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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.

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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

ideas to numbers .. simple financial projections

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 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.

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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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How to make a business plan

Table of Contents

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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How to write a business plan (with template)

We all know that as a product manager you’re also the CEO of the product. While you own the product backlog, you’re also responsible for expanding the product and adding new features to increase value for users and the business. Whether you work in a start-up or are a PM in a large organization, creating a business plan is crucial before pitching in any new idea.

What is a business plan?

A business plan is a comprehensive document that outlines the problem, the solution, market outreach possibilities, potential threats, a clear goal, and a measurable return on investment with a year-on-year growth strategy.

Significance of a business plan

All product organizations have started seeing the importance of a business plan before approving a new product idea. A good business plan has numerous benefits, the most fundamental being an opportunity to think through the idea before investing time and resources.

The following are the key traits of a good business plan.

Clarity of vision

Taking the time to write down an idea can bring greater clarity to your vision. It allows you to better understand the problem at hand and reveal all possible solutions. This is because writing forces you to slow down and think everything through, resulting in a more evident thought process.

Strategic guidance

When creating a business plan, including financial projections and forecasts is useful. This helps develop a strategic plan by considering marketing strategies, launch plans, development costs, and expected return on investment. However, conducting proper research and due diligence is crucial to ensure that the predictions are as accurate as possible. This process can lead to gaining more insights, taking necessary steps beforehand, and fostering collaboration.

Risk management

A business plan is crucial as it allows you to identify potential risks beforehand. As part of creating a business plan, conducting a competitor analysis, identifying your target market, performing a SWOT analysis (focusing on strengths, weaknesses, opportunities, and threats), and determining your unique selling points is essential. By analyzing these factors, you can gain valuable insights into potential risks and market trends and create an effective risk management plan to ensure success.

Operational planning

While creating a business plan, it becomes essential to forecast, plan milestones, and produce a roadmap. This involves looking into the development timeline, launch plan, and marketing strategies. By doing so, you can outline an operational plan and calculate the resources required to complete the project within a specified deadline. Measuring the rollout plan and determining the appropriate launch plan is crucial.

Measurable objectives and milestones

In addition to a roadmap and milestones, it’s essential to provide critical metrics to measure success. This will help product teams clearly understand the overall roadmap and milestones and ensure that the key results are defined to determine if the product is successful.

Components of a business plan

The business plan will look different for different products depending on the business, product area, and other factors. Still, a few common elements must be a part of each business plan.

Problem statement

Defining the problem in the right way is the most crucial thing. While defining the problem, always consider backing up the claims by data. Use surveys and user testimonies to construct the problem statement in the most relatable manner:

Solution description / mission statement

When presenting a solution, it’s important to avoid using technical jargon and instead describe it in a way that’s easy to understand for anyone, regardless of their technical background. If specific technical details need to be included, put them in an appendix for those who want to read more.

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Creating a clear mission statement outlining what you aim to achieve with your solution is also essential. Avoid using vague language and be as specific and straightforward as possible. The more specific your goal, the better.

Market analysis

This section requires a comprehensive and detailed analysis of various aspects crucial to any product’s success in the market. The four main areas addressed are product-market fit , target customers, total market share, and unique selling proposition (USP).

Product-market fit is about identifying the gap that exists in the market and how your product can bridge that gap.

Defining target customers includes understanding their demographics, behavior, preferences, and needs. It’s also essential to identify any secondary customer base that can be targeted, which can help expand the product’s reach and appeal:

Total market share, or the total available market, refers to the overall revenue opportunity available for a product or service if 100 percent market share is achieved. It gives a clear idea of the scope of expansion for the product after launch.

Unique selling proposition (USP) is a critical aspect of any product’s success that defines why customers should choose your product over others. It’s what sets your product apart from the competition and makes it stand out. Identifying and promoting your USP can help to differentiate your product and create a sense of confidence among sponsors.

Competitor analysis

When analyzing competitors, people tend only to consider direct competitors. However, a great product stands out by taking customers away from even indirect competitors. For example, TikTok and Reels are taking up viewership time that Netflix and other streaming services previously held. Therefore, Netflix’s competitors are not limited to other streaming services but include other platforms providing quick and engaging content:

Projection and forecast

Creating a comprehensive and effective business plan, including a detailed projection of operational costs and a sales and revenue generation forecast is crucial. You can enhance the plan by providing a summarized version of the roadmap and revenue plan and giving sponsors a quick overview of the expected development time, launch dates, and other essential details. Doing so can ensure that your business plan is constructive and comprehensive, in turn laying out a clear path to success.

This is a section of the business plan where you can finally reveal your expectations towards the sponsor or the investors. You have established a business model and the effect of your product. Now, it’s time to be clear and specific about the investment required to reach the goal, including the expected time frame.

The aim is to clearly outline the expected returns so that any potential sponsor or investor can decide whether the opportunity aligns with their goals. This is a mutually beneficial partnership; you can establish a foundation for a good relationship with transparency.

Business plan template

Here’s a one-pager template for a business plan that suits most products:

Here you can find the full PPT template for the business plan, including all the components.

Final thoughts

A business plan is a crucial document that outlines the entire product lifecycle from inception to launch. It aims to align stakeholders, minimize uncertainties, and increase the likelihood of product success in the market. Effective business plans are those that demonstrate a compelling opportunity backed by thorough research and a clear strategy for execution and growth.

These templates can make your next pitch easier!

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One Reply to "How to write a business plan (with template)"

The article provides a good starting point for anyone who is looking to write a business plan. It covers the essential components of a business plan and offers some helpful tips on how to write a clear and concise plan.

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How to Write a Business Plan: Step-by-Step Guide + Examples

Noah Parsons

24 min. read

Updated May 7, 2024

Writing a business plan doesn’t have to be complicated. 

In this step-by-step guide, you’ll learn how to write a business plan that’s detailed enough to impress bankers and potential investors, while giving you the tools to start, run, and grow a successful business.

• The basics of business planning

If you’re reading this guide, then you already know why you need a business plan . 

You understand that planning helps you: 

• Raise money
• Grow strategically
• Keep your business on the right track 

As you start to write your plan, it’s useful to zoom out and remember what a business plan is .

At its core, a business plan is an overview of the products and services you sell, and the customers that you sell to. It explains your business strategy: how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

Most business plans also include financial forecasts for the future. These set sales goals, budget for expenses, and predict profits and cash flow. 

A good business plan is much more than just a document that you write once and forget about. It’s also a guide that helps you outline and achieve your goals. 

After completing your plan, you can use it as a management tool to track your progress toward your goals. Updating and adjusting your forecasts and budgets as you go is one of the most important steps you can take to run a healthier, smarter business. 

We’ll dive into how to use your plan later in this article.

There are many different types of plans , but we’ll go over the most common type here, which includes everything you need for an investor-ready plan. However, if you’re just starting out and are looking for something simpler—I recommend starting with a one-page business plan . It’s faster and easier to create. 

It’s also the perfect place to start if you’re just figuring out your idea, or need a simple strategic plan to use inside your business.

Dig deeper : How to write a one-page business plan

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• What to include in your business plan

Executive summary

The executive summary is an overview of your business and your plans. It comes first in your plan and is ideally just one to two pages. Most people write it last because it’s a summary of the complete business plan.

Ideally, the executive summary can act as a stand-alone document that covers the highlights of your detailed plan. 

In fact, it’s common for investors to ask only for the executive summary when evaluating your business. If they like what they see in the executive summary, they’ll often follow up with a request for a complete plan, a pitch presentation , or more in-depth financial forecasts .

Your executive summary should include:

• A summary of the problem you are solving
• A description of your product or service
• An overview of your target market
• A brief description of your team
• A summary of your financials
• Your funding requirements (if you are raising money)

Dig Deeper: How to write an effective executive summary

Products and services description

This is where you describe exactly what you’re selling, and how it solves a problem for your target market. The best way to organize this part of your plan is to start by describing the problem that exists for your customers. After that, you can describe how you plan to solve that problem with your product or service. 

This is usually called a problem and solution statement .

To truly showcase the value of your products and services, you need to craft a compelling narrative around your offerings. How will your product or service transform your customers’ lives or jobs? A strong narrative will draw in your readers.

This is also the part of the business plan to discuss any competitive advantages you may have, like specific intellectual property or patents that protect your product. If you have any initial sales, contracts, or other evidence that your product or service is likely to sell, include that information as well. It will show that your idea has traction , which can help convince readers that your plan has a high chance of success.

Market analysis

Your target market is a description of the type of people that you plan to sell to. You might even have multiple target markets, depending on your business. 

A market analysis is the part of your plan where you bring together all of the information you know about your target market. Basically, it’s a thorough description of who your customers are and why they need what you’re selling. You’ll also include information about the growth of your market and your industry .

Try to be as specific as possible when you describe your market. 

Include information such as age, income level, and location—these are what’s called “demographics.” If you can, also describe your market’s interests and habits as they relate to your business—these are “psychographics.” 

Related: Target market examples

Essentially, you want to include any knowledge you have about your customers that is relevant to how your product or service is right for them. With a solid target market, it will be easier to create a sales and marketing plan that will reach your customers. That’s because you know who they are, what they like to do, and the best ways to reach them.

Next, provide any additional information you have about your market. 

What is the size of your market ? Is the market growing or shrinking? Ideally, you’ll want to demonstrate that your market is growing over time, and also explain how your business is positioned to take advantage of any expected changes in your industry.

Dig Deeper: Learn how to write a market analysis

Competitive analysis

Part of defining your business opportunity is determining what your competitive advantage is. To do this effectively, you need to know as much about your competitors as your target customers. 

Every business has some form of competition. If you don’t think you have competitors, then explore what alternatives there are in the market for your product or service. 

For example: In the early years of cars, their main competition was horses. For social media, the early competition was reading books, watching TV, and talking on the phone.

A good competitive analysis fully lays out the competitive landscape and then explains how your business is different. Maybe your products are better made, or cheaper, or your customer service is superior. Maybe your competitive advantage is your location – a wide variety of factors can ultimately give you an advantage.

