Insight: “Instead of focusing solely on the hard work and the challenges ahead of you, take the time to celebrate the steps you have made, the milestones you have passed.” ― Josh Hatcher
Well I’d like to start with a definition that I like, given by the Small Business Chronical: “Goals define where you're going, and milestones let you know if you're actually getting there. Achieving visionary goals requires practical milestones that let your small business make realistic progress.”
That makes sense, to me…how about you? Meeting milestones lets you to experience an opportunity to celebrate your victories. This all sounds good, but many small business owners keep and manage milestones inside their head. They don’t record them and because of this, precious milestones may not be acknowledged.
But getting back to answering my clients’ question … I’ll try to stick with my experience on Goals -vs- Milestones.
1. Small business owners work so hard and focus so intensely that they don’t give themselves credit for their accomplishments…like milestones.
2. Small business owners may not accurately set goals, which can affect recognizing accomplishments.
3. Small businesses and start-ups may not use a business plan, another tool that can highlight successes.
4 . Small business owners are more likely to believe milestones are typically set by larger companies.
- In 2019, the failure rate of startups was around 20%. Research concluded 21.5% of startups fail in the first year, 30% in the second year, 50% in the fifth year, and 70% in their 10th year.
- According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad partnerships, ineffective marketing, and not being an expert in the industry.
- Ways to avoid failing include setting goals, accurate research, loving the work, and not quitting.
If your business has avoided some of the typical pitfalls, then you reached and passed some critical milestones. Congratulations to you!
Whatever your stage in business, don’t allow milestones to become a casualty. Just keep in mind, goals and milestones are two different aspirations, and as a small business owner, you should take the best advantage of both.
A certain way to know if you’re reaching your goals is the growth of your database. As you fill it with ideal clients … well, those are milestones. Celebrate them.
If you finding it challenging to define your goals or setting up milestones, we’re here to help.
Just follow the link to set up a chat. I look forward to hearing from you.
Until then, there’s no doubt …your database is your most valuable business asset.