent trends, customers, and competitors.

Marketing is a trial-and-error practice; don’t expect quick results. Once you know what works, you can outsource your marketing needs to an ad agency to save time.

4. Build a Reliable Team

After earning loyal customers and creating a robust marketing plan, the next milestone is to build a solid team . A team with a diverse skillset helps you generate new ideas, solve problems, and tackle uncertainties.

Every startup begins with a compact team. But as you progress further, you will need more support. Make sure that your team is on the same page and can manage conflicts and different opinions.

This is where a good HR can come in handy to unite the efforts of the team. Be sure to take your team’s opinions into account when making important business decisions and strategic changes.

5. Increase Your Repute in the Industry

With a reliable team in place, your next milestone is to compete with rivals and gain authority in your industry. Make use of every opportunity, online and offline, to spread your brand name. Analyze your customer needs, assess what your competitors are doing , and provide better solutions.

Doing so will help you turn heads—which later translate into sales. Write guest posts , offer free seminars/webinars, partner with other brands, use press releases, and market on social media.

6. Achieve a Set Sales Target

The milestones you’ve achieved so far are mostly qualitative. For the last milestone, you will set a quantitative sales target paired with a deadline. This means reaching a specific dollar amount of sales in a given amount of time.

Often, after a certain point, business growth stagnates. To avoid this, keep creating new goals that are ambitious yet achievable. This will ensure a higher chance of success in the long run.

Starting a business comes with all sorts of obstacles. Some are easy to overcome, and some take months. Regardless, setting milestones helps you maintain a clear vision of where you want to go.

A profitable business model, loyal customers, a realistic marketing strategy, a reliable team, a good reputation, and an achievable sales target—all combine to ensure your long-term success.

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About the Author

Ayush is a writer with an academic background in business and marketing. Being a tech-enthusiast, he likes to keep a sharp eye on the latest tech gadgets and innovations. When he's not working, you can find him writing poetry, gaming, playing the ukulele, catching up with friends, and indulging in creative philosophies.

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Milestone Schedule in Business Plan

A milestone schedule in business plan is essential for the execution of your business plan. 3 min read updated on February 01, 2023

A milestone schedule in business plan is essential for the execution of your business plan. You can think of the milestone schedule as a mile marker keeping track of how far along the road you are. In business, the milestone table helps you with writing your business plan and keeping track of how you are implementing strategies.

Tactics go hand in hand with the execution of your business strategy and milestone table. Tactics are the way you plan to execute your strategy. Milestones are then utilized to add further details to your tactics. In planning a milestone table, you will decide:

• Who will complete a specific portion of the work
• When the work will be completed
• The budget needed to complete it

Making Your Business Plan a Reality

To make your business plan a reality, list out particular steps, or milestones, to be executed. Developing a business plan with measurable actions instead of just a document will make it easier to implement. The more milestones you list out, the more complete your business plan will be.

In creating your business plan , ensure that details of the actions in the milestone table are explained in an accompanying document. Ask these questions to ensure that the plan can be translated into actionable steps:

• How will the actions in this plan be implemented?
• Are the actions in your plan specific?
• How will the implementation of the steps be measured?

Monthly Review

Setting milestones is helpful in assessing your progress. To remain accountable in implementing these actions, let your employees know that you will be tracking and analyzing the results of each action. You can also manage the milestones by discussing pertinent milestones and their implementation within a specific time period with your team. Keep these questions in mind:

• Have you remained on budget?
• Are you meeting deadlines?
• Do you need to make adjustments?

Allow for a monthly review process to review and track your progress. Without a monthly review, you won't have a system of accountability or management. It is key to hold these meetings monthly, as a quarterly or yearly review will not allow you to identify corrections that need to be made. A monthly review will allow you to always be aware of new findings to quickly implement changes.

When your team meets monthly to review business strategy, introduce a review of your milestones to ensure you are making progress. You'll have the opportunity to discover problematic areas and spot new opportunities. Make changes based on your team's feedback. New information, such as customer needs findings, could propel some of these new changes to your milestone table.

Three Types of Milestones

There are three types of milestones that should be included in your milestone table.

• Plan Review. The plan review milestone is designed to schedule the time to go over your budget, business strategy, tactics, and forecast. This will give you the opportunity to understand what is working well and what isn't so you can make changes.
• Assumptions Validation. When you have a new business, you make a lot of assumptions about what it is your customers want. Your milestones should attempt to validate these assumptions. Your goal is to find the right product or market fit. Your assumptions have led you to believe a certain target market is interested in your product. However, you might not have the correct market fit right away. At this stage, you may easily readjust your assumptions and develop new ones to apply to your customer base.
• Implementation. After your assumptions have been affirmed, you'll create implementation milestones, which build your business. These strategies come after the early stages of starting a business so that you can implement strategies you know will succeed.

Developing Milestones for Your Business

Having a clear idea of where you want your business to go will help you understand if you're on the right track. To develop your milestones, think about your business strategy and what you will be offering and your marketing. You can divide these into categories and create smaller categories, such as product or sales. You can then begin to think of your long-term goals and short-term goals. Be as specific and detailed as possible when outlining your goals to make it easier to track your progress. Use quantifiable short- and long-term goals whenever possible, as these produce measurable results.

If you need help with creating a milestone table, you can post your job on UpCounsel's marketplace. UpCounsel accepts only the top 5 percent of lawyers to its site. Lawyers on UpCounsel come from law schools such as Harvard Law and Yale Law and average 14 years of legal experience, including work with or on behalf of companies like Google, Menlo Ventures, and Airbnb.

Hire the top business lawyers and save up to 60% on legal fees

Content Approved by UpCounsel

• Milestones Planning
• What Is a Milestone List Example?
• Creating a Business Plan
• Purpose of Business Plan Sample: Everything You Need To Know
• LLC Business Plan Template
• Do I Need a Business Plan
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• Milestone Schedule Template
• Business Plan for Existing Company

Business Plan Key Milestones: How to Write Guide .

Sep 17, 2023 | Business Consulting , Business Goals , Business Plan , Comprehensive Business Plan , Growth Planning , Key Milestones , Loan Business Plan , Project Management , Small Business , Starting a Business , Startup , Strategy

How to Write Your Business Plan Key Milestones & Dates

Business plan key milestones are required to manage responsibilities, track results, and review progress. Tracking and studying are essential for effective management, accountability, and goal attainment.

“ Remember to celebrate milestones as you prepare for the road ahead. ” – Nelson Mandela

This is our final article for writing a detailed business plan . Your business plan and supporting timeline proposals get a roadmap that will guide your company toward realizing the objectives you’ve set for yourself.

The rest of your plan set the groundwork, describing what your business would be, the market it was entering, and your sales and marketing strategies. It provides internal and external data analysis, key figures, and research to support your business intentions.

Now, in the end, you need to write the plan for your plan. Your business will work toward these critical milestones to deliver on your promises to potential investors throughout the rest of the business plan document.

The format of this section is up to you. Just be sure your writing is clear, and your milestones are realistic. You don’t want to lose your readers at the end with vague, or worse, absurdly ambitious planning doomed to failure.

A business plan and strategy cannot become a real business without setting milestones. Milestones are used to turn your business strategy and tactics into action.

Learn how to establish and utilize critical milestones in your business plan.

Starting a new business is exciting as you bring your vision to life and open your doors (or website) to customers for the first time. However, it’s essential to be prepared for what comes next. Planning out the evolution of your business, from the early stages to long-term growth, is crucial.

Milestone planning is vital to your business plan, as it helps you understand the necessary steps and resources to achieve your vision.

By incorporating milestones into your business plan, you can keep your business on track and make progress toward your goals.

This article will cover the significance of milestones in business planning, how to create practical milestones, common business goals, the difference between goals, objectives, and milestones, and tips for managing your milestones effectively.

What makes a good milestone?

First and foremost, milestones should be achievable , have an owner assigned, and a target end date. That doesn’t mean they should be easy. Dates and critical events aren’t beneficial if they require a business to push themselves to achieve them. Attainable means within the realm of possibility for a company to do its best to meet its objectives.

What should be included in each milestone?

Include as many milestones as possible, and for each milestone, provide the following:

• Milestone description or name
• Completion date
• Person responsible

You aim to achieve these milestones, including expected timelines, required resources, and primary stakeholders.

Then, ensure your team knows you will follow the plan, track the milestones, and analyze the results. If you don’t follow up, your plan will not be implemented.

Milestones also need to be measurable . Without pre-established metrics you can judge yourself against, there’s no way to chart your progress or determine when you have met a milestone activity. After all, you want to celebrate success too!

For milestone examples, you can check out these resources: BPlans,  Leanplan , Liveplan , and GrowThink .

How do you determine which milestones to include?

It’s good to approach milestones from a short-term and a long-term perspective . For example, if your business were a building, you could think of long-term activities and milestones as each successive floor.

Each represents a significant accomplishment or a monumental shift in your company as you grow your business (in our example, the building to the top floor and roof).

Your short-term milestones then are the stairs leading between, and these are smaller steps that lead you toward your broader business goals.

Identifying milestones for your business plan

To identify your milestones , ask yourself your short-term and long-term goals.

• Are you seeking funding? If so, what are the critical dates?
• Do you plan to hire team members?
• What are your business growth plans ?
• What are your customer acquisition targets ?
• Will you launch new products, recruit additional staff, or open recent  locations ?
• How are you planning to scale your business and open other locations?
• Are you looking at a joint venture , possible business acquisitions , or global expansion ?

If you plan to open a chain of restaurants, a long-term milestone might be to open your second restaurant within three years. So how do you get there?

First, you might work to build a staff in your first location that can handle day-to-day operations so that you don’t need to be involved. Of course, that is a short-term milestone. But, it’s a stepping stone to your large island. You would then likely focus on financing and acquiring the ideal location.

Be specific and future-proof your business plan key milestones

When creating your business plan, be detailed and forward-thinking when setting your milestones.

Make sure to rigorously identify dates and metrics for success. Avoid vagueness if your GPS tells you the directions you need to turn but doesn’t tell you where or when. What is the likelihood you’d get to your destination? Milestones need to be explicit and time-bound.

Look to your passions and set visionary goals . Your milestones should be realistic, but they also need to inspire you. They need to give you something meaningful to shoot for in the future. They should be simultaneously your destination and your motivation.

However, don’t imagine that your goals are etched in stone. It’s impossible to predict future issues or opportunities. Your milestones should be flexible so that they can respond to unexpected circumstances.

As you track milestone progress , remember that it’s okay to fall a bit short. The dates and measures you choose are adaptable to your circumstances. However, reassessing your plan might be necessary and ambitious if you fall considerably behind.

Prepare to manage your business plan key milestones.

Including business milestones in your business plan is essential for tracking progress and maintaining accountability. It is also a valuable tool for managing business growth. When developing and implementing milestones, remember to keep communication open, encourage adaptability, and frequently monitor progress.

By following these strategies, you will be better equipped to manage milestones effectively and keep your business on track to achieve its goals.

Your business plan is finished!

Following our eight-step process, you should have a fully comprehensive business plan written with financial projections. You have completed your initial business planning and are ready and in a fit state for perusal by banks, business partners, and potential investors.

As always, we’re here to help if you’re having difficulties. Let’s talk if you require help with your business writing or financial projections.

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Business Plan Milestones

There’s no real plan without business plan milestones. Milestones are what you use to manage responsibilities, track results, and review and revise. The tracking and review means management, and accountability.

Milestones in a Lean Business Plan

Just as you need tactics to execute strategy, so too you need milestones to execute tactics. Look for a close match between tactics and milestones.

List milestones. Set down what’s supposed to happen, and when. Use it for ongoing tactics related to products, services, marketing, administration, and finance. They include launch dates, review dates, prototype availability, advertising, social media, website development, programs to generate leads and traffic. The milestones set the plan tactics into practical, concrete terms, with real budgets, deadlines, and management responsibilities. They are the building blocks of strategy and tactics. And they are essential to your ongoing plan-vs.-actual management and analysis, which is what turns your planning into management.

