Important Business Milestones and Goals for Every Entrepreneur + Examples
What is a milestone in business planning? Setting a business goal is a well-known factor and a common practice in any organization. The only problem is that too many entrepreneurs do it the wrong way while some don’t even do it at all. The thing is, if you have a clear idea of where you want to go, it will be very easy to evaluate if you are on the right track or not.
What is a milestone for a start-up business? What does milestone mean in business? Success in business starts with setting goals. An effective business goal put your business on the road to success. If you have not mapped out any milestones or goals for your business, you will need to read this post till the end so you can learn how to do that.
In this post, I will be sharing with you how you as an entrepreneur can map out business milestones or goals for your business. After going through this post, you will be equipped on how to map out business milestones or goals for your business.
So, I want you to go grab a notepad as you relax with a cup of coffee or juice (depending on when you are reading the post).
How can I make my business different? What is your milestone?
Here, let’s get into it.
- The Big Picture
You need to look at the big picture for your business goal. You need to be able to envision where your business will be 5 years from now.
- What are your business goals?
- Why are they so important?
- How long will it take you to achieve them?
- What is the big win when you achieve them?
- How will you know when you have achieved them?
Your business must be so emotional that you keep thinking about them every day. Be detailed with your answers. The more detailed, the better. Most times entrepreneurs map out goals that they end up not achieving because the goals were not really important to them.
You have to have a clear picture of why your goals are important to you. Aside from that, make sure your goals are clear and specific so you can know when you have reached them. This is one of the best examples of milestones in a business plan.
- Commit to your Goals
After mapping out your business goals, you will need to commit to them to make sure they are actualized. Do not procrastinate about your decisions, as this will only delay the process.
Make a list of activities you will need to do to get your goals reached. Don’t put your mind too much on how you will get each one done. Just focus on the activities. Make a list of 2 to 3 things that you can do immediately that can move you steps closer to your goal and go for them.
Dedicate yourself to doing 2 to 3 activities each day before going to bed. If you can do more, that would be great. If you can take good care of the smaller goals, the big ones won’t be that big again.
The one reasons why most business owners don’t reach success with their business goals is because they focus too much on the big picture and think about how overwhelming the goals are.
After you must have made a list of activities in getting your goals reached, you will need to create a checklist so as to keep you on track.
No matter what, each milestone will require a specific amount of money to get it done. Business startup milestones or goals without funding are just simply wishful thinking.
If possible, set a budget for each goal so that you can get access to the resources that can help you along the way in getting the goal reached.
For example, if your goal is to increase your sales to a $100,000 a month, you will need to assign a budget to your sales team so they can use it for advertisement and logistics.
- Appoint a Manager for Each Milestone or Goal
One best way to getting your goals achieved is by appointing a manager for each of the goals. If you are a business owner with many staff, you can appoint one of them to manage one of the goals you know he or she can handle.
If possible, you can appoint each goal to each staff to test if they can be responsible. This will give you a go-to person to check in with.
If you are self-employed, you will have to manage your goals yourself to get them reached. No one can be that serious to help you when they are not getting anything in return.
- Set a Deadline for Each Goal or Milestone
Each of your small business milestones must have a deadline if you want them achieved. Setting a deadline for each goal motivate you to want to get them achieved.
If you do not set a deadline, your goal won’t be achieved. It will fail. Not setting a deadline for your goals just go to show that you are uncommitted in reaching them. Set a reasonable date that is not too aggressive, but also not too far away.
Following the steps explained above on your next milestone or goal will really help you do it right. You will feel less overwhelmed and see more progress each and every day. So what is your next milestone in this business and how long will it take you to reach it?