Milestones

Larger projects are often broken up into smaller, more manageable pieces with their own deadlines. These are often referred to as a milestone and include a deliverable, such as a chapter of an audiobook or a set of modules for an e-learning application.

Milestones typically include a deliverable (what's to be sent to the client), a payment (the amount you'll be paid for delivering the goods) and a deadline (when the due date is for the deliverable).

Example of Milestones

A good example of this would be an audiobook recording for a book publisher.

You're presented with an audiobook that contains 20 chapters that pays $10,000. To help manage your time and workload, you offer to batch your work into mini projects, due at the beginning of each month, with the goal of completing the project in four months. This means that each milestone will include 5 chapters and will pay $2500.

Here's how the milestones and payment structure would look:

Chapters 1-5
January 1, 2009
$2500

Chapters 6-10
February 1, 2009
$2500

Chapters 11-15
March 1, 2009
$2500

Chapters 15-20
April 1, 2009
$2500

TOTAL: $10,000

Setting Milestones

When you are setting your milestones, be sure that they are achievable within the parameters given and are also acceptable to your client. Make sure that you pace yourself and only promise what you can deliver upon. If you miss a milestone, your client may start to lose confidence and doubt your ability to get the job done.

Do You Set Milestones For Your Clients?

Looking forward to hearing from you,

Stephanie

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