Wow, can you believe that 2015 is half over already? Now that you’ve crossed the halfway mark, it’s time to see if you’re on track for your 2015 goals. To do that, you need to see if you’ve met your mid-year milestones.
Managing By Milestones
A milestone, in project management terms, is simply a point along a project timeline. It’s marked so that project managers recognize when that portion of the project has been completed. Milestones can be used to see how we’re faring toward financial goals as well.
Assuming your business is not seasonal, you should have earned half of your target revenues for 2015 as of the June 30, 2015 income statement. If you’re falling short, there’s time to add some promotions or sales to spike revenues so that you can correct the shortfall before the year has ended. If you’re ahead of the game, you can see what is working so well and make sure to replicate it.
Either way, milestones can help you to be more proactive in reaching or surpassing your goals.
By the Numbers
Some of the numbers you may want to set milestones for include:
• Revenue to date
• Profit to date
• Debt paid down or debt taken on
• Assets acquired or sold
• Number of employees added or lost or both
• Number of clients added or lost or both
• Accounts receivable aging
Milestones don’t have to be numeric. You can also use them to determine if you’re on track with internal projects. Perhaps for 2015, your goal was to replace 5 PCs and convert your shopping cart software. You can set milestones to monitor specific phases of these projects or just monitor when you start and complete them.
Mid-Year Milestone Report
Document your accomplishments in a mid-year milestones report. It feels good to write them down. Plus, you’ll have a history of how much you’ve accomplished this year. The report can include the milestones as well as a narrative explaining the performance to date.
Accounting for milestones can help you become more proactive toward reaching your business goals. If you’d like our help creating this report, please feel free to contact us.