1

A Review:
Make Your Business PIan a ReaI
- By EstabIishing MiIestones






By-
Dr. K Kasinath Sastry MTech, MBA, PhD
Director
Shridevi Institute oI Management Studies
Sira Road, Tumkur 572106
Email: kasinathshastry¸gmail.com
Mobile: ¹91 9448 265195

&

Mr. Dilip H R MBA, PGDHR
ecturer
Shridevi Institute oI Management Studies
Sira Road, Tumkur 572106
Email: diliprajhr¸gmail.com
Mobile: ¹91 9945 902565


2

A Review:
Make Your Business PIan a ReaI
- By EstabIishing MiIestone

Abstract
The main aim oI any business is to maximize the proIit and create a wealth Ior a company.
Customer satisIaction and cost oI production are the two parameters which are to be dealt, in
maximizing the proIit and wealth. Cost oI production is directly proportionate to the
customer satisIaction. Higher the customer satisIaction higher will be the cost. II the
customer satisIaction is the main objective then we may have to compromise on the cost oI
production and vice versa. Hence, a balance has to be made between the cost oI production
and the customer satisIaction.
To optimize the customer satisIaction and the cost production, we have to Iix a Ieasible end
target Ior the output oI any organization, and then everyone in the organization has to chase
and see that their target is attained. To reach these targets everyone in the organization has to
Iix his own target and integrate it with that oI the organization. This target or the objective oI
the organization is identiIied as the mile stone oI the organization in respect oI the output.
This paper makes a study in to the diIIerent aspects oI Iixing the target Ior the company and
then passing it on to the diIIerent departments and to each activity oI every department.











3

hat is a milestone?
In a layman`s term, we can say that milestones are the reIerence points oI signiIicance. They
are also the time bound target oriented decisions taken at the beginning oI the Iinancial year.
II you are building a house, the Iirst milestone might be drawing a blueprint. This allows you
to progress on to the next step, which might be laying the Ioundation.
Milestones are points or deliverables in your plan that helps you to know that you are making
progress and moving in the right direction. Otherwise, without them, you really don't know iI
things are not happening the way they're supposed to. In general, 'milestone' reIers to a level
oI completion oI a task. In business, you could divide a task into steps, and completing each
step would be a milestone. The Milestones should be one oI the most important sections oI
the entire business plan.
et us consider the marketing and sales-related program, the plan should be listed in the table
and explained in the accompanying text, along with relevant details. et us say that, you want
to cement your sales strategy with programs that make it real.
How is this strategy to be implemented?
Do you have concrete and speciIic plans?
How will implementation and success be measured?
Put some thinking into your plan and management by listing speciIic actions to be taken Ior
the above questions. Then each action becomes a milestone. This is where a business plan
becomes a real plan, with speciIic and measurable activities, instead oI just a document.
For the organizational motivation and development, establishing the milestones is necessary.
II once the mile stones are established, the management and the employees will know their
goal to reach. In Iact vision and mission oI the organization also indicates in one way the mile
stone the company has to reach. Missions and visions are useless iI they can`t be put into
action. Hence, much care has to be taken while establishing the mission and vision. The
mission and vision established should be attainable Ior an organization. Mission is the written
expression oI the goal to be reached by any individual or organization.
Earlier mission statements were mere statements and much attention was not given to it. It
gathered dust in the shelves and were symbolic. But things have changed. Now the mission
statement oI the organization culture, gives liIe to mission and makes the organization to
achieve its goal. Organizational competitiveness depends on its past eIIectiveness in carrying
out its operations against its goals. This eIIectiveness or the perIormance oI the organization
in moving towards the mission can be eIIectively measured in terms oI milestones.

