The importance of measuring performance and future planning for freelancers and SME’s


Wouldn’t it be useful if you could analyze the performance of both a team of people as a whole, and individual members of your team? Moreover, wouldn’t it be even more useful if this analysis was performed by an automated process that left you free to concentrate on other aspects of your business? You can do all this and more with MoneyPenny‘s performance measurement tool. Read on to find out just how MoneyPenny can help you to make the most out of every project by monitoring your performance.

Why measure success?

It is certainly true that whatever is measured, grows. But why? Well, you cannot nurture success unless you know what the strengths and weaknesses of your business are. Where are you doing well and in what areas can be improved? Being aware of this helps you to keep doing what you are doing right, and change what you are doing wrong. In this way, when you nurture success, it will grow.


How does MoneyPenny measure performance?

MoneyPenny has numerous ways for measuring the performance of your workers. For instance, our automated timesheet software helps you to see how many hours each employee has worked on a given project and thus see roughly how much they have contributed to the success of that project. You can see which clients keep coming back, and trace that back to separate teams of people, or even to individual employees. That way, you can see who leads teams well, and who has not been pulling their weight.


What about freelancers

Hitherto, this discussion has tended to conjure up the image of the managers of small or medium sized businesses measuring the success of their employees. But, MoneyPenny‘s software is also ideal for freelancers, as it enables a freelancer to measure their own success. When you work freelance, you are your own boss, and it can be hard to keep track of how much you are actually working. Seeing how many hours you worked for a particular project versus how lucrative that project was and how satisfied the client was can help you to calibrate the effort you put in to a project against your earnings.


The time factor

Especially for freelancers and small businesses, time management is very important. We all have heard the old adage, ‘time is money’. Freelancers, for instance, can be put off spending time analyzing their finances and their performance, as they feel that they could better spend that time actually earning money. With MoneyPenny’s performance measurement software, however, you do not need to trade off between earning money and analyzing your performance. Because so much of our measurement processes are automated, you do not need to spend time running through them manually. In a few clicks, and at a glance, you can see just how well you are doing and what you can do to improve.


Planning for the future
Accurately measuring performance helps you to formulate the best plans for your future business strategy. As we said before, what is measured will grow. When you measure and monitor performance, you create the best conditions for success to grow in the future. Analyze your past performances using MoneyPenny and use our software to decide what cutbacks you need to make and where you need to concentrate your resources.


Managing personnel

Personnel, and their labor, are some of the most important aspects of any business. Whether you are a freelancer or a small or medium sized business, the hard graft done by yourself and other members of your enterprise (if any) is what keeps your business afloat. Measuring the performance of personnel, then, is a crucial part of good business management. Using MoneyPenny’s tools will ensure that you do not neglect what is the lynch pin of any organization’s enterprises.


Try our performance tools for managing performance today, and you are sure to be delighted by the results. We integrate all of our measurement software into a single, user friendly interface. It could not be easier to manage and monitor the success of your business, and see right away which areas need improvement. You will quickly see positive results when it comes to enhancing the success of your business, and ensuring that all of your employees work to the best of their ability.

Also interesting: