{"id":5488,"date":"2021-01-08T08:00:00","date_gmt":"2021-01-08T07:00:00","guid":{"rendered":"https:\/\/www.freelancermap.com\/blog\/track-growth-business\/"},"modified":"2024-11-07T15:57:28","modified_gmt":"2024-11-07T14:57:28","slug":"track-growth-business","status":"publish","type":"post","link":"https:\/\/www.freelancermap.com\/blog\/track-growth-business\/","title":{"rendered":"KPIs for Freelancers: How to Track the Growth of Your Freelance Business"},"content":{"rendered":"\n<p><strong>KPI or Key performance indicators&nbsp;are defined as a way to&nbsp;measure the performance&nbsp;of a process or a business. In this article, we&#8217;re going to take a closer look at specific KPIs for freelancers and how best to utilize them.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"#indicators\"><strong>KPI for Freelancers: 4 Ways to Measure Your Growth<\/strong><\/a>\n<ul class=\"wp-block-list\">\n<li><a href=\"#profit\">Profit<\/a><\/li>\n\n\n\n<li><a href=\"#growth\">Growth<\/a><\/li>\n\n\n\n<li><a href=\"#hourly\">Hourly Rate per Client<\/a><\/li>\n\n\n\n<li><a href=\"#Social\">Social Media<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><a href=\"#types\">Types of KPIs<\/a><\/strong><\/li>\n\n\n\n<li><strong><a href=\"#whichkpi\">Which Key Performance Indicators Should I Use to Track Growth?<\/a><\/strong>\n<ul class=\"wp-block-list\">\n<li><a href=\"#avoid\">Avoiding Vanity Metrics<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"#excel\"><strong>Measuring KPI using Excel <\/strong><\/a>\n<ul class=\"wp-block-list\">\n<li> <a href=\"#download\">Download Excel Template<\/a><\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><a href=\"#conclusion\"><strong>Conclusion<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p>There are many ways you can measure success as a freelancer. How much money you\u2019re getting is one, but it isn\u2019t necessarily the most important. <\/p>\n\n\n\n<p>Other aspects you might want to keep track of can include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>How many clients you\u2019re getting<\/strong><\/li>\n\n\n\n<li><strong>What you\u2019re really earning per hour<\/strong><\/li>\n\n\n\n<li><strong>Effectiveness of your marketing efforts<\/strong><\/li>\n<\/ul>\n\n\n\n<p> If you want your business to do well, \u201cgoing with the flow\u201d isn\u2019t really going to cut it. You&#8217;ll need to define smart indicators to really monitor success. <\/p>\n\n\n\n<p>Continue reading to learn more about what KPI indicators are, with examples of Excel Dashboards. If you have already searched for \u201cKPI meaning\u201d you know that this acronym can represent parameters as different as:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>the number of customers you managed to acquire,<\/li>\n\n\n\n<li>what you are truly earning per hour of work,<\/li>\n\n\n\n<li>the effectiveness of your promotion efforts, etc.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-group has-background\" style=\"background-color:#b1c3b7\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-block-group-is-layout-constrained\">\n<p class=\"has-text-align-center has-background\" style=\"background-color:#b1c3b7;font-size:18px\">Join our freelancer community today! <br>Create your profile in just 2 minutes and start attracting new clients.<\/p>\n\n\n<div class=\"su-button-center\"><a href=\"https:\/\/www.freelancermap.com\/registration?ref=blog-com-freelancer-kpi\" class=\"su-button su-button-style-default\" style=\"color:#222222;background-color:#FCF2DB;border-color:#cac2b0;border-radius:20px\" target=\"_self\"><span style=\"color:#222222;padding:0px 20px;font-size:16px;line-height:32px;border-color:#fdf6e6;border-radius:20px;text-shadow:none\"> <strong>Sign up for free<\/strong><\/span><\/a><\/div><\/br><\/p>\n<\/div><\/div>\n\n\n\n<p>So what is a KPI really? The definition of a KPI or <strong>Key Performance Indicator <\/strong>is simple: the way to measure performance of a process or a business.&nbsp;<\/p>\n\n\n\n<p>Using key performance indicators (KPIs) is an excellent way to effectively measure your business development. KPIs are essentially ways to keep track of both long- and short-term developments, allowing you to intervene if a certain area isn\u2019t living up to expectations. It will help you see whether you\u2019re spending too much time on something that\u2019s not worth it.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-text-align-center is-layout-flow wp-block-quote-is-layout-flow\">\n<p>KPIs are great to effectively measure your business development as a freelancer.  <\/p>\n<\/blockquote>\n\n\n\n<p>KPIs are defined by the SMART technique. These need to be Specific, Measurable, Achievable, Relevant, and Timely, as this is the only way you can measure its evolution.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span style=\"font-size: 20px;\">KPI for Freelancers: 4 Ways to Measure Your Growth<\/span><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" width=\"1024\" height=\"768\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers.png\" alt=\"kpi for freelancers\" class=\"wp-image-30433 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers-300x225.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers-768x576.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers-720x540.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers-580x435.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2021\/12\/kpi-for-freelancers-320x240.png 320w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/768;\" \/><figcaption class=\"wp-element-caption\">The most popular KPI are profit, hourly rate, growth and social media<\/figcaption><\/figure><\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"profit\"><span style=\"font-size: 20px;\">Profit<\/span><\/h3>\n\n\n\n<p>Profit is an obvious indicator of how well your business is performing. However, profit can be very different from your total revenue. Profit is the money that goes directly into your pocket, after taxes and business expenses. Consistently measuring your profit can do several things for your business.&nbsp;<\/p>\n\n\n\n<p>For one, it helps you identify so-called \u201cfamine periods\u201d, the months when you tend to have less work and get less money. Additionally, it\u2019s a good indicator of how your business is developing over time.<\/p>\n\n\n\n<p>If you have difficulty tracking your income on a monthly or yearly basis, you might want to consider using a financial app or software to make tracking this KPI far easier.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"growth\"><span style=\"font-size: 20px;\">Growth<\/span><\/h3>\n\n\n\n<p>To really <strong>know how well you\u2019re doing in the long-term, you want to measure growth. <\/strong>You can measure that by dividing profits on a monthly or yearly basis. Once you know how much (or how little) your business has grown over the year, you can decide what you want to do with that information.<\/p>\n\n\n\n<p>If you\u2019re looking for <a href=\"https:\/\/www.freelancermap.com\/blog\/growth-hacking-freelancers\/\">increased growth<\/a>, try to keep it in an upwards year-over-year trend (monthly values tend to be too skewed to be useful in this case). <\/p>\n\n\n\n<p>Maybe you\u2019re happy with how things are going and would like to keep them that way \u2013 you should still measure growth and try keeping it in a flat line or slightly upwards to account for inflation and changing expenses. Not doing so might lead to negative growth being ignored until it\u2019s too late to do something about it.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"hourly\"><span style=\"font-size: 20px;\">Hourly Rate per Client<\/span><\/h3>\n\n\n\n<p>Regardless of whether you are charging clients by the hour, by parts of projects, or a complete project fee, measuring the <a href=\"https:\/\/www.freelancermap.com\/blog\/freelancer-tips-how-to-set-your-rates-as-a-freelancer-\/\">hourly rate<\/a> is a good idea. <\/p>\n\n\n\n<p>Doing so is relatively simple \u2013 track the time you spend on something, add up the hours when you\u2019re finished, and divide your profit by those hours. Across different clients, you\u2019re probably going to end up with a decently large range of hourly rates.&nbsp;<\/p>\n\n\n\n<p>On the top of that range are clients that pay you the most for your time and services. On the bottom, every <a href=\"https:\/\/www.freelancermap.com\/freelancers-directory.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">freelancer<\/a> will invariably have those clients who take up a lot of your time but don\u2019t contribute that much to your business financially.