Give each milestone at least the following:

• Person responsible
• Start and end dates
• Expected performance metric
• Relationship with specific tactics and strategy points

You might also have additional information for main milestones. Then make sure all your people know that you will be following the plan, tracking the milestones, and analyzing the plan-vs.-actual results. If you don’t follow up, your plan will not be implemented.

You develop your milestones by thinking through strategy, tactics and actions for business offering and marketing. So you can naturally divide them into the same categories as your tactics: marketing and sales, product, and other (where “other” might be, as with tactics, financing activities like raising investment or contracting commercial credit). Or the milestones might be related to legal issues, or managing a team, or logistics like moving or opening a new location.

Sample Lean Business Plan Milestones

The illustration here shows the milestones from the bicycle shop lean business plan:

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Business Plan Milestones: How They Are Essential To Your Success

One of the absolute keys to a successful business plan is to create the right business plan milestones. Doing so is essential to securing investors and making real progress towards achieving your goals.

The story below illustrates the importance of business plan milestones, after which is some guidance regarding how you can create the right business plan milestones for your company.

There are lots of things that all of us do, and do as well as we have to, without thinking.

Like pumping gas.

I just pumped gas this morning. And thought nothing of it. Until now.

The fact is that I didn’t just pump gas. Sure, the entire process of what I did was called pumping gas. But I did a lot of things that made up that process.

1. I pulled into the gas station. 2. I pulled next to a pump. 3. I put the car in park. 4. I turned off my engine. 5. I got out of the car. 6.  I popped open the gas flap. 7. I swiped my credit card into the machine. 8. I typed in my zip code. 9. I pressed the button for the type of gas I wanted. 10. I unscrewed the gas cap. 11. I took the gas nozzle out of the machine and stuck it into my gas tank. 12. I squeezed the lever. 13. I waited while the tank filled up. 14.  I put the gas nozzle back into the machine. 15. I pressed “no” I don’t want a receipt. 16. I screwed my gas cap back on. 17. I shut the gas flap. 18. I got back in my car. 19. I turned on the engine. 20. I put the car in drive. 21. I drove off.

Wow. I did 21 things just to pump gas?

So who cares? Well, investors care. And partners care. And the success of your business cares.

Let me explain.

Your business is currently at point A. Where you want to go is to point B. Now getting from point A to point B requires you to complete milestones.

And the most important milestones are what I call “risk mitigating milestones.” These are the milestones the help eliminate the risk of your company failing.

Let me give you some examples. For Google in its early days, risk milestones included completing their initial result ranking algorithms, getting customer to start using its search engine, and generating revenues.

Obviously once Google was generating a lot of revenues, it was not a very risky investment. But before customers starting using Google.com, it was very risky. And before its initial algorithms were developed, it was even riskier.

Every business has risk mitigating milestones. Investors obviously prefer to back businesses where more risk milestones have been removed. I know I do.

Would you prefer to back a restauranteur who just has a vision for a new restaurant; or would you rather back that same restauranteur after the ideal location has been determined, the restaurant has been built, the staff has been hired and trained, the local newspapers have given it a great review, and the restaurant now has 250 loyal patrons and is booming every night?

It is your job as an entrepreneur to identify your risk mitigating milestones. And not only do you have to identify them, but you need to prioritize them. So that every day you are spending quality time working to accomplish them (and not spending time doing things like replying to emails that seem to be adding value; but which don’t actually put you closer to accomplishing your risk milestones).

But, actually, you can’t work on completing your risk mitigating milestones each day until you break up each of these milestones into much smaller projects. For example, Google creating its initial algorithm and a restauranteur finding an ideal location are great milestones, but way too large to accomplish on a daily basis.

Each milestone needs to be broken down into numerous chunks; chunks that can be completed every day, and progress made. It’s like writing a book. If you write one page every day, by the end of the year, you’ll have a 365 page book.

And it’s like pumping gas. You need to do a ton of smaller things in order to accomplish the big thing. And like with pumping gas, when you spend the time breaking the task into pieces, you often see how easy each piece is to accomplish.

Developing risk mitigating milestones is an absolutely essential component of your business plan, and belongs in your Operations Plan section. Investors need to understand these milestones and your projected timeline for accomplishing them. You need to understand them to prioritize your time and hire the right people at the right time.

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How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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A business plan lays the foundation for the organization you’re in the process of starting. It helps you develop and understand your business strategy, and it enables investors to see the potential in your company. When you’re working on the timeline or schedule for your business plan, it’s essential to consider both the big picture and the smaller details to stay on schedule while starting and running your business.

Identify and Schedule Your Key Milestones

There’s a lot to do when you’re trying to get your business off the ground. To determine how to create your timeline or schedule, it’s critical to identify your key milestones. These are the things you need to complete to launch your business.

Your key business milestones may include:

• Legal procedures such as incorporating your business or creating a partnership;
• Acquiring all the required federal, state and county licenses and permits;
• Securing your office, retail or manufacturing space;
• Designing, developing and packaging your product for sale;
• Purchasing business items such as a POS system, shelving or other materials;
• Hiring your employees;
• Launching your marketing campaign; and
• Officially opening your business.

After you schedule the large milestones, you can begin to factor in the smaller targets you need to hit. These may include creating your marketing materials and scheduling employee interviews. The smaller milestones build up to the larger ones.

Consider Past, Present and Future

When you’re creating the timeline for your business plan, don’t forget to factor in what you have already accomplished. The milestones you have achieved should also be part of your timeline. This information helps your investors understand the steps you have already taken and how much further you have to go.

An example of a timeline in a business plan may include market research you have already conducted or relationships with suppliers you have established.

Create a timeframe for each key milestone. Include a start date and an end date for items that require weeks or months of planning and execution. Some items may only require a due date.

Be sure to consider interdependencies for your milestones. Some milestones cannot be started until you have completed others.

For example, you cannot open your business until you have secured your permits. However, certain tasks can be completed in tandem, such as working on your marketing campaigns and obtaining business items.

Your business plan should not only be concerned with the immediate future. Include the milestones you intend to hit one, three and five years from now. You may plan to add new product lines to your business, consider expanding the warehouse facility or anticipate moving into a new downtown office in five years.

Use the Right Format to Create Your Business Timeline

Because business plan timelines have many interrelated components and complex schedules, it’s important to present your timeline in a way that’s easy to read and follow. Consider using a Gantt chart, which is a useful way to visually illustrate a project’s schedule. Gantt charts also show the interdependencies of specific tasks, which is necessary for a business plan timeline. A Gantt chart enables you to input start dates, end dates and hard deadlines.

You can create a Gantt chart in Microsoft Excel with the help of a free template that you download from the Microsoft website. You can also use a specialized Gantt chart solution, such as that offered by SmartSheet. It includes a preformatted template so you can easily add in tasks and dates, establish hierarchies and delineate dependencies.

• Microsoft Office: Present Your Data in a Gantt Chart in Excel
• U.S. Small Business Administration: Write Your Business Plan
• Money Instructor: Business Plans: Initial Start-Up Timeline
• WrittenSuccess: Building a Business Plan Timeline: What to Consider
• SmartSheet: How to Create a Gantt Chart in Excel With a Template

Anam Ahmed is a Toronto-based writer and editor with over a decade of experience helping small businesses and entrepreneurs reach new heights. She has experience ghostwriting and editing business books, especially those in the "For Dummies" series, in addition to writing and editing web content for the brand. Anam works as a marketing strategist and copywriter, collaborating with everyone from Fortune 500 companies to start-ups, lifestyle bloggers to professional athletes. As a small business owner herself, she is well-versed in what it takes to run and market a small business. Anam earned an M.A. from the University of Toronto and a B.A.H. from Queen's University. Learn more at www.anamahmed.ca.

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Free Milestone Charts 101 With Samples and Templates

By Kate Eby | August 7, 2023

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Whether you’re a seasoned project manager or a newbie leading their first project, a milestone chart helps you stay organized and updated on a project’s progress. We’ve assembled free, editable milestone chart templates and info on how to use them.

Included on this page, you’ll find a free, downloadable project milestone chart template , a multi-stage milestone chart template , and a project management milestone chart template . Plus, learn why milestone charts are important , the difference between a Gantt chart and a milestone chart , step-by-step instructions for creating a milestone chart , and more.

Milestone Chart Templates

Project milestone chart template for excel.

Download the Project Milestone Chart Template for Excel   

This project milestone template features a horizontal chart paired with a chronological spreadsheet. Enter project milestones, due dates, and completion status directly into the spreadsheet, and your information will automatically populate in the chart. The chart is a great visual resource to share with stakeholders and team members, while the spreadsheet allows for more detailed project planning.

For additional milestone chart templates to help organize any project, check out these free project milestone templates .

Multi-Stage Milestone Chart Template

Download a Multi-Stage Milestone Chart Template for  Excel | PowerPoint

 Breaking a project into stages can boost momentum and simplify management. Use this multi-stage milestone chart template to oversee all phases of your project’s lifecycle. Enter key project checkpoints and brief descriptions under the Milestone headings. Then customize each task with your deliverables, and add dates to keep the project on schedule.

Project Management Milestone Chart Template

Download the Blank Project Management Milestone Chart Template for  Microsoft Word | PowerPoint

Download the Sample Project Management Milestone Chart Template for Microsoft Word | PowerPoint

This straightforward project management milestone chart template, with or without sample text, helps ensure that you cover every step of your project. Chronologically assign each number in the chart to its respective milestone. Then add a brief description of the milestone and its completion date. Once done, you’ll have a clear visual guide to the project’s lifecycle. This template is perfect for sharing with stakeholders and team members so that they have a clear understanding of the project’s timeline. 

To learn more about how to manage a project through its entire lifecycle, see this guide to the five phases of project management .

What Is a Milestone Chart?

A milestone chart is a horizontal visual of a project's timeline that highlights crucial checkpoints or milestones. These milestones signal pivotal shifts in the project's trajectory, serving as progress markers and momentum drivers.

Think of a milestone chart like a roadmap. The project manager drives from point A to point B, following the directions on the map. The milestones indicate how far you've come and how far you have left to travel.

What Should Be Included in a Milestone Chart?

A milestone chart should include a visual representation of a project's timeline with significant project milestones. For each milestone, the chart should include a due date, its current status, and any relevant tasks or deliverables that lead up to it.

Here is a list of what to include in your milestone chart to guarantee your project is successful:

• Project Start and End Date: A start and end date define the boundaries of your project timeline. All milestones and tasks are expected to be completed within this timeframe. 
• Milestones: Milestones act as significant checkpoints indicating either a major accomplishment or the completion of crucial deliverables. Examples include securing funds, holding stakeholder meetings, undergoing a testing phase, or finalizing a contract. 
• Milestone Due Dates: Every milestone should have a designated due date. This informs team members and stakeholders of when to expect important deliverables. 
• Milestone Statuses: Teams should track milestones by indicating their current status, or whether they have not been started, are in progress, or have been completed. 
• Tasks: Tasks are the specific actions or deliverables that occur between milestones. Each task represents the work that needs to be completed in order to reach the next milestone. 
• Task Due Dates: Each task needs a set due date to keep the project on track. 
• Assignees: An assignee takes responsibility for a particular task or milestone. Assigning individuals to tasks and milestones helps ensure clarity and accountability.

Why Milestone Charts Are Important

Milestone charts are important because they provide a clear visual representation of a project’s timeline, highlighting significant checkpoints and their associated deadlines. These charts ensure that teams stay on track, understand project progress, and can communicate to stakeholders effectively. 

Here is a list of reasons why milestone charts are important:

• Schedule Maintenance: Milestone charts ensure adherence to your project’s timeline constraints so that you meet your final deadline. Their horizontal format allows for early timeline adjustments so that you can prepare for upcoming deliverables. 
• Task Prioritization: Milestone charts clearly indicate where to direct your efforts based on the project’s current phase. For example, during the project’s second week, you’re not going to work on tasks scheduled for week eight. The progression from one milestone to the next streamlines the project and ensures its success. 
• Progress Sharing: By sharing your milestone chart during meetings with team members and stakeholders, you help ensure everyone is on the same page and understands the project’s lifecycle.
• Team Motivation: Visualizing progress and understanding each team member’s contribution to the project’s success motivates teams. When a milestone is completed, it creates a sense of accomplishment and momentum, which boosts team morale.
• Managing Large Projects: Large projects usually involve significant organization, stakeholder engagement, frequent meetings, and numerous deliverables. Milestone charts simplify this process by neatly organizing project deliverables and providing a clear path to the project’s deadline. 
• Ease of Creation: Choose one of the templates in this article to start creating your milestone chart. All of the templates are intuitive and easy to use.

