When you work for yourself, it is easy to overlook the significance of taking the time to review your performance. Many of those who work for themselves measure success by profitability, how much free time they have, or how well connected they have become.
The truth, though, is that most people who work for themselves initially have goals and objectives in mind when they start. These goals can easily become lost in the shuffle once you have achieved some measure of success.
For this reason, it is imperative to periodically review them. An honest performance appraisal of your work and/or progress at pre-determined intervals helps tremendously.
Performance Appraisals Are Essential
If you have ever worked in a traditional corporate setting, you are likely familiar with the employee evaluations and performance appraisals used to assess whether or not you are on track with the company’s goals.
If done correctly(and we know how many corporations butcher this process), these appraisals are essential in determining whether you, as an employee, are meeting objectives and achieving goals set forth by the company.
If it can work well for the corporate world, is this strategy not worth considering for your own long term business success? Should you not hold yourself accountable just as you would be held accountable in the corporate world?
The great thing about self-evaluation is that you do not necessarily need to be as rigid as you would be in the corporate world. Yes, you want to demand as much as possible from yourself, but you will find that your goals and strategies offer more flexibility than would be possible in a traditional job setting.
For example, if you immediately see that something is not working during a self-performance appraisal, you have the power to change it and implement a new strategy immediately.
In contrast, changing anything in the corporate world would likely be a much more involved process.
What Should You Assess during Your Performance Appraisal?
While you may understand performance reviews are necessary, implementing an effective review system can be a little daunting when you have never had to do so before.
Where do you start when reviewing your growth? Here are a few tips that may help guide you through the process:
Be the Boss
In a typical job, you have a supervisor who oversees your work and periodically evaluates your performance. When you are the boss, it may be tempting to ignore the need for evaluating performance, but it is essential for positive growth.
When the time arrives for your own self-appraisal, pretend you are the boss on a traditional job. How would you evaluate the employees you supervise? What are their weaknesses and strengths? Be just as rigid with yourself as you would be with others in your self-evaluation.
Review Specific Goals and Objectives
Most people who are self-employed have set specific goals and objectives for their businesses. When you are evaluating your performance, review these goals and objectives to ensure your business is on the right track. You may find that some of the goals and objectives you previously set either need to be amended or totally scrapped. However, make sure that you have given a particular strategy ample time to work before making any changes.
Learn Something New Every Day
Are you truly as educated about your business as you need to be?
Address your continuing education needs during your performance appraisals. Traditional jobs require the top training, education, and certifications available in that particular field. Therefore, you should strive to learn something new each day that will help grow your business.
If you need to attend professional workshops or networking events in your field, then do so. Invest in online courses and seek out mentors to help if necessary.
In the long run, you will find that continuing education is one of the keys to remaining ahead of the competition in your field.
