Articles - 14th May 2020

Five Basic Metrics every Freelancer should use

Words by Donald Fomby
Illustration by Will Francis

Being your own boss means that asking for feedback is not always possible, and you might find it difficult to measure your performance without a tight schedule.

This is exactly why there are certain metrics you can use in order to help you out with this task. While many people might be mainly focused on how much money they are making, there are other metrics that are just as important. Here are some of the most important metrics which will help you track your progress as a freelancer.

1. Time

The time you invest in your business is closely related to the income you generate. Depending on your niche and the services you provide, you will end up getting paid a little differently from each client. Adjusting and tracking your hourly rates is important and it can help you determine how much time you should put into a new project.

Your time as a freelancer is precious. By being the only one working on a project, you will need to be able to work quickly and effectively. Not spending time on things which are not as important will help you stay active and work in a flexible way. Therefore, this measure is going to help you see how effectively you do your job and exactly how much your time is worth.

At the same time, managing your time effectively can also come from using the right tools to help you save time while working. Such tools include the Pomodoro Tracker and the Focus Booster which help you manage your time effectively and stay productive.

In addition to those, tools such as GrabMyEssay, Grammarly and TrustMyPaper can help you proofread and edit all your business-related emails and save you time and effort, while also protecting you from some of the simplest yet embarrassing mistakes.

2. New clients

Keeping track of all the new clients you start working with is going to help you measure something very important and that is your company’s growth. The more people you work with, the more you are able to spread the word out about your business. Gaining experience through new clients will help you improve the services you provide and allow you to become an expert in your field.

Working with new clients will also help you stay in a constantly productive state, as you will have to work hard to satisfy the needs of everyone. Your growth will be impacted negatively if you don’t keep track of these ventures, as you will not be able to recognize your mistakes and work on improving them. “New clients can show you a lot about your current working tactics and help you find new ways to deal with existing issues”, advises Shane Yaw, a content creator for Studicus.

At the same time it is important to remember that while new clients have a lot to offer, you should never forget your existing ones. Keeping your original customer satisfied is going to help you build your brand and make yourself look trustworthy. This can be equally if not more valuable and it will allow for more new clients will be able to put their trust in your services.

3. Self-promotion

With more than 2 million freelancers in the UK, promoting yourself online is one of the most important things you should do in order to expand your business’s reach and attract more clients. You need to be able to handle the competition and always meet new clients. Networking as a freelancer can be tricky otherwise, and you need to use social media to your advantage in a smart way.

Being active on your social media platforms will help you build your brand and become more involved in your online community. This will help you attract more people interested in what you have to offer. This is very important to track as well since it will help you see just how many of your clients you managed to attract yourself over a certain period of time.

4. Marketing Metrics

Whether you solely use social media, emails or texts to market your business, you need to be able to keep track of the performance of your strategies. Investing money in marketing is fruitful and will allow you to attract more potential clients quickly and easily.

While it may take a while to build your brand, you should focus on measuring your marketing achievements. Seeing where your marketing strategies lack can help you save money and time by making them more targeted and efficient. Therefore, you will be able to improve the way you approach your clients and make your business look more appealing and trustworthy online.

An important part of tracking your marketing metrics is related to how well you utilize SEO in your posts, both on your website and your social media. Tools such as GoogleTrends and the KeywordTool can help you pick the right keywords and allow your business to become even more visible online.

5. Management

Last but not least, you need to be able to measure how well you manage your business in order to see if there is anything you can do in order to improve your management tactics. Savings for your taxes or staying mentally healthy after many hours of continuous work can be very important things to track. Therefore, there are quite a few things you need to take into consideration in regard to your own management tactics.

Being your own boss requires you to be able to be both strict and lenient with yourself. While you need to work long hours you should also allow yourself the time to relax and recharge your batteries. Measuring how you manage certain aspects of your job will help you stay stress-free while still handling your responsibilities correctly and efficiently.

Finding the right balance of these metrics will help you achieve growth

Being able to grow your own brand is all about finding balance when it comes to making decisions that will help you succeed. Tracking your own achievements can be a very important part of achieving your goals and will help you stay grounded and hard working.

So ask yourself, which of these metrics are you already considering, and which could you pay a little more attention to?


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