Measuring performance in your solo business

In the Corporate World, measuring performance and performance reviews are a common occurence. Three years into my journey as a soloist I have begun to wonder how I can create better performance review processes for myself.

In the Corporate World, performance reviews are always underpinned by good intention, even though their effectiveness for measuring performance varies from business to business. In general, it is a time for the employee to reflect on how they have progressed and share how they would like to be further supported or developed and where they would like to improve. The idea is plans are put into place to ensure the right actions occur over the next 6 or 12 months.

It is a chance for the employer to reflect and share the same things from their perspective.

So how do you recreate this as a soloist? It’s true that I regularly request feedback from my clients which is very helpful but it is not the same as a performance review. Clients are only able to give feedback on their experience of coaching and me as their coach. However, the time I spend coaching is only a portion of my “role” within my business.

Who will review my performance in other areas such as marketing, networking, administrative processes, new products and initiatives? Am I destined to have to fulfil both role of employer and employee to have a performance review or are there other ways of measuring performance to achieve this with more objectivity?

Every year when I create my business plan, I take time to self review and continue this process during the year. What I feel I am missing is an objective perspective. The point of view which reflect back to me the things I cannot see for myself.

Do you ever miss the Performance Review process? Have you created a system for measuring performance that addresses those needs for you as a soloist?

I would love to hear your thoughts – let’s get the conversation flowing in the comments section below.

Linda Anderson is a Certified Professional Coach dedicated to helping people live bold and rewarding lives. Linda has an energetic and direct style of coaching which suits people who like to be challenged.

6 comments | Add your own

Thanks Linda for your article. I have heard that a point system works well for some soloists. Points are allocated for marketing, service levels, social ventures and any other activity that builds on a "balanced" soloist work environment. Each activity has different point values based on the importance of the task at hand. A lifestyle performance review should always be included alongside your financial performance review. Rich from Sydney
I always use and teach the "so what?" test, ie if your target market isn't excited then who cares? Grant Hyman from Sydney | Read my articles
This is definitely a challenge I have encountered as a soloist. You want to drive your own performance, but it's difficult without reviews from peers or superiors.
The most effective thing I have discovered is to make myself accountable. I know where my performance can improve - the challenge is doing something about it. I'll often talk to my wife about what I'm trying to improve. Having another soloist or business owner as a mutual mentor can also increase accountability and performance. Luke from Sydney
I have always had the dream and ambition to sit down right befoe the beginning of the year and create a plan/annual business report with metrics and so on. But push always comes to shove and the best intentions are run down by the practical realities of everyday business. I know this is a huge mistake, but extremely hard to avoid when as a small business owner you wear so many different hats.
Oh well maybe 2009 ;-)! BryanG from Lincoln, VT
For a performance review of your own business to really be objective and helpful, I reckon it's important to decide which results really matter most - like new customers, new leads, profit per hour invested in the business, profit margin, or whatever matters most to you - and take the time to measure each one of these.
It's not too hard to collect some data regularly on results like these, and monitor them weekly or monthly. (Over the past couple of years, I have built a scorecard of a couple of dozen really powerful measures that help me ramp up my own business success.)
Your performance as a business owner is really reflected in the performance of your business results. Stacey Barr from Highvale, Australia | Read my articles
What great ideas shared! As 2009 approaches this is a great time to create structures to help you measure your performance for next year ... Linda Anderson from Sydney, Australia | Read my articles

6 comments | Add your own

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