Dig Deeper: How to write a competitive analysis for your business plan

Marketing and sales plan

The marketing and sales plan covers how you will position your product or service in the market, the marketing channels and messaging you will use, and your sales tactics. 

The best place to start with a marketing plan is with a positioning statement . 

This explains how your business fits into the overall market, and how you will explain the advantages of your product or service to customers. You’ll use the information from your competitive analysis to help you with your positioning. 

For example: You might position your company as the premium, most expensive but the highest quality option in the market. Or your positioning might focus on being locally owned and that shoppers support the local economy by buying your products.

Once you understand your positioning, you’ll bring this together with the information about your target market to create your marketing strategy . 

This is how you plan to communicate your message to potential customers. Depending on who your customers are and how they purchase products like yours, you might use many different strategies, from social media advertising to creating a podcast. Your marketing plan is all about how your customers discover who you are and why they should consider your products and services. 

While your marketing plan is about reaching your customers—your sales plan will describe the actual sales process once a customer has decided that they’re interested in what you have to offer. 

If your business requires salespeople and a long sales process, describe that in this section. If your customers can “self-serve” and just make purchases quickly on your website, describe that process. 

A good sales plan picks up where your marketing plan leaves off. The marketing plan brings customers in the door and the sales plan is how you close the deal.

Together, these specific plans paint a picture of how you will connect with your target audience, and how you will turn them into paying customers.

Dig deeper: What to include in your sales and marketing plan

Business operations

The operations section describes the necessary requirements for your business to run smoothly. It’s where you talk about how your business works and what day-to-day operations look like. 

Depending on how your business is structured, your operations plan may include elements of the business like:

• Supply chain management
• Manufacturing processes
• Equipment and technology
• Distribution

Some businesses distribute their products and reach their customers through large retailers like Amazon.com, Walmart, Target, and grocery store chains. 

These businesses should review how this part of their business works. The plan should discuss the logistics and costs of getting products onto store shelves and any potential hurdles the business may have to overcome.

If your business is much simpler than this, that’s OK. This section of your business plan can be either extremely short or more detailed, depending on the type of business you are building.

For businesses selling services, such as physical therapy or online software, you can use this section to describe the technology you’ll leverage, what goes into your service, and who you will partner with to deliver your services.

Dig Deeper: Learn how to write the operations chapter of your plan

Key milestones and metrics

Although it’s not required to complete your business plan, mapping out key business milestones and the metrics can be incredibly useful for measuring your success.

Good milestones clearly lay out the parameters of the task and set expectations for their execution. You’ll want to include:

• A description of each task
• The proposed due date
• Who is responsible for each task

If you have a budget, you can include projected costs to hit each milestone. You don’t need extensive project planning in this section—just list key milestones you want to hit and when you plan to hit them. This is your overall business roadmap. 

Possible milestones might be:

• Website launch date
• Store or office opening date
• First significant sales
• Break even date
• Business licenses and approvals

You should also discuss the key numbers you will track to determine your success. Some common metrics worth tracking include:

• Conversion rates
• Customer acquisition costs
• Profit per customer
• Repeat purchases

It’s perfectly fine to start with just a few metrics and grow the number you are tracking over time. You also may find that some metrics simply aren’t relevant to your business and can narrow down what you’re tracking.

Dig Deeper: How to use milestones in your business plan

Organization and management team

Investors don’t just look for great ideas—they want to find great teams. Use this chapter to describe your current team and who you need to hire . You should also provide a quick overview of your location and history if you’re already up and running.

Briefly highlight the relevant experiences of each key team member in the company. It’s important to make the case for why yours is the right team to turn an idea into a reality. 

Do they have the right industry experience and background? Have members of the team had entrepreneurial successes before? 

If you still need to hire key team members, that’s OK. Just note those gaps in this section.

Your company overview should also include a summary of your company’s current business structure . The most common business structures include:

• Sole proprietor
• Partnership

Be sure to provide an overview of how the business is owned as well. Does each business partner own an equal portion of the business? How is ownership divided? 

Potential lenders and investors will want to know the structure of the business before they will consider a loan or investment.

Dig Deeper: How to write about your company structure and team

Financial plan

Last, but certainly not least, is your financial plan chapter. 

Entrepreneurs often find this section the most daunting. But, business financials for most startups are less complicated than you think, and a business degree is certainly not required to build a solid financial forecast. 

A typical financial forecast in a business plan includes the following:

• Sales forecast : An estimate of the sales expected over a given period. You’ll break down your forecast into the key revenue streams that you expect to have.
• Expense budget : Your planned spending such as personnel costs , marketing expenses, and taxes.
• Profit & Loss : Brings together your sales and expenses and helps you calculate planned profits.
• Cash Flow : Shows how cash moves into and out of your business. It can predict how much cash you’ll have on hand at any given point in the future.
• Balance Sheet : A list of the assets, liabilities, and equity in your company. In short, it provides an overview of the financial health of your business. 

A strong business plan will include a description of assumptions about the future, and potential risks that could impact the financial plan. Including those will be especially important if you’re writing a business plan to pursue a loan or other investment.

Dig Deeper: How to create financial forecasts and budgets

This is the place for additional data, charts, or other information that supports your plan.

Including an appendix can significantly enhance the credibility of your plan by showing readers that you’ve thoroughly considered the details of your business idea, and are backing your ideas up with solid data.

Just remember that the information in the appendix is meant to be supplementary. Your business plan should stand on its own, even if the reader skips this section.

Dig Deeper : What to include in your business plan appendix

Optional: Business plan cover page

Adding a business plan cover page can make your plan, and by extension your business, seem more professional in the eyes of potential investors, lenders, and partners. It serves as the introduction to your document and provides necessary contact information for stakeholders to reference.

Your cover page should be simple and include:

• Company logo
• Business name
• Value proposition (optional)
• Business plan title
• Completion and/or update date
• Address and contact information
• Confidentiality statement

Just remember, the cover page is optional. If you decide to include it, keep it very simple and only spend a short amount of time putting it together.

Dig Deeper: How to create a business plan cover page

How to use AI to help write your business plan

Generative AI tools such as ChatGPT can speed up the business plan writing process and help you think through concepts like market segmentation and competition. These tools are especially useful for taking ideas that you provide and converting them into polished text for your business plan.

The best way to use AI for your business plan is to leverage it as a collaborator , not a replacement for human creative thinking and ingenuity. 

AI can come up with lots of ideas and act as a brainstorming partner. It’s up to you to filter through those ideas and figure out which ones are realistic enough to resonate with your customers. 

There are pros and cons of using AI to help with your business plan . So, spend some time understanding how it can be most helpful before just outsourcing the job to AI.

Learn more: 10 AI prompts you need to write a business plan

• Writing tips and strategies

To help streamline the business plan writing process, here are a few tips and key questions to answer to make sure you get the most out of your plan and avoid common mistakes .  

Determine why you are writing a business plan

Knowing why you are writing a business plan will determine your approach to your planning project. 

For example: If you are writing a business plan for yourself, or just to use inside your own business , you can probably skip the section about your team and organizational structure. 

If you’re raising money, you’ll want to spend more time explaining why you’re looking to raise the funds and exactly how you will use them.

Regardless of how you intend to use your business plan , think about why you are writing and what you’re trying to get out of the process before you begin.

Keep things concise

Probably the most important tip is to keep your business plan short and simple. There are no prizes for long business plans . The longer your plan is, the less likely people are to read it. 

So focus on trimming things down to the essentials your readers need to know. Skip the extended, wordy descriptions and instead focus on creating a plan that is easy to read —using bullets and short sentences whenever possible.

Have someone review your business plan

Writing a business plan in a vacuum is never a good idea. Sometimes it’s helpful to zoom out and check if your plan makes sense to someone else. You also want to make sure that it’s easy to read and understand.

Don’t wait until your plan is “done” to get a second look. Start sharing your plan early, and find out from readers what questions your plan leaves unanswered. This early review cycle will help you spot shortcomings in your plan and address them quickly, rather than finding out about them right before you present your plan to a lender or investor.

If you need a more detailed review, you may want to explore hiring a professional plan writer to thoroughly examine it.

Use a free business plan template and business plan examples to get started

Knowing what information to include in a business plan is sometimes not quite enough. If you’re struggling to get started or need additional guidance, it may be worth using a business plan template. 

There are plenty of great options available (we’ve rounded up our 8 favorites to streamline your search).

But, if you’re looking for a free downloadable business plan template , you can get one right now; download the template used by more than 1 million businesses. 

Or, if you just want to see what a completed business plan looks like, check out our library of over 550 free business plan examples . 

We even have a growing list of industry business planning guides with tips for what to focus on depending on your business type.

Common pitfalls and how to avoid them

It’s easy to make mistakes when you’re writing your business plan. Some entrepreneurs get sucked into the writing and research process, and don’t focus enough on actually getting their business started. 

Here are a few common mistakes and how to avoid them:

Not talking to your customers : This is one of the most common mistakes. It’s easy to assume that your product or service is something that people want. Before you invest too much in your business and too much in the planning process, make sure you talk to your prospective customers and have a good understanding of their needs.

• Overly optimistic sales and profit forecasts: By nature, entrepreneurs are optimistic about the future. But it’s good to temper that optimism a little when you’re planning, and make sure your forecasts are grounded in reality. 
• Spending too much time planning: Yes, planning is crucial. But you also need to get out and talk to customers, build prototypes of your product and figure out if there’s a market for your idea. Make sure to balance planning with building.
• Not revising the plan: Planning is useful, but nothing ever goes exactly as planned. As you learn more about what’s working and what’s not—revise your plan, your budgets, and your revenue forecast. Doing so will provide a more realistic picture of where your business is going, and what your financial needs will be moving forward.
• Not using the plan to manage your business: A good business plan is a management tool. Don’t just write it and put it on the shelf to collect dust – use it to track your progress and help you reach your goals.
• Presenting your business plan

The planning process forces you to think through every aspect of your business and answer questions that you may not have thought of. That’s the real benefit of writing a business plan – the knowledge you gain about your business that you may not have been able to discover otherwise.