When to Use a Milestone Chart

Use a milestone chart when managing any major project, regardless of its duration. Suitable scenarios for a milestone chart include renovations, software implementations, the development of new products or services, and event planning.

What Is the Typical Format of a Milestone Chart?

A milestone chart is typically formatted as a horizontal bar chart. The chart also highlights milestones with distinct shapes or colors, and it features text describing their titles and due dates. Deliverables between milestones are often annotated in a smaller font.

Different Types of Milestone Charts and Examples

The two main types of milestone charts are the timeline chart with milestones and the Gantt chart with milestones. While both track project progress, the former offers a simpler view, and the latter provides a more detailed representation.

Ultimately, the purpose of both charts is the same: to outline the project’s timeline. Both usually fit on a single page or slide, using a horizontal chart with milestones distinctly marked to represent the project’s timeline. Some charts might pair with a spreadsheet or list for more detailed information. 

Here are the two main types of milestone charts:

Timeline Chart With Milestones

The timeline chart with milestones format offers a straightforward layout, providing a high-level view, ideal for presenting a snapshot of the project without delving deep into task specifics. Use this template to introduce your proposed project or provide a quick update on the project’s progress. 

Gantt Chart With Milestones 

The Gantt chart with milestones format depicts time blocks for each task, with the horizontal axis denoting time and the vertical axis signifying tasks. Use the Gantt chart with milestones for large projects involving interdependent tasks that involve several team members.

The Difference Between a Gantt Chart and a Milestone Chart 

Gantt charts visually detail a project's timeline for every task. Tasks can overlap on the timeline since they aren't strictly sequential. Conversely, in a milestone chart, the timeline for each task remains distinct, completing one milestone before proceeding to the next.

Steps to Create a Milestone Chart

Creating a milestone chart begins with defining your project's goal and laying out the necessary tasks chronologically. As you set a timeline and identify key milestones, you'll establish a clear framework for project progression and stakeholder communication.

Here are the steps to follow when creating a milestone chart:

• Define Your Goal: What is the goal of the project? Craft a clear, concise statement to guide your efforts.
• Write a Task List: What tasks are essential to meet your goal? List them chronologically, linking milestones and shaping the project’s trajectory. 
• Set a Timeline: What are your project’s start and end dates? Keep your task list in mind, ensuring a buffer for unexpected delays. 
• Determine the Key Points: What are the significant turning points in the project? Highlight these as your milestones.
• Share the Chart With Stakeholders: How will you communicate your plan? Present your plan and ask for feedback.  
• Make Adjustments: What if conditions or feedback dictate a change? Make the necessary adjustments to your chart to stay on track. 
• Start Your Project: Are you ready to begin your project? With your framework in place, you can begin executing your project tasks.

How to Create a Milestone Chart With Smartsheet

Smartsheet makes it easy to create milestone charts using pre-built, customizable templates. With Smartsheet, you can chart, edit, and track project tasks and milestones in real time, from anywhere.

This is an example of a project plan template with a built-in Gantt chart to track tasks and milestones found in the Smartsheet Template Gallery . It comes preformatted with example project information and includes everything you need to chart milestones on a Gantt chart or as a list of tasks on a timeline.

To create a milestone icon in this template, first enter a description of the milestone in the Task Name column. Then, set the Start Date and End Date to the date the milestone will be achieved. Note that you will need to set both the start and end dates to the same date to create a milestone icon. 

Next, set the Duration to 0. This will create a small diamond icon on the Gantt chart to signify a milestone. Continue this process with all project tasks and milestones to view your project milestones in the context of all of your project tasks.

You can also use the same template to create a milestone timeline chart. Enter a description of each milestone in the Task Name column, and set the Start Date and End Date to the date the milestone is due. Ensure that both dates are the same to create the milestone icon on the timeline. 

Next, set the Duration of each task to 0. When you have entered all of your project milestones, the template will chart them as icons on a timeline on the timeline to the right.

Use Smartsheet to Effectively Track Project Milestones

From simple task management and project planning to complex resource and portfolio management, Smartsheet helps you improve collaboration and increase work velocity -- empowering you to get more done. 

The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed.

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time. Try Smartsheet for free, today.

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10 Company Milestones to Aim for in Your First Year

Thilini Wijesinhe

Reviewed by

January 22, 2022

This article is Tax Professional approved

Getting your new business off the ground is an exciting prospect that takes hard work. Making the right strategic decisions early on can help you avoid the fate of the 50% of new companies that fail within the first five years .

That’s why clear company milestones are crucial to creating a successful business.

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The key is to set well-defined goals and evaluate your performance against them to make sure you’re on the right track. When you choose clear company milestones to achieve in your first year, you can create a solid foundation for growth and success.

What are company milestones?

Company milestones are specific outcomes or goals you aim to achieve as part of your business strategy . That is, short-term measurable goals to tick off along the way to your larger goals.

Good business milestones should include the following:

• Measurable results
• Expected completion date
• Clear accountability
• Budget allocation

Here’s an example of a milestone that meets those standards:

Goal : Outsource monthly bookkeeping by March 31, 2022 Responsibility : Founder Budget : $500 a month

How can you use company milestones?

Start with a business plan that describes your company’s objectives and how you will achieve them. As part of this planning process, develop a business strategy—an action plan to meet your objectives.

Next, decide on the business tactics you’ll use to carry out your strategy. Here’s an example:

Strategy : Increase sales to working adults. Tactic : Use advertising methods.

Company milestones allow you to implement your business tactics by breaking them into measurable goals. Here are two milestones for the above example:

• The founder to run five targeted Facebook advertising campaigns by March 31, 2022. Budget: $1,500.
• The founder to start a daily Google advertising campaign on April 1, 2022, for 30 days. Budget: $50 per day.

Here’s how business milestones can help you.

Track your company’s performance

Entrepreneurs are usually overloaded with day-to-day business activities, so you might feel tempted to move progress-tracking to the backseat. But tracking your performance against company milestones is imperative to guide your small business or startup in the right direction.

Aim to review your important milestones once in two weeks during the first three months and monthly thereafter. That way, you can see how the business is performing against your goals and overall strategy and address any issues before they become fatal.

Sometimes, the milestones you’ve set earlier may no longer be realistic, or you may have discovered better goals. If so, you can always update them.

Create accountability within the organization

As discussed earlier, good company milestones need to have a responsible party. Well-defined responsibilities allow you to create accountability within your organization from the start. It will also allow you to delegate tasks instead of overloading yourself.

If a goal isn’t achieved by the due date, you can review it with the person in charge of the milestone and address any issues.

10 company milestones for the first year

Here’s a list of goals growth-oriented entrepreneurs should aim for in their first year of business.

1. Create a monthly budget

Timeline : one month

A monthly budget will help you manage your finances efficiently and remind you of your spending limits. With a plan in place, you can set aside funds for your company milestones and business activities throughout the year.

Budgeting may seem hard in the first year because you don’t have any previous financials for guidance. For now, aim to estimate your income and expenses to the best of your knowledge. You can adjust your budgets once you have more information.

Here are a few items to estimate for your budget:

• Fixed costs , variable costs , and any one-time costs
• An allowance for unforeseen costs
• Profits (or losses)

There are many free templates you can use to create your business budget. If you need more help, see our How-To Guide for Creating a Business Budget .

2. Execute your marketing strategy

Start by creating a marketing strategy. This is your overall plan to increase sales and achieve your business objectives. Next, implement your marketing strategy starting from the first month to generate revenue as soon as possible.

To carry out your marketing strategy, you can create a marketing plan with specific goals, such as:

• Start a social media marketing campaign aimed at your target audience.
• Grow your Facebook group to 1,000 members.
• Create a referral program to motivate customers to promote your products.

3. Make your first sale

The next milestone is to make that important (and exciting) first sale!

Sales are important to make money. But the first sale will also boost your confidence because you’ll know people are willing to pay for your goods or services. Remember not to count sales to your family and friends trying to support you.

To build a successful business, you must sell to your target audience beyond your close circle.

4. Start bookkeeping and accounting

Timeline : from the first month

Establishing a clear bookkeeping system from the start can save you a lot of work down the road. With reliable financials, you can avoid unpleasant surprises, such as realizing you don’t have money to pay your upcoming bills.

By staying on top of your numbers, you can also avoid the stress of catch-up bookkeeping during tax time.

Here are a few things you must do:

• Keep good records of all your transactions
• Track all your income and expenses.
• Monitor your cash flow.
• Create the three main financial statements every month— income statement , balance sheet , and cash flow statement .

If you want to do it yourself, good bookkeeping software can help, but if you aren’t excited about numbers, you can outsource your bookkeeping to professionals like Bench (that’s us).

Similarly, hire an accountant from the start. A CPA can analyze your monthly numbers and help you make good financial decisions. They can also prepare your taxes and help you get the maximum tax benefits.

Suggested reading :

• How to Find an Accountant
• Top 12 Questions to Ask Your Accountant
• How Much Does a CPA Cost?

5. Hire your first team members

Timeline : one to three months

A skilled team will help you lead your company to success. Hire a team that aligns with your vision, and develop your own company culture.

How many team members you must hire will depend on your business and budget. At a minimum, hire the critical personnel you need for now.

Here are some ways to find potential team members:

• Reach out to recruiters.
• Advertise on job boards.
• Post on LinkedIn.
• Advertise on Facebook groups—depending on your industry.

6. Outsource skills you don’t have in-house

As a new company, you may not have the capacity to hire employees for every service you need. Nowadays, you can outsource many tasks to professional organizations or hire freelancers.

Outsourcing can also save you money because you don’t have to spend on employee benefits, infrastructure, training programs, or equipment. Other benefits include the flexibility to find skilled professionals when you need them and the advantages of time differences.

Here are a few areas you can get outsourced support:

• Web development and design
• Copywriting
• Bookkeeping and accounting
• Administrative tasks

Depending on your business model, you may be able to outsource most of your tasks.

7. Get repeat customers

Timeline : three months

Finding new customers is costly and can take time, so it often makes sense to hang on tight to the ones you’ve got. Prioritizing repeat customers is an important business milestone because they will save you money.

Repeat customers are also a great source of referrals. If they like your products and services, they will be loyal customers and free promoters of your business.

Here are a few ways to make sure your customers return:

• Solicit feedback, and address any issues right away.
• Make sure your customer service is solid—be helpful and respond quickly. * Streamline customer experience with an up-to-date website and landing pages.
• Create a loyalty program with discounts.

8. Grow your brand

Timeline : six months

It’s important to establish your brand in your industry to increase revenue. With a solid marketing strategy and marketing plan, you can grow your brand from the first year.

Here are some ideas to help you grow your brand:

• Create a strong social media presence and post consistently.
• Define your company’s voice and stick to it.
• Start a blog on your website and create content that solves your target audience’s problems.
• Get testimonials from your customers.
• Stay consistent with your templates, logos, and color schemes across platforms.

9. Increase your sales

Timeline : eight to 12 months

Revenue is an important metric for small business growth and success. To become profitable and cash-rich, you must first generate revenue.

Typically, your sales numbers will be relatively small early on, so increasing your sales by a large number is a key goal for later in the first year.

Have a specific number you want to increase your sales by, depending on your business. For example, you may decide that you want sales to increase by 50% after eight months.

Make sure your marketing strategy and marketing plan cover tactics to help you achieve this significant increase in sales. You may decide to increase your advertising budget or launch a new product or service.

Note: while revenue is an important metric of success, it’s not the only one. Check out our blog on revenue vs. profit to learn more!

10. Analyze the performance of the year

Timeline : 12 months

It’s time to analyze the results of your hard work. That way, you can see your successes and take corrective action to fix any issues. Evaluating the year gone by will help you determine company milestones for the next year.

