Having your short and
long term goals set to paper is one attribute of all
successful entrepreneurs.
Benchmarks/Milestones
These are critical development stages the company
has set to meet. Without these visible and
obtainable milestones your company and your
investors may lose their way. What are the first ten
priority items to be accomplished as soon as your
company gets the money? How long should it take to
complete them?
Short Term Near futureOne year success points. Define
levels of your projected success that must be
obtained in order to allow your pro forma to come
true. Set to paper obtainable goals that will show
your investors how you plan to keep the company on
track.
Long
Term
Lenders/Investors don't have your company
vision. Here is where you must paint a picture of
the future for them. This is the word version that
supports what your pro forma has projected will take
place over the next five years.
Exit
Strategy
Funding Sources want to know how you plan to pay
them back. Will the business generate a cash flow
large enough to support the debt? Is the product or
service so in demand that the company will go
public? These questions and more will not only help
determine your success, but they will also narrow
your search for the lender most likely to fund your
request.
Personal
While your personal goals may not matter to your
potential Lenders or Investors, they do matter to
you and your company. Deciding to be an entrepreneur
can have great effects on your life and the lives of
those around you. Set down your personal goals just
as you are writing this business plan. Discuss them
with your family. Take the time to find out what
your business associates expect of you.