With all of this knowledge, you’re well prepared to convert your business plan into a pitch presentation to present your ideas. 

A pitch presentation is a summary of your plan, just hitting the highlights and key points. It’s the best way to present your business plan to investors and team members.

Dig Deeper: Learn what key slides should be included in your pitch deck

Use your business plan to manage your business

One of the biggest benefits of planning is that it gives you a tool to manage your business better. With a revenue forecast, expense budget, and projected cash flow, you know your targets and where you are headed.

And yet, nothing ever goes exactly as planned – it’s the nature of business.

That’s where using your plan as a management tool comes in. The key to leveraging it for your business is to review it periodically and compare your forecasts and projections to your actual results.

Start by setting up a regular time to review the plan – a monthly review is a good starting point. During this review, answer questions like:

• Did you meet your sales goals?
• Is spending following your budget?
• Has anything gone differently than what you expected?

Now that you see whether you’re meeting your goals or are off track, you can make adjustments and set new targets. 

Maybe you’re exceeding your sales goals and should set new, more aggressive goals. In that case, maybe you should also explore more spending or hiring more employees. 

Or maybe expenses are rising faster than you projected. If that’s the case, you would need to look at where you can cut costs.

A plan, and a method for comparing your plan to your actual results , is the tool you need to steer your business toward success.

Learn More: How to run a regular plan review

Free business plan templates and examples

Kickstart your business plan writing with one of our free business plan templates or recommended tools.

Free business plan template

Download a free SBA-approved business plan template built for small businesses and startups.

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One-page plan template

Download a free one-page plan template to write a useful business plan in as little as 30-minutes.

Sample business plan library

Explore over 500 real-world business plan examples from a wide variety of industries.

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How to write a business plan FAQ

What is a business plan?

A document that describes your business , the products and services you sell, and the customers that you sell to. It explains your business strategy, how you’re going to build and grow your business, what your marketing strategy is, and who your competitors are.

What are the benefits of a business plan?

A business plan helps you understand where you want to go with your business and what it will take to get there. It reduces your overall risk, helps you uncover your business’s potential, attracts investors, and identifies areas for growth.

Having a business plan ultimately makes you more confident as a business owner and more likely to succeed for a longer period of time.

What are the 7 steps of a business plan?

The seven steps to writing a business plan include:

• Write a brief executive summary
• Describe your products and services.
• Conduct market research and compile data into a cohesive market analysis.
• Describe your marketing and sales strategy.
• Outline your organizational structure and management team.
• Develop financial projections for sales, revenue, and cash flow.
• Add any additional documents to your appendix.

What are the 5 most common business plan mistakes?

There are plenty of mistakes that can be made when writing a business plan. However, these are the 5 most common that you should do your best to avoid:

• 1. Not taking the planning process seriously.
• Having unrealistic financial projections or incomplete financial information.
• Inconsistent information or simple mistakes.
• Failing to establish a sound business model.
• Not having a defined purpose for your business plan.

What questions should be answered in a business plan?

Writing a business plan is all about asking yourself questions about your business and being able to answer them through the planning process. You’ll likely be asking dozens and dozens of questions for each section of your plan.

However, these are the key questions you should ask and answer with your business plan:

• How will your business make money?
• Is there a need for your product or service?
• Who are your customers?
• How are you different from the competition?
• How will you reach your customers?
• How will you measure success?

How long should a business plan be?

The length of your business plan fully depends on what you intend to do with it. From the SBA and traditional lender point of view, a business plan needs to be whatever length necessary to fully explain your business. This means that you prove the viability of your business, show that you understand the market, and have a detailed strategy in place.

If you intend to use your business plan for internal management purposes, you don’t necessarily need a full 25-50 page business plan. Instead, you can start with a one-page plan to get all of the necessary information in place.

What are the different types of business plans?

While all business plans cover similar categories, the style and function fully depend on how you intend to use your plan. Here are a few common business plan types worth considering.

Traditional business plan: The tried-and-true traditional business plan is a formal document meant to be used when applying for funding or pitching to investors. This type of business plan follows the outline above and can be anywhere from 10-50 pages depending on the amount of detail included, the complexity of your business, and what you include in your appendix.

Business model canvas: The business model canvas is a one-page template designed to demystify the business planning process. It removes the need for a traditional, copy-heavy business plan, in favor of a single-page outline that can help you and outside parties better explore your business idea.

One-page business plan: This format is a simplified version of the traditional plan that focuses on the core aspects of your business. You’ll typically stick with bullet points and single sentences. It’s most useful for those exploring ideas, needing to validate their business model, or who need an internal plan to help them run and manage their business.

Lean Plan: The Lean Plan is less of a specific document type and more of a methodology. It takes the simplicity and styling of the one-page business plan and turns it into a process for you to continuously plan, test, review, refine, and take action based on performance. It’s faster, keeps your plan concise, and ensures that your plan is always up-to-date.

What’s the difference between a business plan and a strategic plan?

A business plan covers the “who” and “what” of your business. It explains what your business is doing right now and how it functions. The strategic plan explores long-term goals and explains “how” the business will get there. It encourages you to look more intently toward the future and how you will achieve your vision.

However, when approached correctly, your business plan can actually function as a strategic plan as well. If kept lean, you can define your business, outline strategic steps, and track ongoing operations all with a single plan.

Noah is the COO at Palo Alto Software, makers of the online business plan app LivePlan. He started his career at Yahoo! and then helped start the user review site Epinions.com. From there he started a software distribution business in the UK before coming to Palo Alto Software to run the marketing and product teams.

Table of Contents

• Use AI to help write your plan
• Common planning mistakes
• Manage with your business plan
• Templates and examples

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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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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.

I am the text that will be copied.

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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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.

Get in Touch

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Contact Noirwolf Consulting today using the website contact form or by emailing [email protected] or call us at +44 113 328 0868.

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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.

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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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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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Home > Business > Business Startup

How To Write a Business Plan

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Starting a business is a wild ride, and a solid business plan can be the key to keeping you on track. A business plan is essentially a roadmap for your business — outlining your goals, strategies, market analysis and financial projections. Not only will it guide your decision-making, a business plan can help you secure funding with a loan or from investors .

Writing a business plan can seem like a huge task, but taking it one step at a time can break the plan down into manageable milestones. Here is our step-by-step guide on how to write a business plan.

Table of contents

• Write your executive summary
• Do your market research homework
• Set your business goals and objectives
• Plan your business strategy
• Describe your product or service
• Crunch the numbers
• Finalize your business plan

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Step 1: Write your executive summary

Though this will be the first page of your business plan , we recommend you actually write the executive summary last. That’s because an executive summary highlights what’s to come in the business plan but in a more condensed fashion.

An executive summary gives stakeholders who are reading your business plan the key points quickly without having to comb through pages and pages. Be sure to cover each successive point in a concise manner, and include as much data as necessary to support your claims.

You’ll cover other things too, but answer these basic questions in your executive summary:

• Idea: What’s your business concept? What problem does your business solve? What are your business goals?
• Product: What’s your product/service and how is it different?
• Market: Who’s your audience? How will you reach customers?
• Finance: How much will your idea cost? And if you’re seeking funding, how much money do you need? How much do you expect to earn? If you’ve already started, where is your revenue at now?

Step 2: Do your market research homework

The next step in writing a business plan is to conduct market research . This involves gathering information about your target market (or customer persona), your competition, and the industry as a whole. You can use a variety of research methods such as surveys, focus groups, and online research to gather this information. Your method may be formal or more casual, just make sure that you’re getting good data back.

This research will help you to understand the needs of your target market and the potential demand for your product or service—essential aspects of starting and growing a successful business.

Step 3: Set your business goals and objectives

Once you’ve completed your market research, you can begin to define your business goals and objectives. What is the problem you want to solve? What’s your vision for the future? Where do you want to be in a year from now?

Use this step to decide what you want to achieve with your business, both in the short and long term. Try to set SMART goals—specific, measurable, achievable, relevant, and time-bound benchmarks—that will help you to stay focused and motivated as you build your business.

Step 4: Plan your business strategy

Your business strategy is how you plan to reach your goals and objectives. This includes details on positioning your product or service, marketing and sales strategies, operational plans, and the organizational structure of your small business.

Make sure to include key roles and responsibilities for each team member if you’re in a business entity with multiple people.

Step 5: Describe your product or service

In this section, get into the nitty-gritty of your product or service. Go into depth regarding the features, benefits, target market, and any patents or proprietary tech you have. Make sure to paint a clear picture of what sets your product apart from the competition—and don’t forget to highlight any customer benefits.

Step 6: Crunch the numbers

Financial analysis is an essential part of your business plan. If you’re already in business that includes your profit and loss statement , cash flow statement and balance sheet .

These financial projections will give investors and lenders an understanding of the financial health of your business and the potential return on investment.

You may want to work with a financial professional to ensure your financial projections are realistic and accurate.

Step 7: Finalize your business plan

Once you’ve completed everything, it's time to finalize your business plan. This involves reviewing and editing your plan to ensure that it is clear, concise, and easy to understand.

You should also have someone else review your plan to get a fresh perspective and identify any areas that may need improvement. You could even work with a free SCORE mentor on your business plan or use a SCORE business plan template for more detailed guidance.

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The takeaway

Writing a business plan is an essential process for any forward-thinking entrepreneur or business owner. A business plan requires a lot of up-front research, planning, and attention to detail, but it’s worthwhile. Creating a comprehensive business plan can help you achieve your business goals and secure the funding you need.

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How to Create a Business Plan Timeline

Below you will learn what a business plan timeline is and where it belongs in your business plan.  

What is a Business Plan Timeline?

A business plan timeline lays out the key milestones you hope to achieve in your business and when you plan to accomplish them.   