&nbsp;<\/p>\n\n\n\n<p>Ideally, you want to exchange the kinds of clients on the bottom for the kinds of clients on the top. Once a certain amount of time passes, say one or two years, rinse and repeat for a steady increase in hourly rate and, consequently, profit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"Social\"><span style=\"font-size: 20px;\">Social Media<\/span><\/h3>\n\n\n\n<p>Last but not least, by using the previous and additional metrics you can see what your social media marketing is really doing for you. If you\u2019re using Facebook for getting more clients, how many clients does this method really bring your way? Compare that, for example, to how much you get using freelancing <a href=\"https:\/\/www.freelancermap.com\/it-projects\/web-developer-1122\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">websites<\/a>.&nbsp;<\/p>\n\n\n\n<p>Additionally, what kinds of clients do you get through that particular channel? If they\u2019re always on the bottom of the hourly rate per client scale, you might want to reevaluate your strategy or give up this particular aspect altogether.<\/p>\n\n\n\n<p>A <strong>few key performance indicator examples<\/strong> you could evaluate regarding your social media marketing include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Traffic to your website via your social media campaigns<\/li>\n\n\n\n<li>Spend-per click (if you are running ads)<\/li>\n\n\n\n<li>Follower growth<\/li>\n\n\n\n<li>Engagement (how many of your followers interact with your posts?)<\/li>\n\n\n\n<li>Direct messages received from potential leads<\/li>\n<\/ul>\n\n\n\n<p>However, we emphasize the importance of looking at social network KPI indicators in a more thoughtful way. You may be tempted to over-value certain parameters that are not as important.<\/p>\n\n\n\n<p>Some of these parameters are included in what is known as \u201cVanity KPIs\u201d. For example, the number of followers, or the number of likes, fits this parameter. This data is much less important than the number of leads generated, or even the traffic generated. However, many people value these parameters too much.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"types\"><span style=\"font-size: 20px;\"> Types of KPIs<\/span><\/h2>\n\n\n\n<p>The above is just a list of some of the ways you could track the growth of your business using key performance indicators. In reality, there are a huge number of factors that can help you effectively measure and evaluate your growth.<\/p>\n\n\n\n<p><strong>Other types of KPIs include:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Customer acquisition costs<\/strong> (i.e. how much you&#8217;ve spent on advertising measure against how many customers you have acquired with these methods)<\/li>\n\n\n\n<li><strong>Funnel drop-off rate<\/strong> (how many potential leads leave your website\u2019s sales funnel without converting)<\/li>\n\n\n\n<li>Inventory turnover (this only applies if you sell physical products as a freelancer)<\/li>\n\n\n\n<li>Marketing outside of social media (SEO, PPC, etc)<\/li>\n\n\n\n<li>Leads generated\/converted into clients<\/li>\n\n\n\n<li>The average number of <strong>hours on onboarding clients<\/strong><\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"whichkpi\"><span style=\"font-size: 20px;\">Which Key Performance Indicators Should I Use to Track Growth? <\/span><\/h2>\n\n\n\n<p>Deciding which of these <strong>KPI examples<\/strong> you want to use to track the growth of your business is entirely dependent on your goal.<\/p>\n\n\n\n<p>Of course, from a business perspective, it makes the most sense to track your <strong>financial growth via your profits, cash flow, and hourly rates<\/strong>. So you should focus on financial KPIs.<\/p>\n\n\n\n<p>However, once you reach a point where financial growth is not a key priority, you may decide that tracking things such as<strong> efficiency<\/strong> (time over money), <strong>customer satisfaction, and conversions<\/strong> are a better way to track the success of your business over time.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"avoid\">Avoiding Vanity Metrics<\/h2>\n\n\n\n<p>As we mentioned earlier, there are some KPI indicators that are included in the vanity metrics and that should not be analyzed or pursued too vigorously.<\/p>\n\n\n\n<p>When we talk about vanity metrics we are referring to metrics that can make a good impression, but that do not contribute effectively to perceiving the real performance of a business, nor do they help in defining future strategies.<\/p>\n\n\n\n<p>In fact, any metric can become a vanity metric. For example, a site can have 5,000 registered users, but if only 50 are actually active users, then the total number of users is just a number that doesn&#8217;t say much regarding the actual performance.