4

For example:
Scoring 12000 runs in an international cricket test match was a mile stone in the cricket
career oI Rahul Dravid.
In the same way, number oI employees in InIosys exceeding 100000 in the year 2007, was a
mile stone Ior InIosys.
These milestones are used to show or establish the supremacy or achievement oI an
organization or an individual. These milestones may indicate the supremacy oI one, but it will
not reIlect on the perIormance oI a company. For example Rahul Dravid might have scored
12000 runs and achieved a level, but it will not say or show about his perIormance. In Iact
many other players have already might have scored the same score in less number oI test
matches played.
The concept oI milestones can eIIectively be used to a business model also, as estimates and
the actuals over a common period are compared to know where the company stands. Also it
can be used as targets, so the organization or individual should aim at achieving that target.
Developing milestones Ior a business has now taken a crucial and important strategy Ior any
organization. The challenge is how to develop the milestones Ior the business. Because
developing milestones is nothing but Iixing the targets Ior each activity oI each department oI
the organization.
Fixing the targets is based on the Iorecasts in terms oI number oI units oI the products to be
produced or expected sales revenue Ior the coming year. Since there will be a diIIerence
between the actual and the Iorecasted values, the milestone values will play a very important
role in the overall perIormance oI the organization. II the milestones are under Iixed or over
Iixed, the organization will suIIer. When the milestones are under Iixed the resources are
underutilized and hence the cost oI production may increase and iI the milestones are over
Iixed, the company may not be able to reach the milestone by which also the company will
suIIer. Hence Iixing oI the milestones has become crucial Ior the company.




3

The signiIicance oI the milestones came into being only aIter iberalization, Privatization
&Globalization (PG). The importance oI milestones can be analyzed during the three
periods, namely pre independence, aIter independence but beIore PG, and aIter PG period.
During the pre independence period the manuIacturing process and business was very much
limited and agriculture was the primary sector oI signiIicance in India. Hence there was no
necessity Ior Iixing the milestone.
AIter the independence and beIore PG, very Iew industries were there in India and very Iew
competitors and highly protected market were there. Hence the importance oI milestones was
never Ielt. However many companies when they reached their speciIic target they announced
that they have reached a milestone.
For example: In 1952 at the request oI Pandit Jawaharalal Nehru, the Tata groups started
manuIacturing cosmetics in India with the brand name akame. This was later sold to
Hindustan ever. So, Tata groups announced that they reached a milestone oI entering into
cosmetic industry in 1952.
The period aIter PG (1991) is oI very signiIicance. During this period not only many local
competitors were there but also many MNC`s entered into the Indian market. Now the Indian
business started Ieeling the heat oI competition Irom inside and Irom outside.
In this situation well planning and spot decision making, became very important not only to
survive but also to be in the Iront. So Iixing oI target and achieving it became crucial Ior any
organization. In this situation establishing the millstones took its birth.
When the investors are assessing the viability oI a business venture and investment
opportunity, they want to see a clearly the outlined plan Ior the direction and growth oI a
company. They want this presented in terms oI milestones that clearly outline and mark each
phase oI the company`s growth.







6

Milestones can be categorized by the way in which they are considered. The chart no.2
below, explains the categorizations oI milestone.
Chart no.1 Milestones















Short term Medium term Short term Medium term ong term

In the Iirst case the milestones are not established and there is no time bound on the activities
oI the organization. Here the miles stones are only identiIied, when the company reached a
signiIicant level.
For ex;
When the InIosys opened its subsidiary in atin America in 2007 they called it as milestone,
again in 2009, when its work Iorce reached more than 100,000, they claimed it as a
milestone.
In the second case, the milestones are established in the Iorm oI goal or objectives oI the
company. Here the miles stones or objectives oI the company are time bound. Under this
case, we can again categories milestones under two sub categories as- Ior an existing
company and Ior a new company.
II it is an existing company, the target or the milestone Ior the coming year are Iixed based on
the past perIormance oI the company. Here the milestone Iixed usually will be oI short term
or medium term Ior the coming years.
When company attains a
signiIicant level, it is
identiIied as a milestone.

