A portfolio career: will it deliver?

Missed the webinar on whether a portfolio career will deliver? Listen again to find out more about the real-life experiences of ICAEW members who are at different stages of their portfolio career. In the webinar we discussed the variety of roles available and considered if a portfolio career can give you the work-life balance you crave. 

A portfolio career: will it deliver? Gain inspiration from real life stories

Firstly, I'd separate in your mind, the distinction between your value which is about self-worth and the value of your work which is about pricing. I know it's very common to conflate the two, but it's unhelpful. Remember the definition of fair market value is "what a willing buyer and a willing seller can agree". There's absolutely nothing in this about intrinsic worth. I can't emphasise this strongly enough, because it will allow you to look at your pricing with greater objectivity, which in turn enables you to negotiate with more confidence. 

Secondly, analyse the value of your work (which is different to the price). What is the problem you're solving for the client? What are the benefits for them? This is about getting out of your head and into the client's mind. Because you need to be able to demonstrate how your service adds value to them.

Thirdly, we come to price itself. I always talk to my peers to do a reality check about whether I'm in the right ballpark with what I have in mind. If you've done your market research about what others are charging and why, then it's much easier to stand behind your price with confidence.

It really depends entirely on your personal circumstances and how much time and energy you can spare for unpaid work. It's important to have a clear idea of your own financial needs and goals, and with that in mind, to look at your time commitments. And of course, that may include childcare, other family responsibilities and the need for self-care. The balance will be different for each person but if you've consciously thought this through, whatever you do is much more likely to be rewarding, both financially and otherwise.

The nature of portfolio work tends to be more autonomous and, as such, it may be difficult for someone early on in their career to do this. I think this type of route lends itself best to someone who has spent 10+ years building up experience within a more ‘traditional’ working environment, before stepping out to become self-employed.

This can definitely be a challenge if you are the only finance person. The roles that I am currently doing are for larger organisations that have an existing finance team in place which means that the bulk of the month-end work is undertaken by them – I am merely reviewing the reports. As such, it is possible to juggle this between clients at month end.

I took a full year of maternity leave with my first son and then had a couple of years where I was working very part time (helping to set up and build my husband’s recruitment business). It has only been in the last four years that I have significantly increased the amount of work I have taken on. It can be more challenging to start a portfolio career if you’ve had a significant time out of work, but that can sometimes come down to confidence!

I currently have two roles. The first is a longer-term project with a specialised marketing agency to help professionalise their finances and management information and to implement timesheet systems and sales processes such that client and service line profitability can be measured. We'll then use this to build an informed strategy for growth. I secured this role simply through speaking about my offering with a fellow parent on the school run! You never know when and where opportunities can come up...

The second is a shorter-term project building 3-way forecasting models for an IT business looking to place their shares through an Initial Public Offering (IPO). As part of the IPO, companies need to be able to certify they have sufficient liquidity for at least 18 months after placement, so they require an IFRS compliant 3-year model of the P&L, Balance Sheet and Cash Flow. I secured this role through a specialist interim placement recruiter.

My mentor was excellent at explaining to me the need to focus on a particular business size and industry to resonate with a potential client. She also explained how important it is to 'sell' your offer as a solution to a problem or pain point your client experiences. For more on this I thoroughly recommend 'Building a Brand Story' by Donald Miller. Other than that, she was really good at holding me to account for taking actions towards making the aim of working in this way a reality, and she nipped any self-doubt in the bud very quickly!

I have one official mentor – where we’ve actually had a conversation about him being my mentor. We’ve known each other for many years in a work context and he offered to mentor me, given his experience in setting up his own consultancy practice.

I have a support network of many more people: There are consultants who have more experience than me of working in this space. I know that I can reach out to them with questions whenever I have them – e.g. around pricing, setting up partnership agreements, taking on associates. They have all been very supportive of me and have encouraged me on my journey. But their advice is ad hoc when I have a question to ask rather than a formal mentor arrangement.

I have a network of peers where we provide mutual support. Sometimes this is work related (e.g. people who are on a similar journey to me and we share learnings or tips). Sometimes it’s about moral support – someone who I can have a coffee with (real or virtual) and I know it will pick me up and boost my confidence. This journey is hard and you need incredible resilience, especially to overcome imposter syndrome – having supportive people who are on your side is invaluable. LinkedIn is also a great place for practical advice – I have put out asks for recommendations or advice.

I’ve also had a business coach through CABA. This was an invaluable support.

In terms of pricing, it’s important to understand the market you are operating in (what others charge, what customers are willing to pay) and the value you are creating.

Where charities are clients then my rate card is different to what I charge corporate clients – but I still charge an appropriate rate for my skills and experience. I don’t do all charity work pro bono!

When it comes to voluntary work, there are so many exciting and worthwhile volunteering opportunities that it would be easy for this to become your entire portfolio!

I think it’s important to be clear about your purpose – what do you want to achieve and what is the impact you want to have? Linked to that, it’s important to be clear on your personal development goals. I make sure that any voluntary work I do is aligned with my social/environmental impact objectives and/or helps me to achieve my personal development goals.

I also have a rough idea of how much time I can commit to volunteering at any point so that I don’t overcommit to this and prevent myself from generating the revenues that I need from my paying clients.

See whether the work can be deferred until later – does it have to be done now?

Look at what I can outsource – of this project / other work / my work admin or home-life admin.

Look at bringing in an experienced associate who I trust to deliver the work with me or on my behalf.

I am looking to put this in place. There are many virtual assistants who have previously been experienced assistants in large companies but now have a portfolio of clients and work from home. Some of these work as part of a larger pool of virtual assistants who have a broader skillset between them – e.g. around social media, design, copywriting.

Surekha Aggarwal, Business Coach and Mentor, Carnelian Business Services Ltd

Nina El-Imad, Finance Director, Simpson Booth Ltd

Hannah Keartland, Director, Hannah Keartland Ltd

Daniella Wainwright, Portfolio FD, Wainwright Consulting Ltd

^{*The views expressed are the author’s and not ICAEW’s.}