Portfolio Allocation Helps

Management should ensure that consideration is given to allocating specific responsibility for all of the key portfolios within the business.

What are the portfolios that relate to your business?

Portfolios relate to specific tasks that are outside the mainstream day-to-day activities a person might normally perform. The portfolio responsibilities need to be documented as specific work allocation with an indication as to who the person responsible for the portfolio reports to and at what times.

Most businesses will have 40-60 portfolios that should be allocated to management and team members, to ensure the efficient operation of the business. It’s not good management practice to have all of the portfolios allocated to one or two people.

Consideration should also be given to the appointment of “replacements” if a person allocated to the portfolio is absent from work due to illness, holiday, study leave, long service leave, etc.

Some of the portfolio allocations you might want to consider for your organisation include:

·         premises ·         customer relationship management ·         financial
·         premises maintenance ·         customer advisory committee ·         regular financial accounts
·         suppliers ·         ongoing communication with customers ·         insurance
·         ordering of stock ·         human resources ·         taxation
·         receipt of stock ·         hiring of staff ·         debtors
·         stock control ·         introduction of new staff ·         creditors
·         dealing with suppliers ·         staff training ·         budgets and cashflow forecasts
·         marketing ·         corporate governance ·         financiers
·         sponsorship ·         public relations ·         competition
·         advertising ·         director’s duties ·         competitors
·         social media ·         environmental issues ·         competitor’s file
·         marketing promotion ·         legal
·         customers ·         company secretary
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