In a previous article we talked about ‘starting at the end’ – a simple process for planning complex projects by envisioning the goal and working backwards step-by-step. This method can be invaluable in highlighting the key objectives or milestones you’ll need to hit.
A milestone is a pivotal achievement that contributes substantial value to the business. Picture it as ascending a staircase; with each milestone completed in turn, the business’s value increases, while the risk of failure decreases.
Moreover, these key milestones map out the ‘critical path’ of the project – the sequential phases that must be completed within a specific timeframe. The critical path is non-negotiable; there’s no possible shortcut and is the ‘longest pole in the tent’.
A list of key milestones for a new product could look like this:
Here are some quick tips for establishing effective milestones:
- Ensure each milestone is a significant accomplishment for the business.
- Keep the description simple and self-explanatory to minimise any misunderstanding.
- Give each milestone a specific date and avoid vague dates like ‘early March’ or ‘Q2’.
- If a milestone involves a deliverable to a customer, make it a Friday!
- Highlight any milestones which have any critical dependencies on them.
- If a date changes, add a column for the new dates so everyone can see the delta.
Building this list of key milestones can help the business:
- Present a high-level summary of the project for key stakeholders which shows the what, when and who.
- Track progress for each milestone against the published date; if a milestone is missed or needs to be extended the knock-on effect can be quickly calculated.