Here are a few ways to see how you fared:

• Track your performance against your budget.
• Analyze your sales, costs, and profits and their monthly changes.
• Analyze your cash flow .
• Review customer feedback and testimonials on all platforms.
• Organize performance evaluations for your team.

How Bench can help

Monitoring and analyzing your financials is a key business goal to making sure you are on the path to success. But what if you’re not a fan of numbers or you don’t have the time?

Bench provides monthly bookkeeping services to small business owners like you. Your dedicated bookkeeper provides you with the accurate financials you need to make better strategic decisions for your business. If tax isn’t your favorite subject, we can handle that too.

Implementing your company milestones

A well-planned list of company milestones can be a roadmap for your first year in business.

Here are a few next steps to get started on your goals:

• Organize your business milestones in one place . Using a tool like Asana or Google Drive makes it easy to revisit and review your goals.
• Revisit your business strategy . Make sure your goals are aligned with your overall strategy.
• Check if all business partners agree with the company milestones . Everyone in the business, including your team, should be on board with the company goals.
• Get a business mentor . If all things around your new company are daunting, a business mentor can help guide you, especially in the initial stages. See our guide on how to find the right mentor .

By creating well-defined goals and tracking your performance against them, you can grow your company into a profitable business.

Join over 140,000 fellow entrepreneurs who receive expert advice for their small business finances

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Milestone definition: what it is and why it’s important for you

Searching for a milestone definition in terms of project management or business in general? You’ve come to the right place.

In this article, we’ll explain exactly what a milestone is, how you can use them in business, and showcase meaningful examples across different industries.

Get started with monday.com

Milestone definition: what does milestone mean in business?

What’s a milestone?

A milestone is a key event or action in a project or your business journey that marks a significant stage of progress.

Milestones aren’t some random stretch goals that you’re unlikely to reach. They’re key points throughout a project that prove a certain amount of progress. They should all mark that you’ve reached the next “mile” of your business journey.

That could be something as simple as landing your first customer in a new vertical or as complicated as releasing a new product prototype. Business milestones typically don’t just measure progress, but that are part of your contract. Let’s take a closer look at this specific type of milestone.

What are contractual milestones?

Contractual milestones are stages in a project where the project sponsor has agreed to pay you a certain amount of the full project price. For example, it could be finishing the first usable prototype of a product or an initial website design.

These milestones typically have due dates, and if the client doesn’t meet them, it could affect their payment. Contractual milestones are common in industries like software development, design, and manufacturing.

Why are milestones so important in project management?

According to a 2021 PMI project management study, the most common reasons for project failure are related to poor upfront planning and unforeseen change.

( Image Source )

Weak requirements gathering, poor planning, inadequate vision — these are all avoidable issues. Exploring and setting important milestones ahead of time can help you outline a clear path to success.

By breaking a project down into milestones, it’s also easier to identify clear risks and roadblocks that could impede the project. This granular upfront planning helps you avoid unwanted surprises after investing big.

For larger projects, the project milestone isn’t optional. It’s how you guarantee that the flow of the project keeps up throughout the entire duration. You can also set business growth milestones from quarter to quarter to motivate your team.

But what exactly should such a milestone look like? 

Milestone examples in different industries

Now that we’ve covered the definition of a milestone and its importance, it’s time to look at some examples in different industries.

Marketing milestones

Let’s take a look at some examples of practical marketing milestones that you could use for your own company.

There are 2 approaches to set milestones for marketing campaigns and projects.

First, you can use milestones tied to metrics like visitors, followers, or Google search engine rankings. Second, they can identify crucial moments in your company’s marketing journey. The difference between aiming for 1,000 visitors and launching your company blog is significant.

Using a combination of both approaches will often lead to the best results.

Sales milestones

Sales milestones are crucial stepping stones to completing your annual or quarterly sales goals.

Breaking it down into several different areas of opportunity, like lead generation, retention, and market expansion is a good starting point.

IT & development milestones

In IT and software development projects, there are often clear-cut milestones directly related to different transitions and natural stages. For example, when creating a website, you usually start by designing a wireframe and prototype, instead of just going straight to a live site.

Customer service milestones

In customer service, you should focus on improving key service metrics, as well as overall customer satisfaction.

Another crucial measuring stick for how your customer service is calculating is the retention and churn rates. Don’t be afraid to venture outside traditional goals to set actionable milestones for your support team.

General project management milestones

Then, there are general milestones within project management  that you can apply to just about any project.  

But whether you’re creating marketing milestones or company milestones, the process involves more than you might think.

How to create project milestones that matter: 3 best practices

The 3 best practices below will help you keep on the right track.

1. Make it something you can measure or confirm.

A milestone should be a measurable or easily confirmable significant event. It’s not just a single task on your list, like writing the headlines for an ad.

It’s a good idea to focus on increasing a key performance indicator (KPI ) by a certain percentage. For example, growing organic traffic or average deal size by 20%.

Another alternative is to focus on the completion of a key deliverable. When do you think you should finish the prototype? By setting these concrete milestones, you can work backwards and figure out exactly what you need to do to make it happen.

2. Make it achievable — not a stretch goal.

Milestones aren’t stretch goals. They’re achievable short-to-medium-term steps towards completing a larger project or business goal. Doubling your sales revenue isn’t a milestone. Getting your first sale in a new market is a suitable milestone.

Keep this in mind when breaking down larger business goals and projects into milestones.

3. Don’t add too many: highlight outcomes crucial to project success.

Milestones aren’t the same as project tasks or steps. You shouldn’t add hundreds of them.

Milestones are there to help motivate your team to keep working over the long term. You don’t need to reach a new milestone every single day. Use them sparingly, and they’ll have more impact.

You should also visualize the entire project flow so your team and managers can understand how they’re performing at every stage. The easiest way to do this is to invest in project management software. You don’t want to spend days trying to mess around with Excel templates.

Visualize your milestones and the entire project journey with monday.com

If you want a new level of control and oversight over your milestones and projects, look no further than monday.com Work OS.

With our complete Work OS platform, you can easily visualize every step of your project journey. Not only that, you can create a custom online productivity platform with automations and templates that help speed up your progress.

Visualize the entire project and all milestones with Gantt charts.

Want a granular view of how your project will play out over time? The easiest way to do this is with a Gantt chart or timeline view. Just set deadlines or expected time periods for each activity and milestone, and our software takes care of the rest.

You can also color code the items by status, whether they’re completed on time, in progress, or overdue.

Use custom templates to standardize crucial workflows.

monday.com Work OS doesn’t just let you create a high-level overview of your project. We also have detailed, workflow-specific templates you can adapt to help your team stay on track.

Control everything from marketing campaigns to content calendars, and new employee onboarding. Standardization is the key to reliable progress over the long term.

Set up integrations and automations to ensure smooth progress.

Are data silos hindering smooth collaboration between departments? Do basic human errors, like forgetting to notify an editor on time, slow down your projects?

The answer to both of these questions is very likely yes. With monday.com Work OS, you can use native integrations, like with Jira and Zendesk, to help connect teams across departments.

You can also use our automation builder to create custom notifications and automated workflows across platforms.

Milestones only help you stay on track if you use them right

Setting a random milestone, like getting your 10,000th sale, before you even embark on a project, isn’t always helpful.

Instead, you need to highlight concrete, reachable stages in the project life cycle. You don’t need to aim low, but rather be realistic. Of course, if you want to reach them, it helps if you visualize and routinely revisit these milestones and goals over the long term.

We’ve gone over the milestone definition; now it’s time to create your milestones and take your project management to the next level. 

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6 Business Milestones to Hit in Your First 5 Years

Roughly half of businesses in the United States fail within their first 5 years, often before they’ve had a chance to hit key business milestones.

Just half of the small businesses in the U.S. survive their first 5 years. And the half that doesn’t make it often fail before they’ve had a chance to hit key business milestones.

That’s an alarming statistic for any business owner, even if they’ve passed the 5-year threshold. What causes these businesses to fail?

Sometimes there are market trends that work against them. Some failed businesses can genuinely be chalked up to poor timing, unfortunate economic changes, and a slew of other reasons that are outside of their control.

Yet the majority of businesses fail because of things they can control. A  Gallup study of 4,000 entrepreneurs discovered that the reasons for a failed business usually boil down to the person who started the business. They then broke down the traits of successful business owners to provide evidence-based abilities and tactics you take action on right now.

Here, we’ve taken these entrepreneurial tactics and talents and broken them down into 6 achievable business milestones to help keep you focused and on track.

Business Milestone #1: Profitable Business Model

A business model should tell the story of how your entire business works. The story should focus on  3 core questions :

• Who is your client?
• What does your client value?
• How do you deliver that value at the right cost?

All of these questions add up to creating a profitable business model. If you nail these questions, you’re well on your way.

Set aside some time to formally write a full-fledged business model. It’s the first and most important of all business milestones you must reach. Here’s one easy system for creating a rough business model , although there are endless ways for you to create your own. Your business model may evolve over time, but you’ll want to start with a clear plan for success.

Business Milestone #2: First Repeat Client

Your next business milestone involves that sweet, sweet exchange of currency. Landing your first repeat client (sometimes called an anchor client ) will give you confidence in your business and the motivation you’ll need to keep going. The keyword here is “repeat.”

You may earn that first repeat client through personal recommendations, an existing contact, or cold calling. Landing your second repeat client will take understanding exactly who they are and where they spend their time—both online and off.

Business Milestone #3: Realistic, Scalable Marketing Strategy

Marketing is the lifeblood of your business. Businesses owners who wait for clients to call are destined to fail. Smart marketing can actively bring in new business.

There was a time when businesses would hire a marketing firm to handle everything. While many still do this—and you can if you have the budget—it will benefit most entrepreneurs to tackle as much of the marketing as they can and outsource once they know what works.

As an entrepreneur, taking an active role in your marketing campaign will strengthen two key “talents”: Delegation and determination. You’ll have to learn the new tools that make it all possible and commit to regularly putting in the time to market your business.

Once you understand the tools at your disposal, create a scalable marketing strategy around them. Scalable means that you can amplify the effect without amplifying the costs by the same degree.

Taking advantage of internet marketing techniques and working with the right people will help you create a marketing strategy that you will take to the bank.

Related Articles

Business Milestone #4: Hire and Train a Solid Team

Starting off as a one-person operation is great. However, with the exception of a few lucky business models, it will only get you so far.

You’ll need to hire and train a team. This exciting milestone will grow your business by leaps and bounds

Put in the time to create a stellar employee training program before you even hire your first employee. Instead of stumbling through it, and possibly wasting your time, energy, and money with the wrong people, this will enable you to set up employees for success.

You can also test the waters by hiring a virtual assistant or a contractor. They can take a lot off your plate without being a formal team member.

A virtual assistant can help you establish that highly sought-after work-life balance  that all entrepreneurs need.

Business Milestone #5: Gain Authority in Your Industry

At this point, you’re making money and you have a great team in place. Your next milestone is to become an authority in your industry.

Even if your business doesn’t exist entirely online, the internet is your fastest route to becoming an authority. Create the type of content that your industry needs and will appreciate, and give it away for free. Your peers will see that you are knowledgeable, and over time, you’ll become an authority.

Get involved in local events that allow you to share your expertise. You may even wish to seek out speaking events and industry-wide conventions.

Coupling speaking engagements with stellar online content will turn you into a sought-after authority.

Business Milestone #6: Reach a Significant Number of Sales

If you’ve developed a profitable business model, created a scalable marketing strategy, and found the perfect team, you’re on pace for lasting success. The final business milestone to reach is a significant number of sales.

Set a specific goal for sales. Without a goal, the business will stagnate. Having a goal will help you to continue moving toward your target growth.

Determine an ambitious, yet achievable, dollar figure for your business. Obviously, the numbers will vary depending on the nature of your business. Only you will know what number to set as your target, but once set, make sure everyone on your team knows about it. Make it something you strive for together.

You Can Be the Successful 50%

Your business can be among the 50% that makes it past its first 5 years, and then onward to 10 and 20. You’ll need to work on business milestones and goals to keep you and your team focused, but it’s possible.

Along the way, you’ll become confident, business-focused, and a skilled promoter. All of which are essential skills for successful entrepreneurs.