Fixing the milestone in the
beginning as the goal or
objective to be reached and then
chasing it.
For an existing company, establishing
the milestone in the beginning oI the
year and then chasing it.
For a new company, mission and vision will
become milestones, while preparing business
plan and chasing the mission & vision.
7

For example, the existing company may Iix a target oI sales revenue oI the Rs50 corers Ior
coming year. This sales revenue will become the short term milestone Ior the company. In the
same way the expansion in the capacity oI a company may become a medium term milestone.

In case oI a new company the mission and vision statements may become the milestones oI
the company, as the mission and vision are the written expressions oI the long term goal oI an
organization.
For example, establishing the company branch at a diIIerent location within a time period
will become the long term mile stone.

et us explain how the targets Iixed by the company are considered as the milestones.
For example, let us assume that a task is to be started on 1/1/11 and should be over beIore
1/4/11. Then this period oI completing the task becomes the time period milestone Ior the
company. In other words it says that the task should be over beIore 1/4/11, aIter starting it on
1/1/11.et us say an estimated budget Ior a particular task is Iixed at Rs3500000 Ior the year
2011 as an investment. Then this amount will become the cost milestone Ior the company.
So, the milestone chart Ior each activity oI each dept is established beIore starting oI the
production. Extra care should be taken while establishing these milestones, because oI the
Iact that over or under estimation oI a parameter oI an activity may aIIect the perIormance oI
the company.
For example: iI budget oI Rs50 lakhs is Iixed Ior an activity as a milestone and iI the actual
expenditure comes to only Rs 30 lakhs, then we are paying Ior extra money, reversely iI the
milestone is Iixed at Rs 30 lakhs and actual expenditure comes to about Rs 50 lakhs , then
also production may get aIIected. However estimate ought to deviate Irom the actual and
this diIIerence should be very small. Monitoring or required corrections are made as and
when it is required during the process oI production are carried out. . This process oI
continuous monitoring is carried out to see that the economy is attained in the use oI
resources Ior completing the activities oI the project.



8

For the development milestones oI a company, it is very much necessary that the milestones
oI each dept and each activity are to be established. The milestones oI the activities oI a
department are integrated to have the milestone oI the dept. Similarly the integration oI the
milestones oI diIIerent departments will led to the milestone oI the organization. This is
clearly shown by the chart no.2 below.
Chart no.2
Procedure for fixing the milestones of a company


























ueflne mllesLone for Lhe company
ÞroducLlon Sales AccounLs Þurchase
AcLlvlLy 1
MllesLone
deflned
AcLlvlLy 2
MllesLone
deflned
AcLlvlLy 3
MllesLone
deflned
AcLlvlLy 4
MllesLone
deflned
AcLlvlLy 3
MllesLone
deflned
DeIine mile stones in each department in
terms oI -
aŦ Þerson responslble
bŦ 8udgeL
cŦ uaLe of sLarLlng
dŦ uaLe of flnlshlng


Now each department will have a set oI activities to be carried out on a time basis. These set
oI activates oI a dept when integrated will become a project. Prepare the Critical Path
Method chart and calculate the Early Start Time (EST), ate Start Time (ST), Early Finish
Time (EFT) and ate Finish Time (FT) Ior each activity. These data will give the crucial
inIormation Ior each activity to be Iinished, so as to reach the milestone oI a department.
Carryout the same procedure Ior other departments also and then consolidate the milestones
oI each department to get the milestone or the target oI the organization.

et us consider a manuIacturing concern Ior developing the milestones Ior a business.
Usually a manuIacturing concern consists oI the Iollowing important departments;
Purchase
Materials
Production
Sales and marketing
Human resource
Finance

To start with, the company has to Iix the milestone Ior the company as a whole, in terms oI
usually the annual sales and the proIits based on the previous year`s perIormance and the
predictions by the sales and marketing department. Then the overall milestone Ior each
department is established based on the milestones oI the company.

