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It keeps everyone focused and is a good tracking method for efficiency.For instance, if milestones aren’t being met, you'll know that it's time to re-evaluate your production process or consider new hires.This will demonstrate to investors that you know exactly how you want your business to run on a day-to-day basis.
Below are common milestones new businesses should plan for.
When you completed your Management Plan Worksheet in the previous course, you jotted down which key hires you needed right away and which could wait.
In addition, in startups, it's common that financial milestones are calculated for 12 months.
Typical financial milestones include: In summary, your operations plan gives you the chance to show investors you know how you want your business to run.
In Course One, you fleshed out what your strategic objective was.
Your operational objective explains how you intend to complete your strategic objective.
Other product milestones to keep in mind: Market milestones are important for tracking efficiency and understanding whether your operations plan is working.
For instance, a possible market milestone could be reaching a certain amount of clients or customers after a new product or service is released.
In the previous course, you outlined your company's strategic plan, which answers questions about your business mission.
An operational plan outlines the steps you'll take to complete your business mission.