Having multiple projects with different clients is always great for a startup company. After all, the entry of these projects helps the business grow. But sometimes, it can be hard managing all of these projects on your own.
This is where outsourcing your portfolio management can be a great solution. It can provide you with plenty of opportunities for more effectively running these different projects. Let’s dive into how you can get more of this move for your business.
What Is Portfolio Management Anyway?
In its simplest definition, portfolio management is the work of selecting, prioritizing, and controlling the various projects your company has. The goal here is to ensure that the management of these projects is well-balanced. High-priority projects get all the resources they need while smaller ones still get the attention they need.
The Challenges Of Portfolio Management For Your Startup Business
Before we explore what outsourcing can do for your portfolio management work, you need to understand the challenges you can encounter. These challenges will dictate how you will go on with the outsourcing efforts.
Challenge no. 1: Demand Vs. Resources
The biggest challenge you face with portfolio management is balancing the different project demands with existing resources. Here, you will often need to decide how many resources a project gets and what actual ones to provide. You also need to ensure that the projects maximize the resources they get.
A particular example here is the personnel you have. While some of your employees can divide their time working on multiple projects, they might still struggle to balance the workload. Here, you need to find ways to help them balance all those workloads.
Challenge no. 2: Portfolio Funding
This is a specific subset of the above challenge. You need to ensure that the strategic goals of each project align with the startup business’ overall goals. That ensures the funding that goes into these projects generates enough returns.
Here, you will also have the tough decision of pulling out funding for a project should it not be able to deliver reasonable gains. You might be surprised at the amount of deliberation you need to go through before the final decision.
Challenge no. 3: Managing Support
It isn’t just the project you directly need to deal with in portfolio management. You also need to deal with the support system that makes these run smoothly. A particular concern here is how to lessen the effects of pulling out or reducing support for certain projects.
The Benefits Of Outsourcing For Your Startup Business Portfolio
Your startup business can get several key benefits from outsourcing some portfolio management work. When used correctly, these benefits not only let you deal with the above challenges but also give your business more room to take on new projects.
Solving Capacity Issues
Since much of the challenge with portfolio management is due to not having enough resources, outsourcing is an easy way to increase capacity. You don’t have to go through long preparations for the increase, such as the hiring process. The provider will be the ones to handle that work and deliver the resources as needed for each project.
Image from Stronger By Science.Additionally, you have more room to create a customized plan for each project. That is crucial, as different projects will have different resource requirements. The provider can readily tailor the services they provide to fit these plans. You can also better respond to each project’s changing needs better.
Greater Time For Client Engagements
Giving enough time for each project client while managing all the other aspects can be difficult for a small startup business team. With an outsourced provider handling all that work, you can get back to the discussion table with them. That also gives you more freedom to act in their best interests.
Developing A More Holistic Project Management Approach
Outsourcing can also help you make your portfolio management strategy more holistic. Outsourced portfolio managers can help you look at your current strategy from a new perspective. They also have the expertise to devise strategies that better consider the whole picture of your business.
Helping Your Startup Company Better Manage Its Portfolio
At Virtua Solutions, we are ready to provide our clients with comprehensive portfolio management services. Our expert project managers are ready to take on the work no matter how large your portfolio is.
We begin by determining the right project manager to assign for you. Each agent in our roster has been engaging with different companies throughout the year. We assign one with the closest qualifications to your particular set of projects. With that, you can be sure that they would be able to understand the relationships between these projects better.
Improving Your Startup Company Portfolio Management Strategies
Once the assigned agent is on board, they start reviewing your portfolio. They identify possible areas for refining and streamlining your resource distribution strategy. The agents can also help you do a more efficient inventory of your resources. They can guide you on how to better distribute these resources.
Our virtual assistants can also help create reports for each project in your portfolio. They do this in the background, saving you a lot of time. These reports go beyond just project status updates. You get a detailed analysis of the issues that your projects might be encountering. They will also provide you with a detailed explanation of the potential solutions.
A particular area where our project management team can help a lot is risk assessment. Through the aforementioned holistic approach, we assess what each project can contribute to your startup. From there, we do a risk assessment and determine how to manage these better. Ultimately, we can also help you better make the tough call of pulling out a project.
Get Your Startup Company Ready For More Projects With Our Help
With Virtua Solutions at the helm of your portfolio management tasks, you can get it ready for new projects to come by. Combining it with our other outsourcing services, you get full project support to help the business grow. Contact us today to know more.