A business portfolio gives you a foundation for covering the needs of your business. But what all goes into a complete business portfolio? Read 8 Figure Firm’s blog to learn more.
What is a Business Portfolio?
A business portfolio is a collection of key documents that help provide clarity and direction for your organization. Individually, each one of these documents is incredibly important for the structure of your business; however, gathering them together gives you an easily accessible guide for making decisions for your company.
The creation of the business portfolio will largely depend on the business owner but involves many other members of your leadership team in order to create a comprehensive guide. All of the pieces below build a strong foundation for your business, and by creating them in order, you will see a domino effect unfold. These six elements lend themselves to assist in the creation of the next step in the process.
Parts of a Business Portfolio
In order to create a comprehensive business portfolio, there are several pieces of information you will need. Let’s go over the six crucial parts of a business portfolio.
1. Company Goals
The first step is to create your company goals. These will serve as the direction for you to work towards as your company grows. This document should include your vision, mission, core values, and any other benchmarks you are hoping to achieve as a business.
This could include goals like:
- Reaching a certain number of clients
- Moving to an upgraded office building
- Raising a certain amount of money for charity.
These are important to share with your entire team so everyone involved in your business knows where it’s heading and how they can help get the business there.
2. Initiatives
Your initiatives are the steps to improve your company and help you reach your goals. They can be internal or external processes and range from community outreach & volunteering to upgrading benefits for employees.
The outcome of these initiatives should result in the following:
- Better visibility in the community
- Better performance in the workplace
- Better employee retention
- Or something similar that boosts the business’s performance.
It is crucial to go over these initiatives with your executive team, your office manager, or whoever will implement and execute them.
3. Marketing Plan
A strategic marketing plan is your guide to the external appearance of your organization. This document should cover the following:
- Your marketing budget
- How you will acquire leads
- Your advertising strategy
- Your general approach to reaching your target audience
Communicating with your marketing team, developing a buyer persona, and conducting market research are vital to getting the results you want. Ensuring you have proper KPIs in place, like conversion rates, added followers, and website traffic, helps maintain accountability and transparency.
4. Hiring Plan
Your team is the most crucial part of your business. Connect with your HR team and outline the following:
- The positions you are looking to hire
- The traits you know will benefit the team
- The dates you’re looking to hire them
- How the onboarding process works
This guide will help you maintain a quality team to continually improve your company and ensure the process is smooth for new and existing employees.
5. Business Plan
The business plan is a little bit of everything in one document. It will outline some of the following:
- Executive Summary
- Business description
- Market analysis
- Organizational structure
- Services
Share your business plan with your leadership team to guide them on what to execute throughout the year. Doing so will also help them know how to direct their teams toward success.
6. Budget
The budget is the final part of the business portfolio. To help break it down, the four main areas your budget should take into account are:
- Revenue
- Payroll
- Marketing
- Expenses
Consolidating your expected revenues and expenses and laying them out for you and your team is an invaluable tool that benefits the organization. It allows you to prepare for unexpected issues that may arise, allocate resources more effectively, and maintain accountability across departments.
Speak to the Experts
It can be a complex process trying to create a business portfolio. However, providing a comprehensive and concise look at valuable documents can better provide direction for your executive team and the rest of the organization.
It can be very challenging to create an effective business portfolio with all the different elements involved. Here at 8 Figure Firm, we can help you through the process with ONE.Coach, our proven program to help you grow your firm.
If you’re ready to take your law firm to the next level, register for ONE.Coach today. We’ll help you turn your law firm into a law business.
