“The value of an idea lies in the using of it” – Thomas Edison
Let me share with you a bunch of ideas that, if you allow it to be, would make a big difference in your business.
Let me start by tackling the common problems companies often face.
Putting up a business is knowingly going to war.
And when it’s already up and running, you find out that, despite being heavily equipped with all top-of-the-line weapons, circumstances are challenging you and defeat seems certain.
Common problems that can even happen to the best companies out there are:
These are also the four main decisions that a company should focus on to grow their business according to Verne Harnish’s book, Scaling Up.
And among the four, People is the hardest to fulfill.
It may be easy to recruit just anybody to do the job.
But it makes a difference when you get the right people doing the right job.
And when you get people in place all the other decisions will come easily.
Hiring the right people would not be the only things to consider.
You also have to factor in cost and availability.
Most companies struggle to get the right people either because there aren’t any available within their area or their budget cannot cover an additional helping hand in the team.
So, with the leverage of technology today plus Global Labor Arbitrage, you are no longer limited by building the right team just within your area or by your budget.
Use technology to your advantage.
So here is the first idea of great value – Offshoring.
It has been widely used to boost the growth of a company because it is not only an innovative strategy in getting work done but also your helping hand in finding more value for your business.
Offshoring has started since the 1990’s and has grown alongside technology.
It started out as just the relocation of a business process from one high-labor cost country to a low-labor cost country focused on production.
Now you can also offshore technical and administrative services due to the development of software that bridges the gap of communication and getting tasks done from a thousand miles apart.
Offshore has been a solution to companies who want to push work at a lower cost but still of good quality.
As the Offshore team works with the administrative and technical part of the business, the management can focus on other bigger projects that would grow the business.
Next idea of great value – The Philippines is the best place to start your offshore business venture.
There are other countries that have long been known for offshoring but they don’t have what the Philippines can offer and the other parts of the globe know it.
The Philippines has been one of the fast rising countries for Offshoring and I will give you five main reasons to support the idea I just shared.
1. The Philippines has a deep pool of talent.
Employment rate of the Philippines is at 94% wherein 49% are employed under private establishments. Most private establishments require an applicant to be at least a college graduate of a related course to the job before even getting hired. With this, every Filipino strives to graduate from college with the desire of building better lives for themselves. Linkedin has listed 10 Most Hired Occupations in the Philippines which includes Sales, Marketing and Customer Service Specialists as well as IT Support, Accountant and Administration Manager. Filipinos aren’t always restricted by the job title they are assigned to. They are not only talented but also are always up for going that extra mile for their jobs.
2. There is no language barrier.
The Philippines is one of few Asian countries that have English as one of it’s main languages. English is included in every curriculum of each Filipino student. And with a 96% literacy rate in the country, not one Filipino wouldn’t know the basic English language. That number can speak for it’s self.
3. Costs are low therefore risk is almost non-existent.
Manila has a cost of living ranking of 456th out of 561 cities in the world with an index of 40.55. And to illustrate how low the costs of commodities are in the Philippines, click here for a comparison to New York City, US.
Starting your offshore venture here in the Philippines will literally cost you almost nothing. The average monthly salary after tax of a basic employee is just around $550.00. In the UK you can hire five times more employees with the same qualifications.
4. Relatable culture and commendable work ethics
Filipinos are best known for their hospitality and very upbeat demeanour — especially to foreigners. Just like language, there is no gap in culture since the Filipino are highly influence by the western culture. This is evident in their accent when they speak English, mostly with an American accent. You can also see this in the way they dress, but is tweaked a bit to fit their tropical weather. Filipino humour is also close to western humour, which is mostly sarcastic, satirical and a bit off-color. They also are loyal and work very hard. They don’t mind going the extra mile if it means getting the job done. Filipinos are never limited by their job title or description.
5. Great beaches and scenic getaways
Who doesn’t want to take a plunge into crystal blue waters after a busy week? Good thing that Manila has a lot of beaches that are just a few hours away from the Metro. If you’re not into beaches, we also have the most breath taking mountains and trails you can explore. Don’t want to break a sweat? We also have amazing nightlife scenes you can go to for dancing, drinking and just straight up hard up partying.
Hopefully I’ve convinced you that the Philippines is the best place for your offshore business venture.
Now, I’d like to challenge you to go forth and use this idea for your business.
Anyway, what is there to lose when you’ve been equipped with the information I just gave you?
If you need someone to guide you through your Offshore Journey, here is another idea.
Frontline Accounting has established a multi-awarded offshore business model that has been duplicated by a ton of firms in Australia, UK and US.
Just like the Philippines, we are one of a kind since we don’t do what most offshore accounting companies do.
We only take clients that are forward thinking as us.
If you want to learn more about Offshoring and the Philippines, you may email me at [email protected].
Remember, that it’s still you who must take the first step.
The value of what I just said relies on what you do next after reading this article.
So, just contact me and we’ll see how we can start you up for success.