Business Portfolio: How to Manage Your Portfolio
What is a Business Portfolio?
A business portfolio is a collection of your marketing materials and work that will show a potential employer who you are. It typically includes your cover letter, resume, head shot, or photo attached to your LinkedIn profile, links to any previous work experience you may have had posted on the job site’s website, and current projects in progress.
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A business portfolio can help an employer see how well you handle all aspects of company management. You should also include any past work you have completed for college assignments or personal projects if relevant to the job you are applying for. What makes a good business portfolio? Read on to know the answer to this!
Importance of managing business portfolios
The most important thing about a good business portfolio is that it shows that you are an active participant in the workforce. When employers see something you’ve done over and over again, it helps show that employee engagement is key to your success.
Another important reason for a business portfolio is that it helps assure employers that you will be loyal and reliable. A potential employer may be afraid that an applicant for their job may downplay his or her work history or experience, so having a portfolio will help to prove that the applicant is experienced and can keep up with the pace of the workplace.
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A good business portfolio’s final advantage is that it presents itself professionally. If you receive an employer’s email asking for a copy of your portfolio, it shows that your application has been vetted and will be taken seriously.
Demerits of business portfolio’s management
1. Inappropriate Allocation of Resources
A business portfolio should be used as an overall branding tool to present an employer with a detailed picture of you as a candidate. It should not just be a collection of random or irrelevant pieces that support your forgettable and unprofessional resume; it should showcase your work history, showcase your work ethic, and show potential employers that you are current on the latest technology in today’s workplace.
2. Difficult to Prioritize
Because a portfolio is so comprehensive, it can be difficult to prioritize the order of which information should be presented. There are also a lot of pieces of work that can be included to showcase each style you have accomplished, but it needs to be relevant and interesting to an employer.
A business portfolio can be very expensive, depending on your resources. Creating a good business portfolio is something that will require a large amount of time and work. Many online tools help organize and create a portfolio, but you should also invest in printable materials and binders to save time.
4. No Accountability
If an employer asks for your business portfolio, they may not understand how much time it takes to put it together. While the portfolio can show you are active and committed to the workforce, it can also be a liability if an employer wants a visual to see what projects you have completed or how much time you have spent on a project.
5. Difficulty of Securing Executive Buy-In
Many employers may not view a business portfolio as an awesome tool, especially if they already give their executive team members a tool such as Google Slides. Business portfolios can take a lot of time to complete and are often the purview of an individual employee, so they are not readily available in the traditional workplace.
6. Inadequate Information
A business portfolio can be used as a knowledge base for your information. This can include personal projects you have worked on, information on your education and training, and your professional experience. However, it should be updated and up to date to show you are current with the latest technology, trends in the workplace, and skills that are required for the job.
How to Manage a Business Portfolios
Best practices for portfolio management will naturally differ, just like daily life. Each project will have specific requirements, just like every portfolio will. However, there are tried-and-true techniques that work in the majority of businesses. They include:
1. Evaluate Projects Through a Strategic Lens
The primary criterion for prioritizing is how closely a project adheres to the organization’s strategic goals. Other things to think about are a project’s risk level and whether or not it will require extensive reengineering.
To guarantee better alignment between management and stakeholders, a skilled financial adviser will spot overlapping project proposals early on and halt any initiatives with weak business cases or insufficient strategic fit.
2. Review and oversee your portfolio carefully.
Suppose your portfolio isn’t actively handled after establishing the approved project list. In that case, even a top-notch evaluation and prioritization method won’t assist to release the time and efforts of your best employees. A missing or incomplete project list may have many negative consequences, including lower productivity and management dissatisfaction.
3. Organize, classify, and finance projects.
You must prioritize each project based on the funding and resources available once you have finished reviewing each for strategic alignment. Since cash flow is a limited resource, careful planning is necessary to achieve your financial objectives.
4. Track progress regularly with the help of a Time Tracking tool or spreadsheet.
Using a time-tracking tool will enable you to track the project and assign tasks for each team member on an ongoing basis. You must set aside time daily to track progress and periodically revisit each project. You must record your daily time budget and update it whenever needed so that you can effectively control your workload and release employees from overburdening their entire brains with every project through full-time involvement in all projects.
Project management is the process of initiating, planning, executing, tracking, and closing a project and managing the associated resources. It defines a set of processes for accomplishing specific goals and objectives and focuses on developing project plans.
It is important to effectively manage your business portfolio since it can help show employers that you are an experienced candidate. You will succeed as an employee in their company and can help with promotions or even a new job offer.