This post was updated in November 2021.

Written by Susan Johnston Taylor , Freelance Contributor

Posted on March 3, 2017

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• Project management

How to create a milestone chart (with examples)

Georgina Guthrie

November 12, 2021

Every project is a journey, and like all journeys, it’s less stressful when you know where you’re going. Project milestones are essential points of progress that help everyone involved understand what to expect, and a milestone chart helps visualize how these things will happen. You can use them to set goals for yourself and coworkers, and they’re helpful for making the project feel more doable.

In this article, we’ll take a closer look at project milestones, and then walk you through creating your very first milestone chart. Let’s get into it!

What are project milestones?

A project milestone is a step in the process of any given project.

For example, if you’re planning a wedding, it’s traditional to have a few milestones along the way:

• Choosing your venue and caterer
• Hiring a photographer
• Receiving your marriage license from the county clerk’s office, and so on.

When you start a project in a work context, the team uses project milestones to keep the team on the same page and working toward the same goal. It’s important for everyone to understand where they fit into the process and what’s expected of them at each stage. Here are some examples of typical project milestones:

• Team roles and responsibilities assignments
• Beginnings of different tests
• Phase completions

As you can see, these are all activities related to the deliverables you want at the end of each phase. Milestones usually come at the end of each phase — but not always. They can happen at any point in time to serve as a checkpoint or check-in. This can help you see whether the project is ahead of schedule, behind it, or right where you want it to be.

What is a project milestone chart?

A project milestone chart is a tool that shows how your milestones relate to one another. It can also include due dates and any other relevant information.

Milestone charts tell you if anything unexpected happens with any one part of your projects, so they don’t affect other steps since there are only overlaps between two steps within one phase. If something does happen, you’ll know who needs to deal with it and where the problem occurred so you can fix it and continue with your project.

Why are milestone charts important?

Project milestone charts can help you visualize how your milestones work together to reach an outcome.

This is perfect when you need something that isn’t too complicated but will give you all the information about where each step stands in relation to another step. This is especially true when different individuals work on separate parts of the project and may not understand what everyone else is doing. This way, everyone knows exactly what needs doing, how much time it will take, and the dependencies of other milestones.

Milestones’ importance in decision-making

They are used to mark progress toward the end goal, but they are also there to show how far along everything is — and managers can use this information to make smart decisions about what should happen next to bring the project towards completion.

For example, suppose your milestone chart shows that something isn’t coming together correctly because you’re missing key materials or resources at a certain point. In that case, the manager may decide it would be best to extend the deadline for that part of the project so that everything can come together.

Milestones’ importance in finance

Recording milestones on the chart helps managers to put a clear value on what they’ve achieved, or more importantly, on what they haven’t yet achieved at any given time since the project started.

This information is not only helpful in terms of deciding whether or not to extend deadlines on certain parts of the project, but it’s also helpful in showing investors exactly where their money is going — and how much return they are getting for their investment.

Investors generally want to see very clearly defined milestones with values attached to them every step of the way. Pair that with an estimated schedule for when the team will meet these milestones.

Finally, project milestones help you (and the team) focus.

A milestone is marked by scheduling an ending point for a specific sub-phase so you can shift your focus to new goals without worrying about the old step anymore.

How to plan milestones with a milestone chart

There are a few ways to plot a milestone chart:

• Plotting milestones on Gantt charts via Excel or a dedicated project management tool (our recommended option)
• Adding them to a project timeline template , like the one below

Created in Cacoo

Before you do anything, you’ll need to decide which method is right for you. Namely: Do you go with Excel, or do you use a project management tool?

Using an Excel spreadsheet is one option, but you’ll need to put more work into maintaining it. You’ll also want to be careful when adding milestones by hand: forgetting any one of them could lead to huge problems down the line. Be sure to take your time creating each milestone and double-check that your team added it correctly before moving on to the next. There’s no automatic project tracking, notifications, integrations, version control, or reporting features — so you’ll have to stay on top of all of this yourself. The bottom line? It’s just a bit outdated.

We recommend using a project management tool instead. They usually have built-in templates that work well for milestone schedules, plus all of the above-mentioned features. Once you get used to entering milestones in the system, updating them will become much easier.

How to create a milestone chart

Creating a milestone chart is easy with project management tools. And it just takes three steps:

• 1st Step: Planning milestones
• 2nd Step: Creating a Gantt chart
• 3rd Step: Sharing with your team and stakeholders

Let’s unpack these in a little more detail.

Step 1 — Planning milestones

Project planning is no different than any other type of planning. The first step is to brainstorm  and list all milestones you can think of at the top level ( mind mapping and mind mapping software can come in handy here).

• Which tasks mark the beginning or end of a phase?
• What are the critical tasks?
• Which tasks or phases need stakeholder approval ?

Once you’ve listed these down, it’s time to arrange them into a timeline and determine the lead time between milestones. This is where a Gantt chart comes in handy.

Step 2 — creating a Gantt chart

A Gantt chart is a type of bar chart that reams typically use to visualize a project schedule.

Milestones are placed on the Gantt chart according to their scheduled or projected time of completion, starting with the milestone at the top left. The horizontal bars with segments represent the length of each of the tasks’ duration.

Example of a Gantt chart in Backlog

You’ll notice that sometimes there are things that need to happen in parallel. It’s not always possible to plan this out with complete accuracy, but you’ll get a feel for things as the project progresses.

Top tip : With project management software, calculating your critical path, dependencies, and lead times are all done automatically, which makes things a lot easier.

Step 3: Sharing your milestone chart with your team

Project success depends on collaboration and communication. So having everyone on the same page is key.

Your milestone chart should be fair game for all members of the team to view, discuss, and share so everyone knows what’s coming up next. This is where project management software comes in handy again. Rather than your chart spreadsheet being ignored, edited, or lost in a heap of different versions, you can create one version on your PM platform, share it with your team, and collaborate on the plan. Set permissions, organize priorities, invite people to work on tasks… it’s all handled instantly. Easy!

Final thoughts

There you have it! Your project milestone chart is complete! With your milestones planned out clearly and concisely, it’s time for execution. With a clear strategic plan, there should be no surprises or people questioning what needs to be done next.

Now that you’re equipped with the basics of how to make your own project milestone chart, it’s time to take action. Pick an upcoming project on your list and get creating. Good luck!

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Business.govt.nz, business milestones and how we can help.

You’ll encounter highs, lows and speed bumps in business, whether you’re starting out or well established. Below are 20 milestones common to small business owners. Select “read full” for tips and tools to support you along the way.

Registering a business

You’ve done your research, made your decision and are taking an exciting (and possibly nervous) first step. Whether you’re making your unofficial business official or starting a new business and quitting the day job, this milestone is all about doing things properly, being seen as legitimate and feeling like a credible business owner.

For help, see:

• Choose Business Structure tool (external link)
• 10-step guide to starting a business
• How much money do I need to start a business?
• Getting business planning advice
• Companies: an introduction (external link) — Companies Office
• ACC if you’re new to businesses (external link) — ACC
• ACC if you’re new to self-employment (external link) — ACC
• Pakihi Māori – Māori Enterprise (external link) — Te Puni Kōkiri

Start-up business planning template [DOCX, 248 KB]

Buying a business

Rather than start from scratch, you’ve bought an existing business and are getting a handover from the previous owner. There’s a lot to learn about leases, chattels, customers, marketing and paperwork. Perhaps some of the romance has turned to reality, but you’re keen to get into it.

• Buying a business or franchise
• How to create a business plan
• Marketing and sales

Check if a business owes money on its assets by searching the Personal Property Securities Register on the Companies Office website.

Personal Property Securities Register (external link) — Companies Office

Learn how ACC levies can change depending on a business’s claims history on the ACC website. 

How your claims history affects your levy invoice (external link)  — ACC

If intellectual property assets are included in the sale, make sure these are transferred to the new owner. The New Zealand Intellectual Property Office (IPONZ) website has advice on how to protect:

• trade marks (external link)
• patents (external link)
• designs (external link)

New business premises

Getting a home for your business feels like a big deal — and it is!

Retail spaces, workshops and offices are all needed to either get customers through the door or get work done. This means:

• dealing with leases and landlords – or real estate agents if you buy your new premises
• paying for insurance, fit-outs and utilities.

Having good cash flow is more important than it has been in the past. But, if you’ve done the sums properly. Make sure you cost the move in full, and also get a clear picture of the impact of future costs.

• Cash flow forecasting
• How to create a business plan 
• Updating a company address (external link)  — Companies Office

Getting a logo or website

Getting a logo, website or business card designed is a really fun step on your business journey. However, it often doesn’t go right the first time (and sometimes costs more than expected).

Before commissioning a designer, it’s a good idea to have a budget in mind. You’ll also want to write terms and conditions that ensure you own your brand — not your designer. This will make it easier and cheaper to change the designs, should you ever want to down the track.

• When to consider intellectual property
• Getting an online presence
• ONECheck  — tool to check if your business name, web domain, trade mark and social media usernames are available
• Ways to protect your name, brand and ideas
• A guide to applying for a trade mark (external link) — Intellectual Property Office New Zealand (IPONZ)
• Protecting Māori cultural intellectual property (external link) — IPONZ
• Privacy statement generator (external link) — Privacy Commissioner

Intellectual Property Checklist [PDF, 48 KB]

Intellectual Property Checklist [DOCX, 54 KB]

An unexpected event

Things go wrong, whether it’s an unreliable EFTPOS provider, a bird flying into your new shop window, or a computer server that just keeps crashing.

At these points you’ll need to get stuck in, solve problems and overcome unexpected challenges. This is what makes a successful business owner.

If you can keep a smile on your face at the same time, you’re doing great.

For help with unexpected disasters, see:

• Emergency and continuity planning
• Guide to supporting staff in a disaster (external link) — Resilient Organisations
• Tips, tactics & plans for managing your business through a crisis (external link) — Resilient Organisations
• Tool: How resilient is your business? (external link)  — Resilient Organisations

For help with legal problems, see:

• Solving problems in and out of court (external link) — Ministry of Justice
• Dividing property when you separate or divorce (external link) — Ministry of Justice

For help if you or your employees are injured, see:

• How to make a claim when you're injured (external link) — ACC
• Managing employee injuries (external link) — ACC

For help with unexpected IT events and fraud, see:

• Avoiding scams and fraud
• Tools to help when you have a data breach (external link) — Privacy Commissioner

Some employment problems can also come out of the blue, eg misconduct, bullying or a medical event. The Employment New Zealand website has useful advice. 

• Resolving problems (external link)  — Employment New Zealand

First major sale, client or job

This is what it’s all about — your hard work, persistence and ingenuity are starting to pay off.

But no matter how good it’ll feel to have reached this point, successful small business owners don’t rest on their laurels. 

Keep your sleeves rolled up, do outstanding work and make a good first impression. After all, repeat customers are the best customers. Plus they can give essential referrals.

Depending on the size and nature of this first big job, you might even have to take on staff, perhaps temporarily.

• Tips on tendering for contracts
• When to hire staff
• Visual guide to employee types
• Understanding your value proposition (external link) — New Zealand Trade and Enterprise
• Understanding your market research requirements (external link) - New Zealand Trade and Enterprise
• Hiring (external link) — Employment New Zealand
• Starting employment (external link) — Employment New Zealand

Compliance intervention

If you skip this step, great job. If not, do your best to relax — it’s probably not as bad as you think.

Whether it’s missing a GST payment, or completely forgetting you have to pay income tax, sometimes the government will have to step in to remind you of your responsibilities.

The good news is that government agencies have seen it all before and most people get through a compliance intervention without too much drama. In fact, they often end up with better systems because of it — like stronger H&S policies or online accounting systems that’ll catch human error.

• How to fix tax mistakes
• Systems that can help at tax time
• Health and safety: Plans, tools and learning from incidents
• Filing your Companies Office annual return (external link) — Companies Office
• Director and shareholder responsibilities (external link) — Companies Office
• Complying with consumer laws (external link) — Consumer Protection
• ACC levy calculators (external link) — ACC
• Classification units to calculate businesses levies (external link) — ACC
• Compliance Matters — tool to search for laws that apply to your business
• Employment rights and responsibilities (external link) — Employment New Zealand

Wanting a better use of time

At some point you’ll likely find that doing different tasks at work are either more personally rewarding, or will be a better use of your time. This is great because it often shows your business is maturing and/or growing.

