Business Plan Mistake #7 – No Meaningful Goals or Milestones

by Feb 17, 2010Strategy | Entrepreneurship

A business plan is more than just a financial spread sheet which tells you where you will end up. It must include the milestones which help you all along the way see you are headed in the right direction.

Business Plan Mistake #7 – No Meaningful Goals or Milestones

A good business plan outlines your goals. Take a good look at your company’s potential for growth. Your goals should be challenging but attainable.

Goals also should be specific and measurable. These quantifiable targets give you something to work toward and measure your progress against.

Finally, goals need to be time based. Do you expect to double your sales in one year or five?

As you develop your goals, don’t include vague statements without measurement. If you are going to grow, tell us how much you will grow. Avoid the meaningless babble or business phrases (such as “being the best”), because they are hype. Outline what you will achieve and how you will measure your progress. A valuable plan is a road map to results with mile markers along the way.
The mile markers are measurable goals and deadlines. This leads you to create a timeline for your action plans, definition of management responsibilities, and framework for your budget.

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