The Importance of a Timeline

In running a business, it is very easy to get caught up in day-to-day activities and putting out fires. When you do this, unfortunately, it’s hard to grow your business. Having a timeline that lists your key goals forces you to spend time each day, week, and month to work on key growth initiatives.

Also, if you are seeking funding, investors and lenders need to understand these milestones and your projected dates for accomplishing them. This helps give them confidence that you will successfully execute your plan. 

Also, having a timeline helps you better prioritize your time and hire the right people at the right time.

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Where does the timeline go in the business plan.

The timeline belongs primarily in the Operations Plan of your business plan, however, you may include some highlights within the Executive Summary as well. 

Using the established key milestones you have created, you will now assign a timeframe to those milestones to show when you expect to reach each milestone. Remember, use historical data and be realistic in your timeline so that you can meet these goals.  

What Should Be Included in the Timeline?

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 ones are what I call “risk-mitigating milestones.” These are the milestones that help eliminate the risk of your company failing.

Some examples of “risk mitigating milestones” may include:

• Finding a location for your business, store, warehouse, etc.
• Getting the permits and licenses
• Building the facility/store
• Hiring and training staff
• New products and services introductions
• Store opening date
• Key employee hires
• Revenue milestones (date when sales exceed $X, when sales exceed $Y, etc.)
• Key partnerships executed
• Key customer contracts secured
• Key financial events (future funding rounds, IPO, etc.)

As an entrepreneur or small business owner, it is your job to identify your risk-mitigating milestones and prioritize them so that you can take steps each day toward the larger business goals.  

How to Create & Prioritize Your Milestone List

Create your detailed risk-mitigating milestone list first. The goal should be to list approximately six major milestones in the next year, five milestones in the following year, and so on for up to five years (so include two in year 5). 

You can use this as a “To Do” list and ensure you achieve your goals each day, week, and month, further developing your business strategy.

Next to each milestone, include the expected timeframe, due date, and the budget you will need to attain them. For example, you may want to launch a billboard marketing campaign over a 6-month period (Expected Due Date: 6/30/2022), and the expected cost is $18,000.

After you create your milestone list, you need to prioritize them. Decide on which milestones you should achieve with the initial funding if needed. Ideally, these will get you to the point where you are generating revenues or profits. This is because the ability to generate revenues significantly reduces the risk of your venture; as it proves to lenders and investors that customers want the products and/or services you are offering.

By setting up your milestones, you will figure out what you can accomplish for less money. And the fact is, the less money you need to raise, the easier it generally is to raise it (mainly because the easiest to raise money sources offer lower dollar amounts).  

How to Develop a Timeline For Your Business Plan

You’ve already completed the hard part. 

Now, it’s time to schedule your milestone list and convert it into a timeline format to give you a quick visual reference. Be sure that your timeline includes all the milestones that you’ve deemed a priority.

There are many businesses that prefer to develop Gantt charts, while others may prefer a calendar, Excel sheet, or another preferred format. Choose the format that works best for you.

There are several format options and platforms to choose from if you do a quick search for “ create a timeline online .” However, keep in mind that it’s not how pretty the timeline is, it’s about functionality and the ease of use to track the progress of all the tasks completed. 

Here are a couple of options:

Source: SlideTeam

This one-page timeline is a downloadable template that is clean and easy to read and follow. While it doesn’t have all the details on this one page, it has enough information to help business leaders understand if the team is on track.

Source: Office Timeline

This is a PowerPoint Presentation add-in that allows you to create a custom Gantt chart with your Microsoft Office account. While the chart above says a 5-year plan, note that they did not include the parts of the milestones beyond Year 1. This may be to reduce clutter and keep focused on the near-future goals. 

Source: GanttPro

This Gantt chart online platform offers another alternative allowing you to assign tasks to others on your team and monitor their progress all in one place. It also tracks the time to complete each task so that you can better schedule in the future for similar projects.

These are only a few of the platforms available online to create an amazing timeline for your business plan. In the beginning, it may be a lot of work to set up, but once you obtain the funding you are seeking, it’ll be well worth the time and effort.

By creating a timeline as early as possible in the business planning process, you can begin to establish realistic goals that can help improve day-to-day decision-making and boost confidence among current and potential stakeholders.

Other Helpful Business Plan Articles & Templates

Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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What Is a Milestone? 8 Examples for Better Project Management

Project plans are maps that chart the course of your projects. As you plan your project , you’ll begin to map out the tasks, dependencies, deadlines, and assignments.

But don’t forget a very important component of any project plan: milestones.

In this article, we’ll explain the meaning of a milestone in project management and share practical examples of project milestones you might use when planning a project of your own.

What is a milestone in project management?

Project milestones are checkpoints in your plan that mark important events, dates, decisions, and deliverables so it’s easy for your team and stakeholders to map forward progress on the project.

Milestones indicate a change in stage or development and act as signposts throughout the course of your project, helping you ensure everything stays on track. Without milestone tracking, you’re just monitoring tasks and not necessarily following the right path in your project.

Defining milestones vs tasks: What’s the difference?

Determining what should be a task or milestone can be difficult on larger initiatives—or projects that are new-to-you. If you’ve ever been confused about what is (or isn't) a milestone in your gantt chart, ask yourself these questions:

• Is this a deliverable you’ll want to mark as complete?
• Will this event impact the final deadline?
• Is this an important moment in the project that will indicate forward progress?
• Will this work require stakeholder review?
• Is this an event that impacts the project?

If you answered yes to any of these questions, you’re looking at a milestone.

Milestones are given additional significance over tasks in a plan so the team and stakeholders can focus on forward momentum while the project manager monitors the pace and progress of work. 

Here’s how to tell the difference between milestones vs tasks when scheduling your timeline in TeamGantt:

• A project milestone is represented by a gold, diamond-shaped icon or symbol on your gantt chart with a zero-day duration. 
• Tasks show up as horizontal bars on the gantt chart. They can be assigned different task colors, as well as multi-day durations. Progress is tracked by percent complete.

Lay a clear path to success with a visual plan that’s easy to understand, and keep everyone in sync with flexible workflows and team collaboration.

5 common project milestone examples

Milestones are powerful components in project management because they make it easier to keep work on track. Let’s look at 5 simple examples of milestones you might include in your project plan:

• Start and end dates for project phases : Using milestones to indicate when each project stage should begin and end makes it easy for everyone to know when major phases are officially a wrap or fall behind schedule. 
• Key deliverables : Various deliverables lead up to the final product and mark progress along the way, whether it’s a research report, content document, or design mockup. Milestones can also help you track deliverables you need to produce—like weekly status reports or project scope documents—to keep stakeholders in the loop and on board.
• Client and stakeholder approvals : Approvals signal a clear movement from one project phase or deliverable to the next, making them a perfect use case for gantt chart milestones.
• Important meetings and presentations : Milestones are a great way to keep key meetings—such as project kickoffs, design reviews, or sprint retrospectives—on everyone’s radar. 
• Key dates or outages that may impact your timeline : Is your team attending an all-day conference? Adding it as a milestone keeps it visible in your project so no one accidentally plans work on top of it.

3 practical examples of how to use milestones in project management

Project milestones do more than just show progress—they can help you communicate what’s happening with your project. 

When creating a gantt chart , milestones provide an easy way to see major dates or deliverables at a glance. That means anyone who views your gantt chart can quickly tell where things are at any given moment.

Now that you understand what a milestone is and why it’s important, let’s dig a little deeper and explore 3 common ways you can use milestones to benefit your projects.

1. Monitor deadlines for deliverables more easily

No plan is ever complete without a list of deadlines ! The best way to make them noticeable is to use the project management milestones and deliverables technique. What does this mean? Make the deliverables project milestones!

Why do this? Well, it’s no secret that not everyone wants to pore over your beautiful project plan to find key dates. Most people—your teammates included—want a top-level view of key dates and events. Milestones are great for this purpose because they’re called out in a special way—usually with a diamond symbol—in project plans.

While you should list the tasks and effort leading up to a project milestone, be sure to present the milestone at the end of those tasks to signify a delivery, or even a presentation of, the deliverable.

Here's an example of how one team uses milestones to track an important deadline in their project.

2. Spotlight important dates

Are there days from now until the end of your project that could impact your project in some way? Maybe your team will be out of the office for a mandatory training. Or perhaps there’s a board meeting you’re expected to attend.

It’s important to keep all of these important events in mind when you’re planning a project because they could possibly impact your project schedule . So why not include them as project milestones so you can track them all in one place?

In this example, the team’s off-site strat-op meeting has been added to the project plan as a milestone so work can be scheduled around it.

3. Identify potential project bottlenecks

Many projects rely on the work produced by external teams or partners to make forward progress. If you’re not tracking those external factors somewhere, there’s a great chance you’ll forget to follow-up on it.

That’s why it’s important to list these deliverables as project milestones if you’re working on a project that depends on someone or something outside of your project. Here’s an example of how you might use a milestone to track a client approval.

How to manage gantt chart milestones in TeamGantt

Once you’ve mapped out your overall process and plan with your team, you can add tasks, identify gantt chart milestones, and determine task owners. Project milestones are easy to create and track because you’ve called out the most important points in your project. 

Let’s take a quick look at how project milestones work in TeamGantt.

How to set and schedule milestones in your gantt chart

You can set a milestone for your project in just a couple of clicks in TeamGantt. This quick tutorial shows you how to add milestones to your project schedule once you’ve signed up for a TeamGantt account.

How to change a task to a milestone

Need to change a task to a milestone on your gantt chart? Simply follow these steps:

• Hover over the task you want to change on your gantt chart.
• Click the 3-dot menu that appears to the right of the taskbar. 
• Select Convert to Milestone from the drop-down menu, and your taskbar should automatically switch to a milestone icon on your project timeline.

How to mark a milestone as complete

Nothing’s quite as satisfying as checking a major milestone off your list! To update the status of a milestone in TeamGantt, simply click the checkbox in the Progress column of your gantt chart to mark it as complete.

How to share project milestones with clients and stakeholders

Want to give clients and stakeholders a high-level view of the project? Follow these steps to share a PDF of key project milestones in your gantt chart.