Common by-products of this milestone include investing in new equipment or getting extra help. For some, steps like these can feel daunting because they might also require a loan or — if new staff are involved — a feeling of lost control.

At the end of the day, remember you probably can’t run a bigger business all by yourself. So, if you’re at this milestone it's wise to do some due diligence. This could mean:

• negotiating rates with different banks
• getting multiple quotes for new assets
• checking references during recruitment.
• Employee Cost Calculator (external link)
• Improving productivity and processes (external link) — Callaghan Innovation
• Pakihi Māori – Māori Enterprise (external link)  — Te Puni Kōkiri
• Contractor vs employee (external link) — Employment New Zealand

Realising lack of suitable help available

The thrill of advertising for an employee can be quickly tempered when you start receiving applications. It takes time to go through CVs and talk to candidates. You may feel it takes time away from running your business. But trying to rush the process can lead to hiring the wrong person.

Though it can seem hard, the best thing to do is to hold out for the right candidate. Ask anyone who has been there and they’ll tell you a bad hire will zap you of time, energy and resources. It’ll also leave you in a worse position than before you even advertised.

Trust us, there are plenty of fish out there. Eventually you’ll land the right one.

• When to employ staff
• Advertising and interviewing
• Trial periods and probations
• Employment Agreement Builder (external link)
• How to set up a new employee 

For help with hiring staff from overseas, see:

• Hiring a candidate (external link) — Immigration New Zealand (INZ)
• SkillFinder (external link) — INZ tool to connect with skilled workers overseas
• Resources for hiring migrants (external link) — INZ
• Contractor vs employee (external link)  — Employment New Zealand 

Work and Income can help you find motivated candidates with a range of skills. For help, see:

• Business support for hiring new staff (external link)
• Partnering with industry to meet industry labour shortages (external link)
• Wage subsidies (external link)

Hiring the wrong person for the job

When business owners realise they’ve hired someone who is just not working out, they typically try to accommodate this by finding tasks they can trust them with. Before too long, this can seem like more work than it’s worth.

To varying degrees, owners are also fearful of what this bad hire will do to their business reputation. Then there’s the impact on other staff, plus the financial hit of paying someone who’s unsuitable for the role. 

Common actions at this point are to put an underperforming employee on a performance management plan and, in the long term, changing the way you recruit and interview people.

• Handling poor performance
• Employee exit checklist
• Employment Agreement Builder: Ending employment (external link)
• Resolving problems (external link) — Employment New Zealand

The Employment New Zealand website has advice on preventing and resolving problems. For help, see:

• Preventing relationship problems (external link)
• Steps to resolve (external link)
• Escalating unresolved issues (external link)

A-ha moment

Looking back on it, a business owner’s a-ha moment can seem like a pretty obvious thing. But before it happens, it’s anything but.

Sometimes it’s a shift in business focus, eg a café emphasising its menu over cabinet food. Sometimes it’s tackling a problem, eg turning away from an unreliable supplier. These a-ha moments offer new ways forward, exciting opportunities or, maybe, sighs of relief.

You don’t need to look out for this milestone. It’ll find you.

• When business planning is right for you
• Test if you are ready to grow
• What can I get government help with?
• Making the most of your intellectual property (external link) — Intellectual Property Office New Zealand
• Making your ideas happen (external link) — Callaghan Innovation

Getting investment

Unless you’re one of the lucky ones, launching, diversifying or expanding a business typically requires funding. This often means getting a loan from a bank, family member or getting an investor on board.

Getting a cash injection can be a mixed bag. You feel securer, more equipped and, possibly, more mature. On the other hand, it means you might no longer have the final say on how things are done. Some owners find this liberating because they’ve now got other people to bounce around ideas. Others can find it constraining because they’re no longer sole agents.

The important thing is to use this money wisely and spend it on things that will really pay off.

• Getting investors on board
• Keeping track of key numbers
• Get investment-ready and raise capital (external link)  — New Zealand Trade & Enterprise
• Get start-up support and funding (external link) — Callaghan Innovation
• IP business management (external link) — Intellectual Property Office New Zealand

10-step quick focus business plan template [PDF, 167 KB]

Buying a major asset

Things like tractors, refrigeration devices, computers and warehouses all cost — but they can also help your business grow.

Taking time to consider if the asset will make long-term difference. Examples include:

• doing work faster or more easily
• freeing up time
• able to take on more jobs.

Also think about how you might pay for it, eg borrow money or use cash reserves.

Don’t forget that major investments also usually require extra insurance, maintenance and, possibly, new staff or staff training. Make sure you factor in all the variables before signing any dotted line. If it still looks good, go for it. It might just be the smartest business decision you ever make. Don’t believe us? Go ask the first Kiwi farmer who bought an automatic milking machine.

• Common business assets checklists
• Introduction to managing assets
• Keeping track of key metrics: Utilisation rate  
• Depreciation
• Funding explorer tool (external link)
• Choosing the best commercial insurance (external link) — Resilient Organisations
• Hiring (external link)  — Employment New Zealand

If something goes wrong, eg the goods are faulty or the seller misled you, find out about your rights on Faulty goods and services bought by businesses (external link) on the Consumer Protection website.

Expanding or diversifying

At some point in your business journey you might ask yourself “What’s next?”

Soon after, you could go in a new direction, introduce new products or services, or find new customers. This can feel a bit like starting out again — only this time you’re a lot more commercially savvy.

It’s common at this point to be keeping a closer eye on what’s earning and what’s costing. Scrutinize the numbers and you might be surprised. Maybe your catering service is actually earning more than the restaurant, or that old truck is costing you thousands a year in petrol and repairs.

Being attentive and opportunistic helps your business. It’s also worth reminding yourself that from little things, big things grow. So pay attention to the little details.

• Keeping track of key metrics
• Intellectual property business management (external link) — Intellectual Property Office New Zealand
• Supporting Māori business (external link) — Ministry of Business, Innovation and Employment
• SkillFinder (external link) — Immigration New Zealand tool to connect with skilled workers overseas
• Understanding your capability and capacity (external link) — New Zealand Trade and Enterprise

If you’re planning to expand your staff, Work and Income has advice for you on its website.

Business support for hiring new staff (external link)  — Work and Income New Zealand

Opportunity to purchase

When opportunity knocks, take it — just make sure to look before you leap.

Common things happening at this milestone include when a competitor retires, a supporting business goes up for offer, or valuable real estate becomes available. These things can come out of the blue so you need to act quickly and professionally.

This means getting on the phone for financial discussions with your accountant or bank, or conversations with lawyers about business structures and important documents.

This is also often the time when a spouse or children might step into the family business.

• Getting financial advice
• Employing your spouse or partner
• Choosing the right business structure
• Updating director details (external link) — Companies Office
• Intellectual property business management (external link) — Intellectual Property Office New Zealand (IPONZ)
• Making the most of your intellectual property (external link) — IPONZ

Hitting a growth milestone

Few things in business feel better than seeing your bank account grow. Not only do you feel encouraged and accomplished, it spurs you to further action.

What’s normal at this milestone is for owners to reinvest in the business — either through extra staff, equipment or training.

Once that’s done, make sure to set a new sales target so you’ve something to reach for. Now go out and get it.

• Finance tips to help your business
• SkillFinder (external link) — Immigration New Zealand (INZ) tool to connect with skilled workers overseas

Doing business overseas

Doing business overseas doesn’t happen by accident. It takes a certain type of business owner to dream big, sit down, work out a strategy and execute it. 

"Going overseas” typically happens through export, such as winning a tender to provide a service overseas. Going overseas is really fulfilling because you see your business grow into new and bigger markets.

But be careful. Things don’t always go right the first time. Ask experts for help, for example, sales agents, translators, intellectual property lawyers or customs brokers.

What you need to know about exporting

Create a good export plan

Getting export support from the government

Export Essentials: your best-practice guide to selling overseas (external link) — myNZTE

Restructure

There’s no two ways about it — going through a restructure isn’t fun. This is true for employees and for employers.

If you find yourself at this milestone, you should know that it’s common to worry about the legal process and how employees might react, and to feel bad if you have to let staff go.

What’s less commonly talked about is that restructures offer a real opportunity to get your people, cash flow and operations exactly right. Once it’s over, you’ll likely find yourself asking why you waited so long.

A typical outcome from this milestone is getting ongoing external HR support, which is a good idea if you can afford it.

• Team restructuring
• Employee protection provision (external link)  - Employment Agreement Builder
• Updating directors’ details after a change (external link) — Companies Office
• Redundancy (external link) — Employment New Zealand
• Redundancy support (external link) — Work and Income
• Restructuring when a business is sold (external link) — Employment New Zealand

Selling or closing

Whether it’s due to new business opportunities, retirement, health reasons, or something else altogether, most businesses eventually either close down or get sold.

For those that sell, it can be a great sense of relief to the owner.  Business sales and closures involve a lot of paperwork. It’s a good idea to get expert advice, eg from a lawyer or accountant. You will also need to tell the government agencies like Inland Revenue and the Companies Office.

It's important to make sure all paperwork is complete before handing over the keys.

• Selling your business
• Stepping back from your business
• Closing your business
• Simple steps to protect your intellectual property

If intellectual property assets are included in the sale, make sure these are transferred to the new owner. See the New Zealand Intellectual Property Office (IPONZ) website for tips on managing IP assets (external link) and advice on how to protect:

• plant variety types (external link)

You need to tell ACC If you sell or close a business. The ACC website has guidance on what you need to do:

• Contact ACC (external link)
• Understanding the Experience Rating Programme (external link)  — ACC

Insolvency or bankruptcy

No one thinks about insolvency or bankruptcy before going into a business. This doesn’t change the unfortunate fact that it can happen.

For those that do go through this, it’s common to feel stressed and about the actual process involved. Typically you’ll be supported by a liquidator or official assignee.

Make sure you ask questions, especially if something seems unclear. Make sure you know:

• what money is available to you
• details of any debt repayment plan
• any commercial/ business restrictions on you.

The important thing here is to not assume too much. If you’re confused by something, be sure to ask and get clarification. You’ll want to know what money is available to you and make sure you really understand what commercial restrictions are placed upon you.

Bigger and better things might be just around the corner, so it’s good to know where you stand if you spot a suitable opportunity.

• Warning signs of trouble ahead
• Is closing your business the right choice?
• Insolvency and involuntary closure
• Is your business in difficulty? (external link) — Companies Office
• Summary Instalment Order calculator (external link)  — Insolvency and Trustee Service

If someone takes you or your business to court, the Ministry of Justice website has guidance on what to do if you’re defending a:

• bankruptcy notice (external link)
• creditor’s application for adjudication (external link)
• company liquidation (external link)

If your business has been made insolvent or you’re bankrupt, contact ACC’s Business Service Centre (external link) to inform them.

If you face insolvency or bankruptcy and your business has staff, the Employment New Zealand website has advice about redundancies.

• Redundancy (external link)  
• Resolving problems (external link)

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• How to set and achieve project mileston ...

How to set and achieve project milestones in 2022

Not all project plans are created equal, however. Let’s say you’re working on your latest plan. It has goals, tasks, task owners, and deadlines. It has dependencies and deliverables. You’re confident that it’s a work of project planning art that will carry your team to success. But did you remember to include project milestones?

If your project doesn’t have milestones, then you’re doing yourself a disservice. Project milestones simplify your role as project leader because they give your team marks to aim for while also showing stakeholders your progress at a level they’re interested in. The good news is that project milestones are easy to add to any project (even those already in progress), and they provide multiple benefits.

Let’s look at what project milestones are and what they can do for you.

What is a project milestone?

Project milestones mark specific points along a project’s timeline. They are checkpoints that identify when activities or groups of activities have been completed or when a new phase or activity is launched. You can differentiate milestones from other elements of a timeline because they take no time to complete; think of them as signposts that keep things on track.

Get started with a free template in Asana

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Are project milestones important?