The mile stones Ior the production dept will be expressed in terms oI the expected production
oI number oI units oI the job per year. Same way the sales dept will Iix its target in terms oI
expected number oI units oI sales based on the environment and the previous year sales. ike
this the target Ior each department is Iixed.

Then targets Ior each dept are sent to all the diIIerent departments to develop their individual
milestones. The production department then develops its milestones. in terms oI quantities oI
material requirement, their due dates oI supply and etc. The Human resource department now
gets the inIormation about work Iorce requirement Irom other departments. Based on these
requirements, the H/R department then prepares their requirement which is the milestones in
terms oI work Iorce requirement Ior the HR dept.
10

The purchase department will prepare it`s milestones oI material requirement and
procurement due date, aIter looking into the materials available in the stores.
The Iinance/accounts dept prepare the milestones Ior the amount oI Iinance required and
when it is required and at what stage it is required. The Iixing oI milestones Ior the accounts
department plays a very important and crucial role, as an error in Iixing the milestone will
aIIect the Iunctioning oI all the other departments oI the company. So, at most care has to be
taken while Iixing the milestones Ior the Iinance/accounts dept.
The sales and the marketing department will Iix their milestones aIter getting the relevant
inIormation Irom production department. The milestones Ior the marketing department will
begin terms oI how much to sell, when to sell and at what price to sell.
These milestones serve as reIerence levels Ior each department oI the company Ior the
company to reach its goal.
A sample oI a milestones table no.1 is shown below. By using this milestone table we can
identiIy exactly where the problem is and who is responsible, and how much variations are
there & etc. AIter knowing this, corrective measures are taken to see that the actual values
come nearer to the estimated value.
Table no.1
Milestone
For
Manager Planned
Date
Department Budget
Rs.
Actual
Date
Actual Date
Variance
Budget
Variance
AdverLlslng 8am 16/02/11 MarkeLlng 113ţ000 06/03/11 100ţ000 +18 +13ţ000
uellvery
vans
Shrlnevas 23/01/11 Servlce 12ţ300 26/02/11 nll +32 +12ţ300
8uslness
plan
revlew
!akson 10/01/11 CM nll 23/01/11 300 +13 +300
ÞroducLlon
of 100
unlLs
8a[u 02/02/11 ÞroducLlon 100ţ000 31/01/11 ţ000 Ŵ2 Ŵ1000





11

The diIIerence between the milestone value and the actual value should be very small and iI it
is signiIicant, it indicates that something has gone wrong.
1. II this value is positive, then the reasons may be any one or the combination oI the
Iollowing reasons.
a. The target Iixed itselI may be inIeasible or very high.
b. It may be due to the Iailure in the perIormance.
c. The company might have underutilized its resources.
2. II this diIIerence is negative then it indicates that the actual is more than the estimated
or (milestone value). The reason Ior this may be
a. The milestone Iixed itselI is very low.
b. Over utilization oI resources.
c. May be combination oI these two.
To conclude, establishing the milestones is a very important and critical Iunction Ior any
organization and it has to be Iixed with utmost care. Hence by establishing the milestones we
will be able to clearly identiIy the organization perIormance and identiIy where exactly the
problem is, iI there is any.
Establishing the milestone is not only an important Iunction oI the organization and it also
becomes critical in the assessment oI the perIormance oI individuals or the activities oI the
organization.









12

References
http://answers.yahoo.com

http://www.bplans.com

http://businessplancritique.com
3 lmporLanL SLarLup MllesLones for ?our 8uslness Þlan
8y Admin ln !une 1sL 200

http://en.wikipedia.org


http://www.growthink.com
8uslness Þlan MllesLonesť Pow 1heyAre LssenLlal 1o ?our Success
8y uave Lavlnsky on 1uesdayţ november 10ţ 200

http://www.gaebler.com

http://vongehrconsulting.com

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