How can you design a business service portfolio on a budget?

2 Define your service categories

The next step is to define the main categories of services that you offer, based on the value they provide to your customers. For example, if you are a web design agency, you might have categories such as web design, web development, web maintenance, and web marketing. You can use a simple matrix to map your service categories along two dimensions: the level of customization and the level of complexity. This will help you position your services and communicate your value proposition clearly.

3 Select your service offerings

The third step is to select the specific service offerings that you will include in each category, based on your capabilities, resources, and market demand. You can use a portfolio analysis tool, such as the Boston Consulting Group (BCG) matrix, to evaluate your service offerings based on their market share and growth potential. This will help you identify your star services, which have high market share and high growth potential; your cash cow services, which have high market share and low growth potential; your question mark services, which have low market share and high growth potential; and your dog services, which have low market share and low growth potential. You can then decide which services to invest in, maintain, develop, or eliminate.

4 Optimize your service delivery

The fourth step is to optimize your service delivery process, to ensure that you deliver your services efficiently, effectively, and consistently. You can use a service blueprint, which is a visual representation of the steps involved in delivering a service, to identify the key components, such as the customer actions, the front-stage activities, the back-stage activities, and the supporting systems. This will help you streamline your operations, eliminate waste, improve quality, and enhance customer satisfaction.

5 Monitor and improve your service performance

The final step is to monitor and improve your service performance, to ensure that you meet or exceed your customers' expectations and achieve your business goals. You can use a balanced scorecard, which is a strategic management tool that measures your performance across four perspectives: financial, customer, internal, and learning and growth. This will help you track your key performance indicators (KPIs), identify gaps and opportunities, and implement corrective and preventive actions.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?