Milestones are powerful because they demonstrate forward progress in your project plan. They help motivate and align your team by enabling everyone to view progress and  judge priorities . And they help you monitor deadlines, identify important dates, and recognize potential bottlenecks within the project. If you were to strip the tasks from your  project timeline , the milestones would still give an outline of the key steps or phases of the project.

It can be easy to confuse project milestones with other aspects of project management, so let’s review the differences.

Milestones vs. goals

Goals  are what you wish to achieve looking forward; milestones take a look back at what you’ve already done. Think of milestones as rungs on the ladder to achieving a goal.

Example: A  marketing team  working on company-wide rebranding initiative—a big project with many moving parts—might set a goal to complete the project by the end of the third quarter. They could then use milestones along the way to mark key decisions or activities as complete, such as colors selected, design templates created, launch plan approved, etc.

Milestones vs. project phases

Milestones often coincide with the start or completion of project phases (such as initiation, planning, execution, and closure). A project phase may take weeks or months to complete, involving multiple tasks and team members; a milestone is a zero-time “checkmark” of major progress that is important to acknowledge and report on.

Example: For a rebranding project, the initiation phase will cover many tasks, such as focus groups to gather ideas on the new branding and creative brainstorming sessions. A milestone at the end of the initiation phase would mark the team’s readiness to move to the planning phase.

Milestones vs. project deliverables

A  project deliverable  is a product or result, whereas a milestone is a moment in time. Deliverables are sometimes evidence of the completion of a milestone.

Example: Deliverables for the rebranding project could include the updated style guide PDF and associated logo files. The completion of these projects is worth noting (and even celebrating!), so the marketing manager could add a milestone denoting that achievement.

Milestones vs. tasks

Tasks are the building blocks of your project, and they take time to achieve. Milestones have no duration and are more like lines in the sand that mark a group of tasks as complete.

Example: A rebranding project will have many smaller and larger tasks, such as creating logos, setting up social media accounts, and writing press releases . A milestone might mark the completion of a group of related tasks.

Connecting project milestones to your project plans

Project milestones can be added to any type of project plan to help it run smoothly. They can be particularly helpful when it comes to scheduling because milestones will need to be placed alongside the relevant tasks or phases; setting up milestones helps you concentrate on target dates and adjust the project plan as needed.

You can also have fun with milestones! For example, plan celebrations for when major project milestones are checked off. This type of acknowledgment  boosts morale  and improves engagement.

You can add milestones to a project at any stage, so don’t wait for your next project kickoff to get started. Also, if you have recurring projects, work milestones into your  templates  now so that you have them in place for the future.

How to create project milestone schedules

Think of your project milestones as moments in time—rather than  objectives , deliverables, or tasks. As such, you should create milestones to represent important checkpoints in your project. Take a look at your project schedule, and pinpoint any checkpoints or important moments. For example, if you’re planning a  product launch , you’d likely create milestones to represent finalizing the launch messaging, launching your product web page, and actually launching the product. 

FAQ: How many milestones should a project have?

There’s no set number of milestones your project should have. Some projects will only have two or three milestones—others might have closer to a dozen. Instead of trying to hit a certain number of milestones, set milestones for important events that are happening during your project’s progress. Remember: milestones should be moments in time—the tasks it takes to hit those milestones should be represented elsewhere in your project.

Setting project milestone deadlines

Because milestones are moments in time and don’t track the processes you need to get to that moment, you should set your milestone deadlines for when the initiative is launched or goes live. For example, if you’re planning a virtual event, your milestone should be set for the day the virtual event takes place—not the prep work it takes to get there. Milestones denote important moments in your project progress, and help you gauge whether or not your project was successful. 

Project milestones examples

A project milestone marks a significant point in time. You can use  milestones in your projects  to represent events such as key deliverables received, project kickoff completed, final plan approved, requirements gathering , design approved, project phase completed, and much more.

Let’s walk through four examples of how milestones can work for your team.

Mark critical tasks. Tasks that must be completed at a specific time or the project will be blocked, such as a creative concept approval for a marketing campaign.

Highlight the end of a phase or stage. The end of a phase or stage of a major piece of work, like gathering budget requests from every department for company planning.

Spotlight a major event or deliverable. A major event or deliverable, such as finishing the build out of a new office your company is opening so you can begin moving people into it.

Focus on hitting goals and key results. Project goals and key results (KRs), such as hitting your three-month revenue target for a product that was recently launched.

Project milestones reporting

Setting milestones is a good start, but you won’t reap the full benefit until you track and report on them. Milestones are great reporting tools for communicating with stakeholders who don’t want or need task-level updates. This “broad stroke” data helps you instantly see which phases have been completed, if the project is on track to hit its future key milestones, and how close you are to your goal. You can still drill down to a more granular level, looking at the tasks tied to your milestones; this can help you see which steps and owners helped you get to a milestone or identify roadblocks that might have been in the way.

Tracking milestones lets you home in on your most important work and see the true status of projects, while giving you the knowledge to share  project progress confidently. Make sure your project management tool includes  status updates that report on milestones, so you can keep team members and stakeholders in the loop about what your team has accomplished and what milestone you’re working towards next.

Pro tip: what to do when you don’t hit your milestone goals

Sometimes, your team will miss your milestone deadline. That happens—but depending on the importance of your milestone, doing so can really set you back and delay your initiative or launch. 

If you don’t hit your milestone goals, take a step back with your team to figure out why you missed the milestone. Was your milestone incorrectly scheduled, or too ambitious? Look at the tasks and deliverables that were contributing to your milestone. Was one of them delayed? Oftentimes, with so many moving pieces, it’s hard to know exactly what’s happening when. To prevent these types of mistakes in the future, look for a project management tool that has a visual component, so you can see your projects in different ways like timelines, calendars, and Kanban boards.

Common project milestone pitfalls

Setting milestones is an art, not a science. There’s no exact right or wrong way to do it. That being said, these are some of the common pitfalls that teams encounter when they first start setting milestones: 

Setting too many milestones. The number of milestones you need will depend on the size and scope of your initiative. Avoid aiming to set a certain number of milestones “just because.” Instead, pay attention to the key tasks your team needs to accomplish in order for your project to progress.

Using milestones as tasks. Milestones should represent a moment in time. To track the work you need to do to get there, use tasks instead. Then, use milestones to represent when a group of tasks should be completed.

Keeping your milestones separate from other work. The best way to hit your deadlines and run a successful project is to manage all of your work in one place. Make sure your  project management tool  allows you to manage tasks, set milestones, and visualize your project progress in one place.

Set milestones for better project schedules

Now you know what project milestones are and how they can positively impact the planning, execution, and reporting of your projects. Consider them another tool in your project management belt—one you’re sure to get a lot of use out of. Once you start planning with milestones, you’ll never want to build a project plan without them.

Are you ready to get started planning with project milestones? You’ll need the right work management tool first. Check out  Asana , a leader in the market and the best work management tool for your team.

Related resources

7 steps to complete a social media audit (with template)

3 visual project management layouts (and how to use them)

Grant management: A nonprofit’s guide

Everything you need to know about waterfall project management

How to write project milestones (with practical tips and examples)

11 min read

December 21, 2023

Defining project milestones is important in helping you complete your project on time and keeping track of the project progress. With project milestones, you can represent the defined goals of a project to the stakeholders, as well as communicating the timeline to achieve them. To simply state it, milestones are checkpoints in a project’s journey. 

Sometimes, understanding how to go about writing and collating milestones can be a chore. In this article, you’ll get to understand what a project milestone is, the importance of these milestones and how to define and manage them. 

What is a project milestone? 

Project milestones help you break down a project into smaller sections, so you have a clear idea of what tasks need to be completed and by when. Unlike deadlines and goals, which can refer to smaller, more specific tasks, milestones outline the project roadmap and are part of the project’s bigger picture. 

Project milestones are used as a method for defining important phases in a project. They can either mark the major progress points or can be broken down into smaller goal points. Either way, project milestones are important for measuring progress – in small bits or in chunks. 

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The importance of project milestones and how to use them 

Defining, managing and tracking a project schedule can become overwhelming. This is why project milestones should be created for every project, no matter how big or small. Here are some of the reasons project milestones are important:

Create a clear project plan

Tackling a large project can be herculean. It is difficult to decide the next steps when the project first takes off. But with milestones set, you can break large projects into smaller work batches and create a clear plan for how to complete each project phase. 

Keep track of your project’s progress

Working on a big project comes with its challenges and distractions. The huge number of tasks can be especially overwhelming. With milestones, your team can focus only on the task that needs to be done to reach the next project phase. This helps you track your project’s progress as you move it from one stage to another. 

The best teams make it easier to keep everyone in the loop as projects progress from one stage to the next by using project management software. 

How do you write a project milestone? 

As the project manager’s responsibility, writing project milestones is crucial but can seem a bit confusing, especially for those doing it for the first time. To write a realistic and effective project milestone, this easy-to-follow guide can help you get started.

1. Identify the key milestones

These key milestones mark the important project phases. They are the main checkpoints on the way to successfully meeting the project’s schedule. For a marketing team at a company working towards the launch of a new product, the timeline for completing a media advertising outreach, public relations, and online marketing campaigns could be some major milestones.

2. Define each milestone in more detail

Now, it’s time to go into more detail. So, make sure to write out summaries for each key milestone, including a series of tasks and steps required for the completion of that project phase. These tasks can be further broken down with a detailed description of what each task entails. 

3. Get feedback and approval from stakeholders

Every project has stakeholders who are in total control of its execution. These stakeholders are important in this step of project milestone writing, because they are responsible for bringing the project to completion. So, their inputs, feedback, and approval of the milestones and project plan are crucial to the project’s success. 

After defining the key milestones and the smaller tasks for your project, the next step is to share your file with all relevant stakeholders, to request feedback and final approval. The easiest and fastest way to do this is with the help of a review and approval tool , like Filestage. 

With this tool , you can upload your file to a centralized platform and invite reviewers. Then they can leave comments directly on the file and discuss changes with others. Once everyone is happy with the defined milestones and tasks, they can approve the file with one click. 

4. Assign each milestone to a person/ team

After implementing the feedback and getting the project milestones approved, the next thing is to assign every milestone to the appropriate stakeholders. You can assign a milestone to a specific team or an individual to see it through. The creative stage of a large marketing project may be assigned to a design team, while the distribution stage could be assigned to a PR team. 

5. Visualize your project phases using a Gantt chart

Statistics have shown that a lot of us tend to commit to the things we see and can visualize easily. That’s why creating project milestones should be visualized, in order to aid productivity and teamwork. 

One of the ways to visualize your project milestones is with the use of a Gantt chart. They’re a method to display and track projects, using horizontal bars to reveal the project timeline, as shown in the image below.

Four factors to consider when creating milestones

Like everything else that happens in our daily lives, a project might not totally go as planned. That is why there are a few factors you should consider when writing your project milestones.

1. Dependencies

When writing a project milestone, you should consider other events that influence each milestone. These events, upon which the progress of your project relies, are known as dependencies. 

There are four major types of project dependencies. 

• Finish-to-start dependencies make it impossible to start the second task in a project until the first one is completed. 
• Finish-to-finish dependencies tie the completion of two project phases together. This means that one phase of such a project has to be completed alongside another.
• Start-to-start dependencies ensure that two project milestones start at the same time. Starting one will almost automatically trigger the other. However, this doesn’t necessarily mean that they have to be completed together.
• Start-to-finish dependencies tie the completion of the second project milestone to the start of the first one. However, this type of dependency is not very typical. 

2. Unforeseen factors

Emergencies and unplanned events can be unsettling when it comes to planning a successful project. That is why it is necessary to make provisions for the possibility of unforeseen factors. This could be the absence of a team member or holidays, crashing of a system or server, extra expenses and many more possible happenings. 

3. Tweaks by clients and stakeholders

Projects usually go through review and approval processes and revisions are often requested. So, while writing a project milestone, it’s best to make provisions for the time required to incorporate feedback shared by your colleagues, clients and stakeholders.

To make this feedback collection process as frictionless as possible, you should have review rounds between project milestones, to see if you are right on track. Also, don’t forget to plan for the extra time needed for the stakeholders to review the milestone, as well as the time for revisions. 