1. Filter your project by milestones.

From Gantt view, click the All Dates menu at the top of your gantt chart, and select Only Milestones from the drop-down.

2. Export your filtered project to a PDF file.

Navigate to your project's Menu , and select Print/Export PDF from the drop-down.

Customize your PDF settings, then click View PDF to complete the export. From there, you can download and/or print your PDF to share with clients and stakeholders.

Who would have thought such a critical step could be so easy?

Hit every project milestone with ease

TeamGantt makes it easy to create, track, and collaborate on all your project milestones so nothing slips through the cracks.

You’ll have all the features you need to ensure projects finish on time and under budget—from drag and drop simplicity and team collaboration to customizable views and workload management.

Best of all, it’s all wrapped up in a simple and intuitive interface your whole team will love. 😍

Give TeamGantt a free try today!

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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.

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

What are story points? Six easy steps to estimate work in Agile

What is a flowchart? Symbols and types explained

How to choose project management software for your team

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Top 5 Business Plan Timeline Template with Samples and Examples

Vaishali Rai

US statesman Benjamin Franklin has given the world this timeless piece of wisdom, “If you fail to plan, you are planning to fail.” 

Yet, many entrepreneurs leap into initiating their business plans without having a solid business timeline. 

Writing a business plan timeline can sound boring, complex, and a waste of time when you're a busy entrepreneur with so much on your plate. However, for many businesses, the timelining phase is a make-or-break step that could save you time, money, resources, and energy in the long run.

Let's talk about what a Business Plan timeline is.

A business plan timeline is a flexible roadmap to the business's accomplished and pending goals. Any startup or new business must use a business plan timeline to track its achievements, milestones, and failures. In simple terms, a business plan timeline is a guide that outlines and tracks the progress of your business to date. It features the effectiveness of business strategies to track productivity, such as digital marketing tasks, market research projects, and organizational operations activities.

You’ve created a strategic business plan — now what? You need some additional planning documents to help map out your long-term strategy by outlining your daily actions. Stay on track with our carefully structured Top 10 Business Operational Plan Templates with Samples and Examples!

Why do you need a business plan timeline template?

The thought of starting a business plan can be an exciting time. No matter how excited you are to start with your great idea, it pays to slow down and create a timeline that will help determine loopholes in your plan and identify structural weaknesses of your business at an early stage. A good timeline template presents a road map to structure, operate, and grow your business. Competitors are waiting to outshine, even ambush, you. Thus, a business plan timeline template helps identify your company's core strengths using a balanced combination of logic and strategy.

From business analysis to financial projections, our thoughtfully-designed business plan timeline templates will set benchmarks, proactively align your team around a shared objective, and help avoid getting off track.

The 100% customizable nature of the our business plan ppt templates provides you with the desired flexibility to edit your presentations. The content ready slides give you the much-needed structure.

Check these out now!

Template 1: 10-Day Timeline Information Technology Marketing Activities Business Planning

Initiating marketing activities with a clear plan leads to consistent achievements. Use this 100% customized 10-Day Timeline Information Technology Marketing Activities template to present your data in a clear, easy-to-understand format. The template includes 11 slides, including a 10-day timeline, information, technology, marketing, and activities.

Download Now!

Template 2: 3-year Planning Timeline Business Plan Achievement Innovation Development

Keep your audience glued to seats with this professionally designed 3-year planning timeline Template. The template revolves around a new product innovation timeline, including innovation, transformation, strengths, weaknesses, efficiency, and effectiveness of a product. This deck comprises ten slides with creative visuals and well-researched content with appropriate layouts, diagrams, graphs, icons, charts, etc.

Template 3: Three-month Business Planning Timeline

A business plan is a set of actions or processes that describe how an organization plans and runs. This three-month Business Planning Timeline helps you demonstrate business plans essential for an organization to grow and accomplish its goals. The template helps in discussing approaches, techniques, tips, strategies, tools, and processes available with your team to achieve a target.

Template 4: Monthly Business Plan Animation Timeline

Guide your team about theories and methods of the sales planning and selling with this impressive Monthly Business Plan Animation Timeline Template. Clearly share your organization's vision, mission, and milestones timeline with your team. Get an overview of the specific market segments which your organization is targeting. It also helps identify the areas for improvement, failures, and weaknesses.

Template 5: Business Plan Executive Summary Company Timeline

A company's executive summary is like the back cover of your book. Capture and hold interest with this well-crafted and engaging business plan executive summary company timeline template that can effectively display the organization's policy, description, financial information, project fund investment, and market analysis. The template helps decision-makers get the gist of the entire project with just a flip through the executive summary.

THE TEST OF TIME

Multiple business plans come and go, but a business timeline has always stood the test of time. A business timeline is more than a bunch of numbers, scribbles, and buzzwords. It is a visual walkthrough of your business's journey and a roadmap to achieve key milestones while remaining useful and valued among competitors. Creating certainty, clarity, and consistency are the three foundations of a winning business plan template.

Don't wait! Grab your favorite business plan timeline template from the above set, prioritize your time better, and hire the right people at the right time for the right role.

FAQs on Business Plan Timeline

What is a timeline in a business plan.

The timeline is primarily a part of the Operations Plan of your business. However, you can also incorporate some key highlights from the timeline in the executive summary. 

A business plan timeline refers to a timeframe assigned against the established key milestones to show the expected duration to reach each of them. Your business plan timeline depends on historical and real-time data for it to be as practical and realistic as possible. An ideal business plan timeline includes the following elements:

• Where do you want to reach?
• When do you want to reach?
• How do you want to reach?

How do you write a timeline for a business plan?

First, to create a timeline, schedule your milestone list and put it into a timeline format for a quick visual reference. Make sure milestones are sorted by priority. There are many ways to create a business plan timeline. Some of these are:

• Gantt charts
• Excel sheets

Choose the format that works best for you, depending upon the functionality and the ease of use to track progress of completed tasks. However, you can always use our well-designed and researched business timeline templates to curate yours.

What are the seven steps of a business plan?

A good business plan provides direction to the company, attracts investors, and converts visitors into buyers. 

Now, how do you write a business plan?

• Research : To write the perfect plan, you must intimately know your company, product, competition, and market.
• Determine the purpose of your plan : Your plan is a road map that provides directions, steers the business towards gradual success, and helps avoid any bumps.
• Create a company profile : It displays the history of an organization, the products and services offered, the target market and audience, financial resources, and how you're going to solve a problem.
• Document business aspects : Investors want to ensure your business is profitable. Thus, they do in-detail research about your company. Document everything to help with this process, so you don't miss anything.
• Build a strategic marketing plan : A great business plan must include a strategic marketing plan that demonstrates your marketing activities and efforts.
• Make your plan adaptable based on your target audience : Each reader does have different interests. If you're successfully capturing these interests and data early, you can incorporate them while preparing a business plan for a particular audience.
• Explain why you care : Whether you're sharing your plan with an investor, team member, or a customer. Your plan must confidently present that you're passionate, dedicated, and care about your audience, business, and the plan.

What is a project timeline in a business proposal?

A business plan is just a wish list without a clear picture of what will happen. The best way to ensure the business plan stays aligned with the project requirements is by maintaining a project timeline.

A project timeline lays out the milestones of your business plan, employees' details, organization policy, locations, project fund investment, sales targets, net revenue expected and other targets, and the estimated time it will take to meet these.

A project timeline is a chronological list of plans, tasks, and activities that gives project managers a comprehensive view of the project plan. It is usually created in a template or bar chart, where each activity or task is allocated a name along with its start and end date.

Mainly, a project timeline provides an in-depth overview of the project, including its start date, due date, and task dependencies, if any.

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How to start a candle business in 2024: 5 easy steps to selling candles from the comfort of your home

Starting a candle business can be an excellent source of additional income.

Small business owners fear they won't survive a second Biden term

Katlyn Swaffer and Maher Youssef explain how their small businesses have been affected by inflation and call on President Biden to address the issue.

Americans are rapidly working on side hustles as an additional source of income.

Fifty-four percent of Americans have begun a side hustle in the last twelve months, according to MarketWatch, as a means of making more money in addition to a primary source of income. 

All you really need to start a side hustle is an idea and an understanding of how to execute that idea. Taking a creative approach to your entrepreneurship can include a hobby-like business, and one of the more popular ones today is candle making.

Whether you have made a candle before or not, through trial and error, there are simple tricks to producing a product that is unique from what else is on the market.

One side hustle that can bring you extra income is a candle business. You can begin the business at home, selling online and at local craft fairs.  (David Crane/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)

WANT TO MAKE MONEY OFF YOUR FLOURISHING GARDEN? HERE ARE 4 WAYS TO TURN YOUR CROPS INTO CASH 

You can make candles in your own home pretty easily. Here's a guide to get you started on your candle business. 

• Learn how to make candles from home
• Come up with a brand name, logo and label for your candles
• Write a business plan
• Register your business
• Decide how you are going to sell and get your business going

1. Learn how to make candles from home

The first step to starting your business is learning how to make candles. You'll need minimal supplies to get you started, including containers for your candles, wax, wicks and fragrance. 

It will take trial and error to perfect the look of your candle, the wick placement and the amount of fragrance you need for the perfect scent. If you want to add color to your candle, you'll also need to purchase dye. 

At first, the top of your candle may not appear totally smooth, your wick may be crooked, or you may not have enough fragrance for the scent. 

Practice makes perfect. The more candles you make, the better you'll get and the quicker you'll be ready to sell.  (Creative Touch Imaging Ltd./NurPhoto via Getty Images / Getty Images)

All the candles you make during your trial and error period can be gifts for friends and family because they probably won't be good enough to sell.

You could also buy wax molds to add uniqueness to your candles. 

TIPS FOR SELLING EGGS AND TURNING A PROFIT RIGHT FROM YOUR BACKYARD 

Once you have made numerous candles with success, you're ready to move to step two. 

2. Come up with a brand name, logo and label for your candles

You will need a unique brand name and logo for your business and a label for your candles. 

