Performance reviews can be stressful, even for the most successful employees. In the traditional world of work, performance reviews are often time-consuming sessions where employees feel scrutinized or criticized. So, why would you even consider putting yourself through a similar process as an independent contractor?
The answer is simple: when done correctly, performance reviews can be a powerful tool to evaluate what you’ve achieved, revisit your goals, and assess how to move your business forward. A performance review is a tool to help you become a better and more successful independent contractor. Follow these four steps to objectively evaluate your progress and get the most out of your self-review.
If you’ve been through a performance review as a traditional employee, the process likely included input, feedback, and prompts from your manager. But without outside assistance, it can be difficult to know where or how to start.
To perform a self-review that is objective, efficient, and beneficial, you need the right tools and data. Before you get started, gather the following items:
With your business plan or goals in front of you, review the objectives you set for yourself and your business. Ideally, these will already be in a form that can be measured or quantified. In other words, “continue to grow client base” as a definition of success is more difficult to measure than, “gain five new clients per quarter.” If any of your goals are vague or hard to quantify, rewrite them so you can better review your goals next time around.
Where appropriate, break your goals down into increments and assign a level of success to each increment. For instance, using the example goal of gaining five new clients per quarter, gaining one new client may be labeled “poor,” two or three clients “adequate,” four clients as “good,” and five as “excellent.”
Once you have a breakdown of goals in mind, it’s time to evaluate how well you performed in your efforts to meet each goal. Whenever possible, use numbers and hard data to make these evaluations. In your mind, you may feel that your income levels were subpar, but the financial data or software you use may show that you’ve had a steady improvement on a month-to-month basis.
In between performance reviews, keep thorough records that document changes or achievements. Factual data can be essential to eliminating any internal bias that might cause you to overestimate your success or be too hard on yourself.
Once you’ve completed your performance review, it’s important to try and maintain an unbiased mindset as you evaluate your review. Just remember, don’t let your successes go to your head or your deficiencies discourage you.
Instead, aim to objectively evaluate your progress, allowing you to create a plan for improving areas where you fell short while also recognizing your successes. If it’s been a while since you last updated your business plan, now may be an ideal time to do so as you re-evaluate your business goals and create a plan to achieve them.