4. Setbacks by team members  

We’re humans. We can’t always be perfect. That’s why it is best to make provisions for a possible falter of a team member. Anything can happen, ranging from a team member falling ill to making a mistake, or a team member submitting their part late. 

It’s best to make provision for any possible setback from the team. For example, having some team members in the backend to assist when needed can help you make up for unexpected setbacks.  

Differences between milestones and other terms 

A lot of people mix up the meanings of milestones and terms such as project goals, tasks, deliverables, etc. These words don’t mean the same, despite having certain connections. It’s important to know the differences between these terms, to be able to understand what milestones truly are.

Difference between milestones and project goals 

These two words can be interchangeable. However, a goal is a result that a person, a team or even an organization has prepared to achieve success within a specified time frame. A milestone, on the other hand, is the measurable and important accomplishment necessary to achieve a goal. The goal for an advertising campaign may be to engage 1,000 persons but the milestone covers all the tasks that need to be done to reach that goal. 

Difference between milestones and tasks 

Tasks are slightly different from milestones. A task is an activity that a project team or individual needs to finish in a particular time frame. A milestone is a collection of related tasks that, when completed, brings a project phase to completion. For example, an advertising campaign is the milestone of a project, which includes multiple tasks like designing the layout of social media ads, writing the ad copy or setting the campaign up in the social channels.

Difference between milestones and deliverables 

A deliverable is one word that people tend to mistake for milestones. But they don’t mean the same thing. A project deliverable is a product or service that denotes the completion of a project phase. A project milestone, on the other hand, is the completed project phase. For example, a milestone can be the step of creating advertising content, while key project deliverables can be the designs or videos that have been created in that phase.  

Some project milestones may not have tangible deliverables, while some may have several deliverables at intervals. However, the more likely you are to measure the deliverables, the easier it is to track the forward progress of the milestones. 

Four important tips for creating project management milestones 

There are many approaches to creating project milestones. These different methods can be polar opposites. However, they all require certain things to be successfully created.

1. Be specific 

In creating a project milestone, you might be tempted to give very broad definitions. However, to create a project milestone that will not be misunderstood by project members, it’s best to be specific and provide some details. You can use numbers, rates or even pictures.

2. Be realistic

You obviously can’t create a milestone that you can’t achieve within the set timeframe. Meeting key milestones is very important for the accomplishment of goals. So, it is advisable to create milestones that have a realistic scope that is achievable within the specified timeframe. 

3. Be timely

The essence of creating milestones is to complete the entire project on time. When writing project milestones, it’s essential to put a timeframe that the project team must adhere to. The timeframe for each milestone should be aligned with the life cycle of the larger project . This way, things will stay on track and on time.  

4. Stay within budget

Finances are important for every single decision you make in project management. That is why you need to make sure to create a project milestone that stays within the specified budget without deviating. This way, you avoid having to re-budget or prepare a whole new project milestone, thus saving you extra work. 

What are project milestones examples? 

Figuring out what project milestones look like might seem tricky. There are so many examples of possible project milestones, used in many industries.

Let’s use the example of what the project milestones for a new product launch campaign might look like. When launching a new product, a campaign is needed to create awareness and advertise the product before it’s released to the market. 

The first milestone in a campaign for a new product launch would be identifying and understanding the target audience. Every product has a specific niche and target market. To create an effective campaign, it’s important to understand who the product is aimed at and how to possibly reach them. 

The next milestone is identifying the channels to reach these target audiences. This will inform your best means of advertisement (social media, print media, etc). If your target audience is young adults between 18 and 30 years, your main channels are probably social media and other internet platforms. 

Some other milestones of your campaign could be creating the content for the campaign, doing test launches with volunteers and beta users, or monitoring the reactions to the launch of the product. These steps and a number of others can be key milestones to the launch of the new product.

Reporting on project milestones 

Project milestones can also be useful in helping create progress reports for your project. Looking back on your project plan, you should be able to pull the tasks out and the milestones should provide you with all the necessary information on how your project is moving forward.

These milestones can be helpful when you are creating a report for a client, sponsor or supervisor in your office. In many professional situations, it is likely you will have to prepare some sort of project report on a regular basis, to show your sponsors or superiors how you are progressing. The milestones should provide you with all the details you will need, to present them with the information they are looking for.

When thinking of the format conventionally used to report these milestones, a table is often used. Here, you will list the milestone description, the date it was due and the new forecasted due date. Completed milestones will be added as well, along with the date they were completed.

Although these tables will make it obvious that certain goals haven’t been achieved on time, examining them in advance can offer some time for reflection, so you are able to answer the higher-ups when they ask why you weren’t able to hit a certain milestone when it was due. It will also help you look at your project management and see where improvements can be made.

Since longer projects will tend to have a lot of milestones, limit your report to include only milestones that have been completed or are pending for the current quarter. This will make less work for you and also allow your sponsor or higher-up to better focus on the progress that has been made recently, and what still needs to be done.

How to use the Gantt chart 

As mentioned above, one of the most effective ways to go about the visualization of a project milestone is the use of a Gantt chart. A Gantt chart is a chart that uses horizontal bars as a representation of the project timeline. The timeline goes on the horizontal axis, while the task is listed on the vertical axis. 

To create a Gantt chart, three types of data are needed. The first column contains all the tasks that are required to complete a project. In the next column, you can input the deadline for each of these tasks. In the third column, you could go as far as including a percentage tracker, to measure the progress of each task. 

By using a Gantt chart, you get to see all the steps you need to complete each project milestone. The Gantt chart also shows dependencies between milestones, which you will have identified before.

For each milestone and task, you create a bar chart to display the start and end date. Also, to make it more appealing, you can use colors to represent different milestones, major tasks and also team responsibilities in the project. Gantt charts increase transparency, help the entire project team to visualize the progress of the project and see who each milestone is assigned to.

How to use project milestones effectively 

Although milestone planning can be useful in keeping a project on track and keeping employees motivated, project managers must know how to use them to make sure they are effective. Here are some things to keep in mind when implementing milestones in your project planning.

Because milestones can work as a motivational technique, the project manager may have the tendency to overuse them. They do this by identifying tasks and other less significant goals as milestones. This frequency of use can make meeting milestones seem more commonplace and can actually cause workers to become less motivated overall.

Be sure to limit milestones to goals that can be considered junctions on a critical path and important deliverables.

While it is important not to present milestones too frequently, it is also important not to space them too far apart. This will cause your staff to lose momentum and motivation. Ideally, try to space milestones so they land approximately two weeks from each other.

When establishing milestones, all workers should be on the same page. The project manager should be sure that their team is aware of each milestone, by distributing the necessary charts or spreadsheets to each team member and keeping them displayed prominently in the workplace.

Accountability

Every member of your team must realize the importance of meeting milestones in a timely fashion. If they are unable to do so, this is an issue that needs to be addressed immediately. If your team is unable to meet a milestone by its due date, a discussion should be held as to why this happened and what can be done to increase productivity in the future.

Fallibility

Not every milestone will be met with success, and that’s okay. In fact, it’s a good idea for the project manager to create milestones that may be more difficult to meet and may end up in failure. This can provide a learning experience for workers and give them something to aim for in the future.

Conclusion 

Project milestones can seem very overwhelming sometimes, but taking the time to understand the logic behind the use of these milestones makes project management easier. By creating project milestones, you successfully split the project into smaller stages and tasks that can be distributed among the members of the team. 

Project milestones make the completion of a project easier and more organized. To use project milestones well, you have to ensure timing, accountability, frequency and all other factors are considered. Project milestones are a game-changer for successful projects. 

Muriel Skusa

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Foundation succession planning: a simple blueprint for smooth transitions.

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Philanthropic Succession Planning

In philanthropy, just as in business, the strategic foresight to plan for leadership succession is not just wise; it's imperative . Ensuring that a foundation or philanthropic organization can continue to function effectively and pursue its mission amidst leadership changes requires a proactive approach to foundation succession planning. By embedding thoughtful planning into the fabric of your organization, you can safeguard your foundation’s future, honor its legacy, and enhance its impact.

While the idea of philanthropic succession planning may seem daunting, it can be much simpler than you might expect. Many philanthropic leaders hesitate, fearing a complex and time-consuming process. But with a clear and straightforward approach, creating an effective succession plan is well within reach. You might be wondering, “What should a succession plan include?” and “What are the critical steps to succession planning?” Below is a six-step Simplified Succession Plan that demystifies the process and guides you through setting up a succession strategy that is practical, effective, and SIMPLE.

SIMPLE Steps to Succession Planning

S: Start with a Vision

Imagine your philanthropic organization a few years from now, having navigated a leadership transition so smoothly that it has become a case study in effective foundation succession planning. The new executive director has hit the ground running, or perhaps the next generation has smoothly assumed their roles. Long-serving board members have retired gracefully, their positions now filled by dynamic and capable successors. The foundation is more effective, vibrant, and aligned with its mission than ever before. This success story begins today, with a clear vision of what the transition should look like. Bringing your team together to visualize success is more than a daydream—it’s a strategic tool. Craft this vision with clarity and let it guide you as you create your philanthropy succession plan.

I: Identify the Essentials

Understanding where you are now and what needs to change to achieve your vision is crucial. Evaluate your current leadership structures, staff roles, and operational systems. Are there gaps that need to be filled? Do certain processes or roles need to be redefined or enhanced? You will want to consider all aspects of your foundation, such as grants management, investments, governance, and organizational culture. This step is about pinpointing what must be true for your envisioned future to become a reality. It involves assessing your philanthropic organization’s readiness for transition and identifying both organizational strengths to build on and weaknesses to address. This might include developing leadership within or preparing to attract external talent to key positions.

M: Map Out Critical Success Factors

With a clear understanding of what needs to be true, focus next on the critical success factors that will make the transition successful. These are the elements or changes that will have the most significant impact on your foundation’s ability to manage a smooth leadership transition. It could be refreshing your strategic plan, establishing term limits for board members, or even terminating a toxic employee. Select a few key areas and dedicate focused efforts towards these. When I facilitate succession planning, I often ask my philanthropic clients, “What is the 20 percent of effort that will drive 80 percent of your results?” Prioritizing effectively will help concentrate your resources on high-impact strategies that facilitate a seamless transition.

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Apple ipad 2024 release date: your final, complete guide to what and when, katy perry met gala dresses go viral but they re ai fakes, p: prepare and document your plan.

Convert your strategic insights into a documented foundation succession plan that outlines each step of the succession process. This document should serve as a blueprint for the transition, detailing actions, responsible parties, timelines, and expected outcomes. It should address the creation, improvement, maintenance, or elimination of policies and practices that will support the transition. By clearly articulating this plan, you provide your team with the direction and details necessary to execute the transition smoothly and effectively.

L: Leverage Organizational Strengths

In times of change, it’s vital to leverage your organization's strengths. Whether it’s your foundation’s reputation, its operational efficiency, or its deep community connections, these assets are invaluable during transitions. Identify and emphasize these strengths in your planning to ensure they are preserved and utilized throughout the succession process. For example, if your foundation is known for its innovative grantmaking and commitment to racial equity, document this in your foundation succession plan and ensure that this remains a focal point during the transition.

E: Execute and Iterate

Finally, the best-laid plans must be put into action to be effective. Begin implementing your foundation’s succession plan immediately. Even if a transition is not expected for many years, succession plan implementation will strengthen your foundation. Early action also tests the plan’s viability and allows time for adjustments and refinements. Ensure that roles and responsibilities are clearly defined and that there are mechanisms in place to monitor progress and make necessary adjustments. Regularly revisiting and revising the plan based on real-world experiences and feedback ensures that it remains relevant and effective.

For leaders and trustees , prioritizing philanthropic succession planning is crucial. It ensures that your foundation remains robust and ready to face the future, regardless of changes in leadership. Spend time now learning about effective approaches to philanthropic succession planning . By anticipating changes and planning for them proactively, you safeguard the mission you are passionate about and ensure that your foundation continues to make a meaningful impact. Remember, the time to plan for tomorrow’s success is today—your legacy and your foundation’s future depend on it.

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