Your brand name should be something unique and memorable. You'll also want to create a logo for your business and a label to put on each of your candles. 

On each candle should be your brand name/logo as well as information about the candle itself, like the scent, instructions and safety information. 

3. Write a business plan

All businesses start out with a plan. 

A business plan is a document that describes the company and also highlights its goals. 

In a business plan, you can include elements like the mission statement, the products offered, the target audience of the company, marketing plans and financial information. 

HOW TO START A LEMONADE STAND WITH YOUR KIDS THIS SUMMER 

Your business plan is by no means set in stone. As your company grows and changes, your plan will, too. You can always make edits to your business plan when needed. 

4. Register your business

To run a business, you'll need to register it. The process varies depending on your state, so you'll need to look into the legal requirements where you live to avoid getting fined or having your business shut down. 

Once your business is registered, you'll receive an Employer Identification Number (EIN). This number is given to businesses for tax purposes.  

Also, make sure you obtain any necessary business licenses or permits in the state to legally operate your business. 

You'll want to have all these legal steps taken care of before you start selling candles. 

Make sure to have the scent of the candle and the name of your business clearly displayed on each container.  (David Crane/MediaNews Group/Los Angeles Daily News via Getty Images / Getty Images)

5. Decide how you are going to sell and get your business going

Now, it's time to officially launch your business. 

You will need to determine a price for your candles. According to Forbes, you'll want to aim for a 25% to 50% profit margin, so keep that in mind when you are considering how much to charge. 

You should create a website for your business with your contact information for customers to reach out to you. You can also sell your candles through your own website. 

Another way to sell is through an online marketplace like Etsy. 

GET FOX BUSINESS ON THE GO BY CLICKING HERE 

It's also a good idea to start social media channels for your business. Include high-quality pictures of your product on these channels. 

Social media is not only a great way to market your business, but another way you can sell your candles. 

During the warmer months, consider buying a booth at a local craft fair to sell your products. This is a great way to spend some time outside while also speaking directly with customers. 

More From Forbes

Building A Strong Financial Foundation For Your Small Business

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Starting and running a small business is an exciting venture, but it also comes with its financial challenges. Establishing a solid financial foundation is crucial for the long-term success and stability of your business. By proactively managing your finances, understanding key financial statements , and implementing effective financial planning, you can navigate the complexities of entrepreneurship and set your business up for sustainable growth and profitability. Taking these steps ensures that your business remains resilient in the face of financial uncertainties and positioned to capitalize on opportunities as they arise.

Here are five essential steps to help you build and maintain a strong financial base for your small business:

1. take care of your money mindset.

Your attitude towards money plays a significant role in your financial success. A positive money mindset involves viewing money as a tool to achieve your goals, rather than a source of stress or anxiety.

You can create a healthy relationship with money by:

• Educating yourself about financial management and investment.
• Setting clear, achievable financial goals.
• Practicing gratitude for what you have while striving for financial growth.

A positive money mindset can lead to better financial decisions, increased confidence, and a more proactive approach to managing your business finances.

2. Read and Understand Financial Statements

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Financial statements tell you the story of your business’s financial health. They provide insights into your company’s performance and help you make informed decisions.

The three primary financial statements you should be familiar with are:

• Income Statement: Shows your business’s revenues, expenses, and profits over a specific period.
• Balance Sheet: Provides a snapshot of your business’s assets, liabilities, and equity at a particular point in time.
• Cash Flow Statement: Tracks the flow of cash in and out of your business, highlighting operating, investing, and financing activities.

Understanding these statements allows you to identify trends, manage costs, and make strategic decisions to improve profitability.

3. Build a Business Financial Plan

A well-crafted financial plan is essential for guiding your business towards its goals. It should include:

• Revenue Projections: Estimate your sales and revenue for the upcoming period.
• Expense Budget: Outline your expected costs, including fixed and variable expenses.
• Profit and Loss Forecast: Predict your profits based on your revenue and expense estimates.
• Cash Flow Forecast: Anticipate your cash inflows and outflows to ensure you have enough liquidity to cover your obligations.

A comprehensive financial plan serves as a roadmap for your business, helping you stay focused and prepared for future challenges.

4. Monitor Your Results

Regularly monitoring your financial performance is crucial to ensure you stay on track. Set up a system to review your financial statements monthly or quarterly. Key performance indicators (KPIs) to track include:

• Gross Profit Margin: Measures the efficiency of your production process.
• Net Profit Margin: Indicates your overall profitability after all expenses.
• Current Ratio: Assesses your ability to pay short-term liabilities with short-term assets.
• Debt-to-Equity Ratio: Evaluates your financial leverage and risk.

By keeping an eye on these metrics, you can identify issues early, make necessary adjustments, and continuously improve your business’s financial health.

5. Have a Cash Management System

Effective cash management ensures your business has the liquidity it needs to operate smoothly. Key components of a cash management system include:

• Cash Flow Forecasting: Regularly predict your cash flow to anticipate shortages and surpluses.
• Receivables Management: Implement strategies to ensure timely collection of payments from customers.
• Payables Management: Optimize your payment schedule to maintain good relationships with suppliers while managing cash outflows.
• Emergency Fund: Set aside funds to cover unexpected expenses or revenue shortfalls.

A robust cash management system helps you maintain financial stability, avoid crises, and seize growth opportunities.

The bottom line is that building a strong financial foundation for your small business requires a proactive approach and continuous effort. By following these tips you can set your business up for long-term success. Remember, financial health is not a one-time achievement but an ongoing process that requires dedication and attention.

Melissa Houston, CPA is the author of Cash Confident: An Entrepreneur’s Guide to Creating a Profitable Business and the founder of She Means Profit , a bookkeeping and financial consultancy firm. As a Business Strategist for small business owners, Melissa helps women making mid-career shifts, to launch their dream businesses, and I also guide established business owners to grow their businesses to more profitably.

The opinions expressed in this article are not intended to replace any professional or expert accounting and/or tax advice whatsoever.

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Instagram's desperate move

Gen Z is fleeing the social media platform. Meta has a dumb new plan to win them back.

Instagram would super-duper like everyone to post more, especially creators. In a landscape where people are posting less and less on social media overall, making the platform seem active and vibrant is crucial to keeping people's attention. So Instagram is pulling out all the stops, or at least some stops, to get users to share, some of which may be more worthwhile than others.

I've recently noticed that the company has been giving people with creator and business accounts virtual rewards for certain "achievements" or milestones on the platform. If a user adds to their stories at least seven days in a row or gets a certain number of plays of their reels, they receive a badge that amounts to a digital "woo-hoo." While the feature has been around since late last year, Instagram promoted it in a blog post early this month. It also included some tips on making the most of the feature and succeeding on the platform, including tracking "achievement" progress, posting regularly, and encouraging followers to interact — the thing that makes the whole social-media machine work.

Plenty of apps are gamified to try to get people to engage and stick around, even if the rewards they get for playing along are meaningless. Fitness apps congratulate you for working out X number of days in a row or getting your steps in. Wordle lets you track your streaks, as does the language-learning app Duolingo . Gamification can be fun — it feels kind of neat to get a little congrats for getting your steps in. But it can also be icky. It can distort behavior, putting focus on getting whatever achievement instead of accomplishing the task at hand. It may even make people who don't hit certain goals feel like they're lesser, especially if their shortcomings are visible to others. (Instagram's new badges are private unless creators choose to share them.)

The badges aren't a stick, but they're not exactly a carrot, either — well, maybe one of those soggy baby carrots at the bottom of the bag in the back of your fridge.

From a business perspective, Instagram's move makes some sense. Instagram is a key part of Meta's overall business and a major revenue generator. Court filings that came out earlier this year revealed that Instagram generated $32.4 billion in ad revenue in 2021, 27% of Meta's total revenue and more ad revenue than YouTube brought in. In a business landscape where Meta has been dumping tons of money into the metaverse and artificial intelligence, Instagram's continued success is vital.

"You could talk to a lot of people and they would suggest that essentially most or all the company's growth more recently has come from Instagram. And so they're obviously trying to think of ways not only to keep people engaged, but I think they're very cognizant of pretty constant competitive threats," Scott Kessler, the global sector lead of technology, media, and telecommunications at Third Bridge Group, said. That includes direct rivals such as TikTok and Snapchat, as well as all the other things on and off the internet that are contending for people's attention at all times.

In particular, Instagram needs to keep Gen Z and people even younger coming back to the platform, even if it's not always great for their mental health and well-being . Doing that requires a constant flow of new content so the platform doesn't become just a sea of ads and irrelevant, boring stuff. Instagram's parent company, Meta, doesn't want it to go the way of Facebook, which for many people, serves as a tool for birthday reminders and seeing what their one weird aunt is up to, if they ever sign in at all.

While it is understandable why Instagram would do this, whether it will work is another question. People are already posting for likes, attention , and clout. Adding a little badge to show one's personal achievements makes the endeavor feel more official, but it's not clear how much it will make a difference.

I don't see badges being the solution to increase posting cadence.

Ali Grant, a partner and the chief marketing officer at the Digital Dept., an influencer-management company, told me she understood the idea of trying the gamification concept — she sees it all the time in corporate. She has her doubts about how effective this will be, though.

"What creators want on the platform is reach and engagement," she told me. "When that's lacking, the motivation to post dwindles, and they seek it elsewhere. I don't see badges being the solution to increase posting cadence."

The number of posts being added by content creators, or really anyone for that matter, seems to be at an all-time low, Grant said. The creators who post consistently are the ones who see more growth and engagement, but regularity still doesn't guarantee success, and there's no clear rhyme or reason to what ends up getting the most attention.

"There's this pressure to create aesthetically elevated content for Instagram, and that deters people from posting as much as they might on stories or on TikTok, which is less curated and more of the moment," Grant said. "It's a mix of bandwidth issues and pressure for the type of content required for in-feed Instagram posts."

