Corporate leaders know the importance of project leadership and milestones. If you are a business owner, you might be aware of project leadership and should be aware of the role milestones have within your business. Let's consider your latest project, does it have milestones? If it does not, then you might be ineffectively managing your project.
Asana's 2022 article gave a nice summary of milestones, which I've shared below starting with the basics of what is a project milestone. Project milestones mark specific points along a project’s timeline. They are checkpoints that identify when activities or groups have been completed or when a new phase or activity is launched. Think of milestones as signposts that keep things on track.
Milestones are powerful tools to apply in business. Milestones:
demonstrate forward progress in your project plan
motivate and align your team by enabling everyone to view progress and judge priorities.
help you monitor deadlines,
identify important dates, and
recognize potential bottlenecks within the project.
How are milestones different from goal setting, project phases, deliverables, and tasks? According to Asana goals are what you wish to achieve looking forward; a project phase may take weeks or months to complete, involving multiple tasks and team members; a project deliverable is a product or result, sometimes evidence of the completion of a milestone, and tasks are the building blocks of your project, and they take time to achieve.
As a professor of project management and leaders, I taught and advocated for project management teams when employees were added to different projects while still needed to accomplish their day-to-day tasks. Understanding and implementing a project with milestones is the solution. So, as a small business leader, it is important to take the time to understand the above concepts when you are handling a number of jobs, contracts, and offers while working on your own projects.