<\/p>\n\n\n\n<p>In this sense, as a freelancer, it is important that you have the ability to distinguish the metrics that really matter, and that can help shape a future strategy.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"excel\">Measuring KPI using Excel<\/h2>\n\n\n\n<p>One of the most popular ways to follow KPI indicators is to use Excel files. You can find dozens of templates online by searching for the terms KPI Excel.<\/p>\n\n\n\n<p>However, to make your life easier, we have prepared an Excel Dashboard that we believe can be useful to many freelancers.<\/p>\n\n\n\n<p>You can find our KPI Excel or Excel Dashboard (as you prefer) below:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"download\">Download KPI Excel for freelancers<\/h3>\n\n\n\n<p>Click on the button below to download a KPI Excel model for project management.<\/p>\n\n\n\n<div class=\"wp-block-columns are-vertically-aligned-center is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<figure class=\"wp-block-image aligncenter size-full is-resized\">\n    <img decoding=\"async\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/11\/project-management-dashboard-for-freelancers-free-template-excel.png\" \n         alt=\"Project management dashboard - Free Excel template for freelancers\" \n         class=\"wp-image-44695 lazyload\" \n         style=\"--smush-placeholder-width: 634px; --smush-placeholder-aspect-ratio: 634\/721;width:470px;height:auto;box-shadow: 10px 10px 15px rgba(0, 0, 0, 0.4);border-radius: 15px;\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" \/>\n<\/figure>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:40%\"><div class=\"su-button-center\"><a href=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/10\/free-template-project-management-excel.xlsx\" class=\"su-button su-button-style-default su-button-wide\" style=\"color:#222222;background-color:#B1C3B7;border-color:#8e9c93;border-radius:15px\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"color:#222222;padding:0px 20px;font-size:16px;line-height:32px;border-color:#c9d5cd;border-radius:15px;text-shadow:none\"> <strong>Download Excel template<\/strong><\/span><\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"conclusion\">In Conclusion: Understanding KPI indicators is a fundamental step&nbsp;<\/h2>\n\n\n\n<p>To sum it all up, KPIs can help you determine what\u2019s going right or wrong with your business and act upon that data. Every freelancer does this subconsciously, but crunching the numbers will give you a crystal-clear perspective, without excuses and rose-colored glasses.<\/p>\n\n\n\n<p><em>Have you used KPIs and if so, which ones? Tell us in the comments!<\/em><\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.freelancermap.com\/registration?ref=blog-com-freelancer-kpi\"><img decoding=\"async\" width=\"1024\" height=\"297\" data-src=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up.png\" alt=\"Looking for freelance projects? Register for free on freelancermap and land new clients a 0% commission fees\" class=\"wp-image-42927 lazyload\" data-srcset=\"https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up.png 1024w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-300x87.png 300w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-768x223.png 768w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-720x209.png 720w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-580x168.png 580w, https:\/\/www.freelancermap.com\/blog\/wp-content\/uploads\/2024\/07\/cta-blog-freelancermap-sign-up-320x93.png 320w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; --smush-placeholder-aspect-ratio: 1024\/297;\" \/><\/a><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>KPI or Key performance indicators are defined as a way to measure the performance of a process or a business. In this article, we&#8217;re going to take a closer look at specific KPIs for freelancers and how best to utilize them.<\/p>\n","protected":false},"author":1,"featured_media":26644,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","footnotes":""},"categories":[3006],"tags":[3437],"class_list":["post-5488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marketing","tag-online-marketing"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>KPIs for Freelancers: How to Track the Growth of Your Freelance Business<\/title>\n<meta name=\"description\" content=\"Measuring and analysing KPI is key for businesses. How can freelancers use KPIs to measure progress? 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