Alixandra Barasch, a marketing professor at the University of Colorado Boulder's Leeds School of Business who studies how new technologies influence consumer behavior, was also dubious of this whole Instagram badge situation. People like setting and achieving goals, including keeping a streak , which becomes a goal in and of itself. But an Instagram posting streak is different from, say, exercising every week for a year or doing a language lesson daily, both of which have intrinsic value. There's enjoyment and satisfaction in the action itself beyond the extrinsic reward. You feel good about trying to get in shape or practicing Spanish no matter who sees; that's not the case for Instagram posting.

"Language learning is a goal people have in and of itself, and so having a badge and being rewarded for doing that, I'm intrinsically happy about that badge," Barasch said. "But to post on Instagram, I'm not like, 'Wow, I'm a great poster.'"

The trade-offs are that I'm putting myself out there. I might not get a lot of likes. People might judge me. There are so many social dynamics

Barasch said people seeing their own little badges may help in the short term, but it's hard to imagine a long-lasting impact unless it comes with some other perk or reward.

"The trade-offs are that I'm putting myself out there. I might not get a lot of likes. People might judge me. There are so many social dynamics," Barasch said.

A spokesperson for Meta acknowledged that the tools wouldn't be useful for every creator but said they'd seen them help creators who are just getting started and that, overall, Instagram wanted to do more to give creators guidance to achieve their goals. On the gamification front, the spokesperson said the "last thing" the company wanted to do was add more pressure on creators and emphasized that the features were optional, private, and relatively low stakes.

"This is very much a feature that's meant to help creators set goals within the app since we see creators already doing this on their own when they set their own personal challenges," the spokesperson said. "We want to help guide creators with the right goals and milestones that we believe will help them succeed on the platform."

Ultimately, the Instagram badges aren't the end of the world. At best, they're a nothingburger. At worst, they seem a bit lame and add to the vibe that Instagram is becoming a platform for olds. Grant sent me a screenshot of her achievements, none of which she has earned yet, and noted she'd never looked at them before I asked her about them. I texted my most Instagram-aware friend — who has a business account — to ask about her badges, and she sent me a screenshot of something different because she didn't know what I was talking about.

The Instagram badges aren't widely available for all users yet, and a spokesperson for Meta said they had nothing to share on whether they eventually would be. In the meantime, the badge thing seems pretty neutral to negative. Of all the achievements to care about, posting a story seven days in a row isn't a particularly aspirational milestone, and it's hard to gamify a social-media landscape that is already, by and large, a game.

Emily Stewart is a senior correspondent at Business Insider, writing about business and the economy.

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Money blog: 'He bought it on eBay thinking it was a toy' - How £600 car turning up at a mum's house helped inspire GoHenry

In the first of our Women in Business series, we speak to GoHenry founder Louise Hill about her journey to the top. Read this and the rest of today's consumer and personal finance news in the Money blog below, and leave your thoughts in the comments box.

Tuesday 28 May 2024 21:44, UK

• NatWest down: Major banking app crashes
• Chocolate bars with 'menopause almonds' branded a 'ridiculous money-making product'
• Raheem Sterling to pay for 14 people to go to university and applications close this Thursday
• Renters Reform Bill shelved - while leasehold bill passes without cap on ground rents

Essential reads

• Women in Business : 'A truck unloaded a £600 car that her son bought on eBay thinking it was a toy' - The schoolgate stories that led to GoHenry
• The pension policy some say is unsustainable - but that no politician will commit to scrapping
• Money Problem : 'My mortgage lender is ending my two-year fix and I haven't been in the house for two years - can they do this?'
• How much is pocket money in 2024 and where are kids spending it?
• Best of the Money blog - an archive

Ask a question or make a comment

Just 18% of companies in the UK are led by women, a nd while data suggests female entrepreneurs are on the rise, men still receive more funding and are entrusted with higher average loans to get them started.  

In a new series every Tuesday,  Money blog reporter Jess Sharp speaks to women who are bossing it in their respective fields - hearing their stories, struggles and advice for those who want to follow in their footsteps. 

First up is the co-founder and CEO of GoHenry, Louise Hill...  

For many women, having kids pauses or unfairly disrupts their careers. For Louise, the opposite happened. 

Growing up in Lowestoft on the east coast of England, she had a childhood filled with days on the beach, kayaking and exploring old boats. But her own kids arrived into a very different world - one of apps and downloads and online market places.

It wasn't long before she started to think about financial education and the importance of practical money skills.  

Back when her two children had iPods and would download music from iTunes, she would print off an invoice every time they landed a bill in her inbox. The invoice would then be stuck on the fridge.

When they came to her at the weekend asking for pocket money, Louise would point to the fridge and deduct the amount they had already spent from their allowance.  

"I was trying to make them understand that money has to come from somewhere, and it really doesn't grow on trees," she told the Money team. 

"I could go through the process of saying, well you'd normally get £5 but here's what you've spent this week, so you only get £1.20." 

How the idea for GoHenry came about

Among school pick-ups and kids' football games, she heard other parents complaining about their children's spending habits.  

One parent told a story about her daughter spending £200 on an online My Little Pony game. Another didn't know what to do when a battered-up car arrived at her driveway on a flatbed truck after her son spent £600 on eBay on what he thought was a toy. 

"Everybody had a story. It was amazing to realise we were all having the same problems and kids were starting to have access through their parents to the digital world, but there was nothing in the market to help parents teach them to access it in a safe way," Louise said.  

"We wanted to create a service that would empower them with freedom, confidence, to use and understand money but in a safe environment."

The idea of GoHenry, a prepaid debit card and learning app, was born.  

With a big mortgage, little money to set up a business and two kids to look after following a divorce, Louise said she and her co-founders (who quickly left the company) "grafted".

"I could have got a fairly safe, well-paid corporate job - jumping off the edge of a cliff into the uncertainty of starting a business was quite a leap," she said.

"But, the idea was too good, frankly. 

"It took a little while to work out the right tool to use, so we worked nights, we worked weekends, we worked holidays, all because we really, really wanted to bring this to market." 

In an initial round of seed funding, she raised more than £650,000, which was followed by several successful crowdfunding campaigns. 

The challenges

Her company eventually launched in 2012 and while it's now a huge success, delivering a service to more than two million people across France, Spain, Italy, the US and the UK, Louise said it hasn't been without its challenges. 

The first one was the name. When it first came to market, the business was called PKTMNY (pronounced pocket money), but the name was changed about 18 months later after she realised it was "stupid".  

"Nobody could say it and nobody could spell it, it was a really silly idea," she added. 

The business got the name GoHenry after its very first customer – an 11-year-old boy named Henry from Bristol.

Another challenge was its scale of growth - GoHenry grew in a big way, very quickly, which meant constant changes needed to be made to the company structure. 

"About six or seven years ago, we were growing incredibly quickly... I know this sounds ridiculous but almost every six months you'd have to step back and look at what we needed," she said. 

This was an issue Louise had faced and failed to overcome years before in a previous business - an ecommerce company called Manners which she was forced to sell after running out of cash to sustain its growth. 

"We failed to think about how we would scale it. We couldn't grow it any more because we didn't have enough cash in the company. At the time, I was really cross with myself for not having thought about that," she said. 

'I was becoming a roadblock'

In around 2017-18, Louise realised another issue with GoHenry - herself. 

"I was becoming a roadblock. I was working flat out and so much of the information about why we did things the way we did them was in my head or in my laptop files," she explained.

"That kind of snuck up on me and I was fundamentally creating a risk for the business and stopping us growing as quickly as we could." 

She started a campaign across the company, encouraging staff to raise "single points of failure" to see where the problems were. 

"I appeared in there an awful lot," she said. "So, yeah, that's a top tip from me - don't let that sneak up on you. Plan ahead." 

What's been the key to her success? 

Now running for more than 12 years, GoHenry has continued to expand and innovate.

Louise said keeping her mission of "making every kid smart with money" at the forefront had been "fundamental". 

"That is our sole focus. This isn't an add-on product to another business, everyone who joins GoHenry is here for one reason and that's to serve Gen Z and now Generation Alpha's money needs and I think that makes a big difference," she added. 

Louise's advice for others 

"Who am I to give advice?" was her initial response when asked this question, adding that she hoped to see more young girls and women see images of people who look like them succeeding.

"The more that becomes the norm, the more people will think they can do it too," she said. 

"I've been asked many times what's the difference between a founder, an entrepreneur and a non-entrepreneur, and it has to come down to risk appetite," she added.

"I've thought about all sorts of different mindsets, different backgrounds, different abilities with, I don't know, spreadsheets or contacts... But at some point it comes down to being confident enough." 

So practically, she said women looking to set up a business should start by finding support groups.

"There are loads out there. They can be hugely helpful because founding a business can be lonely and a tough move to make. Nobody pretends that it's easy," she said. 

Another tip she had was to plan for scale "from day one", thinking about the partners you work with, the suppliers, how much money you need to bring in and how often you might need to "go out and get more money". 

But the most important lesson, she says, is was to hire people you know are better than you. 

"It's scary to hire people that you know are much better than you but if you can do that and then give them the space they need to do what they can really well, you'll have a much higher chance of a successful business," she said. 

" What's the worst that can happen if you fail? Pick yourself up, dust yourself off, start again." 

Thieves are targeting electric car charging cables in the latest spate of car crimes.

Data from Instavolt, the UK's largest operator of rapid chargers, found gangs had targeted 27 sites in Yorkshire and the Midlands since last November and stolen 174 cables.

With each cable costing at least £1,000, the operator, which runs Osprey Charging and BP Pulse, said this was affecting electric vehicle drivers.

It also risked deterring prospective drivers who wanted to make the move to electric cars, they said.

The company is now introducing a range of measures at charging stations to deter thieves, including installing extra CCTV, security patrols, using SmartWater to tag property and tracking devices.

Instavolt CEO Delvin Lane told Autocar : "These thefts are extremely frustrating for our customers and for us."

He also noted that it was a "misconception" that the copper in chargers brought real financial gain. 

