In the business world, it is important to set milestones so that you can track how far you have gone in business. For a new business that has just been established, what are the things that it needs to achieve in it's first five years of existence?
What are the specific milestones that a business should achieve in its first five years?
- Thread starter Kross
- Start date
In five years of business you should become well known in your industry. Build a solid team. .Have profitable quarter and Nail a marketing strategy that's almost perfect
In five years, a business should be able to have a solid customer base that are loyal to the business.
In the first five years of a business, it should be able to have built strategic financial capacity to set it up for expansion moving forward.
eLdavis
Media Lab Marketing Team (Digital Promoters)
Staff member
Digital Promoter
Gold Supporter
Literary Virtuoso
Registered Member
- Joined
- Sep 21, 2023
- Messages
- 12,534
- Reaction score
- 888
- Trophy Points
- 0
- Location
- Nigeria
- D Bucks
- 💵14.600125
- Referral Credit
- 0
I don't think there is anything specific when it comes to this, it depends on the business owner. For some it could be a specific number of sales or customers, for others it could be a specific amount of profit.
By five years a business should not only be stable but solid. it should have passed it's teething stage to become a lot stronger
Specific milestones to measure business success in five years You can check and evaluate several indicators such as efficiency, profit and sales, increasing employees, increasing customers, brand becoming famous, having competitiveness in the market.
There will be need to increase number of employees, increasing customers to show growth , very important one brand becoming famous, having competitiveness with others
I think consistent profits for three years should be one of the milestones that a five year old business should have.
Sure that'd why we are in business in the first place. one needs to try and gets profit after the first 9 months
