Mastering the mosaic - Portfolio Careers Part 5 of 5

A portfolio career more than any other will require you to develop your organising superpowers.

You are balancing multiple clients and responsibilities in potentially different realms, with possibly completely different outputs, and even different levels of focus. 

Maybe you're a seasoned freelancer, a budding entrepreneur, or someone who thrives on wearing multiple professional hats – in all cases, aside from your skill, time is your most valuable asset. 

Here are four strategies that will help you own your time, elevate your performance across roles, and cultivate a more satisfying professional mosaic.

• Why setting up a system is vital.

• How to balance commitments without “shoulding” on yourself.

• Useful tools (some free) and approaches to help you manage your portfolio of “projects”.

• Managing the money without stress

1 Setting Up a System

In Time Wise (Dec, 2023), Amantha Imber's inspiring book on time management,  she states categorically and truthfully, using your time wisely can easily become your superpower.

One of the useful strategies she includes comes from Adam Alter:

"Rather than just setting yourself a goal, create a system to support that goal as well". 

For example, your goal might be to attract 100 new clients in the next 10 months.  Break that goal down into steps – that is 10 clients a month, or one new client every 3 days. Diarise the time you will spend on this – perhaps an hour every morning from 9-10am. 

List the tasks you will undertake to achieve this: e.g., Write a new LinkedIn article, blog post or newsletter weekly.  

Book the time into your calendar and do it until it has become a habit, simply a part of your routine. This works as a motivator because as Imber says, quoting Alter, 

“When we work towards a goal, we are potentially feeling like rubbish because until we reach it, we are in a constant state of failure. 

And then, when we achieve the goal, we don’t feel a lasting sense of accomplishment because what do we do? We immediately set a new goal! So we immediately return to our state of failure. It becomes an iterative process of goal-setting, failure state, success, failure state, success. Forever” 

No wonder we feel like hamsters on a wheel! If you set the system up to be achievable one, the process becomes self-reinforcing because you can achieve it every day and see clear progress. Because this sense of achievement makes us feel more motivated we become more productive. 

2  The Balancing Act

When it comes to managing a portfolio career, one of the biggest challenges is balancing multiple projects and clients. 

Only you can decide how to prioritise your work but doing so  will help you stay organised and ensure that you're meeting your commitments. You may make a decision to prioritise according to:

• monetary value of the work

• your level of interest in the work 

• whether you can get some quick wins on a task

• or the urgency of the project (which may be dictated by legal requirements, government mandates or even weather constraints depending on your field!)

Saying 'no' is a powerful time management tool. Be selective with new commitments and assess how they align with your current priorities and goals. Remember, every time you say yes to one thing, you're inevitably saying no to something else.

You may also want to consider setting aside specific days or times for certain clients or projects, depending on their needs and requirements.

Maybe your photography or catering work is best suited to daytime and weekends. Your newsletter might be something you can do early in the morning, and your coaching later in the evening. 

Don’t SHOULD on yourself. 

Part of this process is setting boundaries and managing expectations. 

If you don’t set boundaries you will end up in a world of pain, racing to meet deadlines you didn’t set yourself. You have to be realistic about your workload and not overcommitting to projects or clients. I always underestimated my time until a colleague who knew me well advised “Double whatever time you think it is going to take - If you under promise and over deliver you are in a much better position than the other way around!"

You have to rid yourself of the “I should be able to do this more quickly” mind talk. As another colleague of mine wore on his sweatshirt one day “Don’t SHOULD on yourself”.  

If clients aren't willing to pay the time it will take, then either find new quicker ways to get the work done or find new clients. 

Communicate effectively with all of your clients and manage their expectations about your availability as well. No one can be “on” 24/7 without paying for this somewhere down the line in mental or physical health or, relationships. I have a friend who runs her own business but doesn’t give her home phone number out to clients nor her mobile. She aims to keep her family life and work life separate, even though they happen in the same building. Clients have to call the office. If she uses her mobile phone to ring them, she uses the “Private Caller” setting. 

Being clear up front about when (and how!) you can be contacted will help avoid any misunderstandings or conflicts down the line.

Establish clear communication channels – will it be email, phone or a collaboration tool (eg Slack or Basecamp) and response times with your clients. This will help avoid any misunderstandings or last-minute requests that may disrupt your workflow. 