"The value of any metal stolen is insignificant. The thefts just cause disruption to EV drivers - including those in the emergency services - looking to charge their vehicles," he said.

By Sarah Taaffe-Maguire , business reporter

A company that makes microchips for artificial intelligence and became the first chipmaker to be worth first $1trn then $2trn has today reached another record high.

Nvidia shares are now going for a record $1,132.19 after it posted higher-than-expected quarterly profits and made strong forecasts. Its value is now $2.62trn (£2.05trn)

The US-based, New York-listed company is in the ranks of tech giants worth the eye-watering trillion sum, including Amazon, Apple, Microsoft, and Google parent company Alphabet, as investors expect the company will benefit from the AI revolution.

Also making headlines was UK company Boohoo, the Manchester-based fast fashion retailer, as it cancelled annual bonuses worth £3m. 

A pay proposal for bosses was also ditched after talks with shareholders as the company has experienced losses after the pandemic-era online shopping boom faded and a cost of living crisis eroded consumer spending power.

Revolution Bars has rejected a proposed offer from rival Nightcap, warning it is "incapable of being delivered".

The hospitality group launched a sale process and restructuring plans last month amid efforts to stay afloat. The company's restructuring plans include £12.5m in fundraising and the closure of 18 venues.

But Revolution has said the non-binding proposal from Nightcap  did not include the proposed fundraising and would not work as it was "highly conditional".

Read the full story here ...

The rate of price rises in UK shops has returned to "normal levels", according to new industry figures.

Overall annual shop inflation eased to 0.6% in May, down from 0.8% in April, the British Retail Consortium (BRC) and NielsenIQ said.

The figure is the lowest since November 2021.

More than 120 business leaders have written an open letter giving their backing to Labour in the general election.

The letter printed in The Times has been signed by figures including the founders of Wikipedia Jimmy Wales, chef Tom Kerridge and former CEOs of Heathrow, JP Morgan and Aston Martin.

Openreach plans to build full fibre broadband in over 500 more locations across the UK, it has been announced.

The new locations include 400,000 sites in the hardest to reach, most rural parts of the country, including Tobermory in Argyll and Bute, Haworth in West Yorkshire, Saundersfoot in South Wales, Pinxton in Derbyshire, Harlow in Essex and Roborough in Devon.

The work, which is part of Openreach's £15bn project to upgrade the UK's broadband infrastructure, will cover a further 2.7 million homes and businesses by the end of 2026.

Clive Selley, chief executive of Openreach, said the plan was to build right across the UK, "from cities and towns to far-flung farms and island communities".

"Over time, we've learnt to deliver predictably, consistently and at a rapid pace - despite this being a hugely complex national engineering project," he said.

Check your full fibre availability here .

London is officially the world's cleverest city, according to an annual study.

Oxford Economics , an independent economic advisory firm, found the capital topped the list when it came to "human capital" - this encompasses the collective knowledge and skills of a city's population.

In its report, the firm found London came out on top in part due to the number of higher education institutions in the city, "which helps it achieve one of the highest rates of educational attainment in the world".

"London also attracts many highly educated people from abroad and several global corporations are headquartered in the city to take advantage of this world-class talent pool," the report added.

In second place was Tokyo and in third place was Riyadh.

Top cities by human capital score: 

1. London, UK

2. Tokyo, Japan

3. Riyadh, Saudi Arabia

4. New York, US

5. Seoul, South Korea

6. Paris, France

7. Washington, DC, US

8. Abu Dhabi, United Arab Emirates

9. Sydney, Australia

10. Boston, US

Concerns are being raised as fast fashion retailer Shein has its sights set on a London stock market listing.

Our City editor Mark Kleinman previously reported the fast fashion giant had held talks with the London Stock Exchange about staging a blockbuster public listing in the UK. 

Shein has quickly become one of the world's biggest online clothing retailers and the talks came at a time of crisis for the City as a listing venue for large multinationals.

But senior MPs are calling for more scrutiny of the Chinese company, which sells ultra-cheap clothing and has faced allegations of labour malpractices. 

Alicia Kearns, the Conservative chair of the Commons Foreign Affairs Committee, wrote on X: "With Shein's prices so low, the London Stock Exchange needs to ask itself, whose suffering is subsiding those prices?

"A company which has failed to make full disclosures about its supply chains as required by UK law, and where there are grave concerns about its factory working conditions, has no place in London."

Sarah Champion, the Labour chair of the International Development Committee, told The Guardian: "Transparency in supply chains is vital and something all governments should be demanding. Serious concerns have been raised about the use of modern slavery by Shein which need investigating."

A Shein spokesperson told the Money blog that it acknowledged its role in "creating a more sustainable and responsible fashion industry" and "believed it was healthy to attract scrutiny and transparency" and "wanted to be held to the highest standards".

"Shein has a zero-tolerance policy for forced labour and we are committed to respecting human rights," they said in a statement.

"We take visibility across our entire supply chain seriously and we require our contract manufacturers to only source cotton from approved regions."

The company also said it was "investing millions of pounds in strengthening governance and compliance across its supply chain".

"Our regular supplier audits are showing a consistent improvement in performance and compliance by our supplier partners. This includes improvements in ensuring that workers are compensated fairly for what they do," they added.

Basically, the triple lock is a commitment from the government to keep the state pension in line with rising prices and wages.

The government's pledge is to uprate the new and basic pension every year by the highest of three things - earnings growth, inflation, or 2.5%. Hence the "triple" reference.

It was first announced by the Conservative-Lib Dem coalition government in the first budget following the 2010 election, and has been in place since the 2011-12 financial year – bar a brief suspension in 2022-23.

Prior to this, pensions had been increased at least in line with prices since 1980.

Why was it introduced?

The triple lock was brought in to protect the value of the state pension from being overtaken by increased living costs or the working population's income.

Announcing the scheme in his emergency June 2010 budget, then-chancellor George Osborne said pensioners would "have the income to live with dignity in retirement".

What does it apply to, what is it worth and who's eligible?

The triple lock applies to the basic or "old" state pension (paid to people who reached pension age before 6 April 2016), and the new state pension (6 April 2016 and later).

Last month saw the state pension rise by 8.5% to match the increase in average earnings - following a 10.1% hike the previous year.

It means for the current tax year (2024-25), the full new state pension is:

• £221.20 per week
• £11,502.40 per year

People who reached state pension age from April 2016 need at least 35 years on their national insurance record  to be eligible for the full new state pension.

The basic state pension is currently: 

• £169.50 per week
• £8,814 per year

Men born before 6 April 1945 will need at least 44 qualifying national insurance years to get the full pension, while for women it's 39. Men and women born between April 1945 and April 1951 need 30 years.

Will the triple lock continue?

An ageing population and soaring inflation has raised questions about its long-term affordability.

A 2023 report by the Institute for Fiscal Studies said the triple lock adds an extra £11bn a year to public spending, while the Organisation for Economic Co-operation and Development warned the "costly" scheme could push up pension spending by about 0.8% of GDP by the 2027-28 tax year.

Chancellor Jeremy Hunt said back in March that the Conservative Party would commit to keeping the triple lock if it won the general election - after previously saying it was being kept "under review".

The party has now announced plans for a "triple lock plus" that would see pensioners' personal tax allowance rise by the same percentage as their pensions.

The Tories have frozen income tax allowances until 2028 - meaning millions of Britons are paying more tax by "stealth", contributing to a record tax burden on the country.

Labour leader Sir Keir Starmer has also vowed to keep the regular triple lock for at least five years if his party replaces the Tories in power.

Read other entries in our Basically... series...

Raheem Sterling will financially support 14 students to attend university through his scholarship fund, with applications closing this week.

This will be the second year the Chelsea forward's scholarship programme will assist successful applicants at King's College London and the University of Manchester.

Applications for the Raheem Sterling Foundation Scholarship Programme is open to students of black, African and Caribbean heritage from socio-economically under-represented backgrounds to help bridge the equality gap.

It covers their tuition fees, accommodation and other essential costs.

But those who wish to apply will need to send in their application before the deadline this Thursday. 

Speaking to the The Times , Sterling noted that in 2021-22 less than 5% of all UK students starting degrees were black.

He said he wanted to "take away" the worry of finances so that those from minority backgrounds could "go on to achieve their goals".

"It's really nice to see some of what I envisioned coming to life now," he said.

"I wanted to structure the foundation in a way that we could react to need and not be too rigid, as life and circumstances can change quickly. 

"The focus is to provide opportunity to those who wouldn't otherwise have it, going into minority and under-served communities and opening eyes to new experiences."

By Daniel Binns, business reporter

Shares in housebuilder Persimmon have dropped nearly 3% this morning after Sky News revealed it is exploring a £1bn takeover bid for rival Cala Group.

City editor  Mark Kleinman reported on Saturday that the company was considering the move ahead of a deadline for bids.

Analysts at JP Morgan said investors are price sensitive to potential mergers and acquisitions in the sector at the moment, with the UK's competition watchdog already looking into a potential £2.5bn buyout of housebuilder Redrow by its rival Barratt .

It comes amid expectations that housing will be a key issue in the current general election campaign, which got under way last week.

Otherwise, the FTSE 100 is quite flat following the bank holiday, and is currently down 0.15% in early trading.

Gainers this morning include Rolls-Royce, which is up nearly 2%, and grocery delivery firm Ocado, which is up more than 5%.

It comes after industry figures this morning revealed that shop price inflation has "returned to normal" .

On the currency markets, £1 buys $1.27 US or €1.17.

A banking app used by millions of people crashed for thousands this morning.

The NatWest app was displaying an error message for some users, with approximately 3,000 reporting issues on Downdetector from 7am onwards.

Users took to X to complain, with some pointing out the fault had occurred on payday for many.

"NatWest online banking is always broken when I need it," one said.

Customers trying to use the app were greeted with the message: "We're sorry, some kind of error has occurred when trying to establish a connection between your device and ourselves."

Some 9.8 million people use the app, according to the NatWest Group.

A NatWest spokesperson said the issue had now been resolved.

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