Milestones are key operating or financial goals that can help provide focus to a company’s management and strategies for growth. These achievements are important stepping stones of progress. Common milestones for growth-oriented companies include the completion of a prototype, launch of a website, securing a first customer, receiving a patent award or achieving certain profitability targets.

Seed and early-stage investors use milestones to monitor management’s ability to implement a business plan on time and within budget. Some seed-stage investors withhold investment funds until certain agreed milestones are met.

To learn about the “4 Milestones of Financial Security” read Chapters 2 and 3 of Start on Purpose: Everything you Need to Know and Do to Startup with Strength.