With multiple projects and clients, it can be easy to become overwhelmed and lose track of time. Here are some tips to help you manage your time effectively:

• Create a daily planner: Set aside specific times for each project or client, and stick to them as much as possible. 

• Set reminders for all your tasks.

• Give each task a time limit (commonly known as "Time boxing".

• Block out distractions.

• Establish routine.

• Avoid multitasking: While it may seem like you're getting more done by working on multiple things at once, it often leads to lower-quality work and takes longer to complete. Studies have proven that we don’t multi-task anyway – we just jump between tasks losing our ‘flow’ in the process. 

• Learn to say no: Don't take on more projects or clients than you can realistically handle. It's okay to turn down opportunities that don't align with your schedule or goals.

Tim Ferris, author of the Four-hour Workweek, advocates for the "The Low-Information Diet" . It's easy to get overwhelmed and distracted by constant notifications, emails, and social media updates. 

A  "low-information diet" is where we intentionally limit our exposure to non-essential information. This includes unsubscribing from unnecessary email lists, setting strict limits on social media usage, and only consuming news or content that is relevant to our personal or professional goals. By reducing the amount of information we consume, we can free up mental space and improve our focus.

Another key principle from Tim Ferris is the concept of outsourcing tasks to others to gain more time and energy for ourselves. This can include hiring virtual assistants or using online services to handle tasks such as scheduling appointments, or managing emails.

3 Manage your portfolio like a series of projects

In addition to task and time tracking tools, there are a variety of other software and resources available to portfolio careerists to help with project management. These include project collaboration platforms like Slack or Basecamp, which allow for real-time communication and file sharing with team members or clients. For a great list compiled by a freelance writer click here. 

And of course cloud-based storage solutions like Dropbox or Google Drive can also be useful for organising and accessing project files from anywhere. 

Utilise time management tools: There are many tools available, such as project management software or time tracking apps, that can help you stay organised and on track. Additionally, using your calendar or scheduling tool like Google Calendar or Calendly can help you stay on top of deadlines and meetings.

Time management is a skill that requires practice and continuous improvement. Try out different techniques and tools to find what works best for you. Regularly reflect on your time management strategies and adjust as needed.

4 Show me the money 

Navigating financial planning and stability in a portfolio career can also be challenging. Get a clear understanding of your income streams and expenses, and regularly review and adjust your budget accordingly. 

Consider seeking the guidance of a financial advisor to help you make informed decisions about managing your finances. Here are some useful tips:

• Set aside money for taxes: As a freelancer, taxes won’t be automatically deducted from your income, so it's important to set aside a portion of your earnings for tax payments.

• Create an emergency fund: Having a separate savings account for emergencies can provide peace of mind and help you navigate unexpected financial challenges.

• Negotiate fair rates: It's important to value your time and skills and negotiate fair rates for your services. Don't be afraid to advocate for yourself and your worth.

• Stay organised with invoicing and payments: Keep track of invoices, payment due dates, and follow up on any late payments to ensure a steady cash flow. Utilise online tools or software to make this process easier. For example, Time tracking tools like Toggl or Harvest can be useful in keeping track of the time spent on each project, allowing you to accurately bill clients and manage your workload.

• Have a retirement plan: It's important to plan for your future as a freelancer |portfolio careerist.  Consider setting up a self-managed super account with appropriate financial advice.

In closing a portfolio career offers flexibility, autonomy, and a diverse range of income streams. By having multiple clients and sources of income, individuals can mitigate risk and ensure financial security. However, it requires careful planning, organisation, continuous learning, and networking to maintain a successful portfolio career. 

Embracing this new way of working can lead to a fulfilling and dynamic career, where you can showcase your  diverse skills and talents. So why settle for one job when you can have a portfolio of opportunities? 

Embrace the portfolio career and open yourself up to a world of possibilities. Take control of your career and build a portfolio that reflects your worth, your diverseness and your potential. 

We hope you have gained some insights from our series on portfolio careers or even have an insight to share. 

Do let us know with a comment, like or share. We invite dialogue.

References:

Imber, Amantha. Time Wise: Powerful Habits, More Time, Greater Joy (pp. 23-24). Penguin Random House Australia. Kindle Edition Dec 2023.”