Here are some tips for drawing up your schedule:
Develop a schedule and a set of goals against which you and your investors can measure progress. Try to choose milestones that can be clearly defined and easily measured. For example, saying “completion of first teddy bear prototype” is easier to measure than, “getting the first batch of teddy bears on department store shelves.”
Provide a monthly schedule for major events in your business’ growth, and say when they are likely to occur. Be sure to include all those deadlines or milestones critical to your venture’s success–incorporation, prototypes, sales and distribution programs, product displays at trade shows, and receipt of first orders are five examples. Your schedule should also show numbers of your management, production, and operations personnel, as well as additions to your plant or equipment, and how these relate to your business’ development.
You’re safer to give dates in a generic manner rather than by calendar dates. That way it’s harder to tell if you’re running behind schedule.
Don’t forget to point out which activities are most likely to cause a schedule delay, and what steps you will take to correct such slippages. Also discuss the impact of schedule delays on your venture’s operations, especially its potential viability and capital needs. Try to avoid the bad habit most of us have in under-estimating time allotments. You may want to propose a slow, medium, and fast course of development for your business.
No business opportunity is ever lost. If you fumble it, your competitor will find it.