Successful Business Owners Know The Return On Their Investments
There is a lot that goes into the success of a company. However, one can argue that the most important thing successful business owners understand is the return on the investments that they make in growing their company. Every dollar that is spent needs to come back at some point with a return or eventually they are out of business. Hiring freelancers is a great way to find new talent. More business are turning to freelancers to quickly source innovative personell that provide services in fast growing tech industries.
If you are considering hiring a freelancer, here are a few tips on how to ensure the return on your investment.
Decide on Your Performance Benchmarks
Establishing this with a freelancer ahead of time is the key to a good working relationship and a good return on your investment. Doing your research on what you should be able to expect from your freelancer in terms of performance ahead of time and then using KPI’s (Key Performance Indicators) or other methods to measure their performance will give you a good indication on how your investment is doing.
Get Monthly Reports
Your freelancer should provide some sort of report on how they view their own performance. A list of goals should be made for the next month, then a report on how they met or did not meet their goals with explnations why should be expected.
Have a Contract
A contract that spells out the expectations of both parties is always a good thing. List out monthly duties, benchmarks and performance indicators and agree to the terms ahead of starting any work. This helps keep your freelancer accountable and also helps them work under realistic expectations.
It takes a few months to establish a good working rapport. If it is the first time you are working with someone it is best to start with small tasks that will establish trust and give you a good indication of the work you can expect over time.
Provide Feedback Often
Touch base at least once a week to make sure that things are moving in the direction you want. With most freelance relationships being virtual, it is easy to “forget” about the services you are getting when there is work in front of you that needs your attention as well. Several weeks can easily go by without any communication which can lead to a sliding scale in terms of effort. If you don’t care enough about the project to check in regularly, then your freelancer may move it to the bottom of their to do list.