Business Coach

As your company’s founder, if you think in terms of milestone events, it can help you organize your activities and your available resources into a logical sequence of steps or stages. In your role as a manager, milestone-based thinking helps you understand the priorities at each stage of your company’s development, operations, and growth. Externally, milestone-based thinking helps you communicate to potential funders what you are attempting to do, why it is important, and how each activity relates to the required level of funding and to the likely payoff.


Milestone events
Milestone 1 Proof-of-concept demonstration	Brief description of a major event that has already occurred	Brief description of the impact or significance of achieving this Milestone	Resources (or other kinds of input or collaboration) associated with achieving this Milestone	Month 200X
Milestone 2 Competitive analysis; assessment of proprietary rights	Brief description of a major event that has already occurred	Brief description of the impact or significance of achieving this Milestone	Resources (or other kinds of input or collaboration) associated with achieving this Milestone	Month 200X
Milestone 3 Planning for commercial development and applications	Brief description of a specific activity that is currently underway	Brief description of the impact or significance of achieving this Milestone	Resources (or other kinds of input or collaboration) associated with achieving this Milestone	Month 200X to Month 200X (either “ongoing” or “current”)
Milestone 4 Key words only	Brief description of specific activities required for Milestone	Describe the significance of achieving this Milestone	Resources associated with achieving this Milestone	Month 200X
Milestone 5 Key words only	Brief description of specific activities required for Milestone	Describe the significance of achieving this Milestone	Resources associated with achieving this Milestone	XX months following funding
Milestone X Key words only	Brief description of specific activities required for Milestone	Describe the significance of achieving this Milestone	Resources associated with achieving this Milestone	XX months following funding

Do It Yourself. You will see that this side is filled out illustratively. The other side is blank and ready for you to break down your own venture into significant phases, each of which is consummated by the achievement of an important milestone event.

On the other side, start by going to the third line (the line which is captioned "Milestone 3"). Describe your current situation, i.e., what you are now working to achieve, how you are doing it, its likely significance to the overall success of the venture, the resources you are using, and the beginning date (which is known) and the ending date (your best educated guess) which are associated with the ultimate achievement of this particular milestone. Next, go up above this "current" line of activity and describe the two "most major" prior milestone events that you have already achieved. Finally, using the same format, please fill in the lines for Milestones 4, 5, 6, and 7 and their respective activities, significance to the value and/or ultimate success of the venture, your resource requirements, and the likely timing. That's it. Simple, huh?