Do you know what you are doing?

No, I'm not going to start lecturing you about spelling, grammar or any other technical aspect of writing.  As we come up to my annual tradition of 'Monetize May'  I once again focus on how my work is meeting my financial goals.  It's often a surprising process, as I examine each source of income, and look for other potential revenue streams.

Like most freelance writers,  I experience the fast and famine cycle of writing work, but this regular money 'work out' helps to keep me on track.  Although I reassess my work balance several times a year,  May is a particularly important time of the year: right after tax season, early enough for changes to affect the larger part of the year, but far enough into the year to see if any resolutions I made for the new year have been effective.

This year, my 'Monetize May' concept seems more important than ever, as the financial crisis squeezes everyone's budget, and the workplace gets ever more crowded with other freelancers all fighting for jobs.  I have also been quite disturbed by speaking to many other freelance writers who, having lost one or two big clients seem to be lost and drifting, with no clear idea of where to start finding extra work, or even what kind of work to look for.

I was lucky when I first started out on my writing career to have some excellent advisers from a local business group, one of whom was a professional PR writer and introduced me to the world of freelancing.  When I won an award from the group for one of my online businesses, the prize of six months business training was an invaluable grounding for my writing career.  It meant that I viewed my writing career as a business, subject to the same rules for success as any other venture.

Whatever you do for a living it is vital to have goals.  Whether in the form of a detailed business plan with steps and targets, or just a list of things that you want to accomplish within a particular time frame without this vision you are working without a clear direction.

It is also crucial to check the 'health' of your business.  Which areas are performing best?  What advertising or promotional tools are bringing you the clients or work that you want?  Are you earning the wage you want?  Are you taking (or being offered) the type of work that you enjoy?

You should also keep one eye on the future.  What changes are happening in your industry or in the world in general which might affect your career? Spot a rising trend and get in on the ground floor and you will be ahead of the game, even if it means sacrificing a few hours now. (Hands up who wishes they had started a website ten years ago?)  Likewise, being aware of when the bottom is going to drop out of something can allow you to make plans before it's too late.  (Anyone start saving more when they heard the first rumble about a credit crunch?)

The bottom line?  Know what you are doing right, what you are doing wrong, and what you really want to be doing in the future, and then take action to improve your writing career.