Starting a business is a rollercoaster experience. There are plenty of highs, but there are also lots of challenges to overcome. No matter where you are in the world, it takes a great deal of determination to drive an enterprise forward and build up that all important first impression.
For companies in the Philippines, one of the biggest obstacles is logistics and administration. While it takes mere days to create a business, applying for trading licences can be a time-consuming process. So, you’ve got to have patience and the passion to make it to the top.
This guide to strengthening and growing your business in the Philippines will help you stay on the right track.
Retain Your Flexibility
It is easy to forget that growth requires adaptability. It is more than just getting bigger. Successful expansion requires a certain degree of independence and control and you lose this if you get tied into a long-term office lease. Virtual workspaces, on the other hand, demand no contract and you can leave at any time. Check out www.servcorp.com.ph/en/virtual-offices/ for more details on the facilities located in Manila.
Care about Recruitment
For some young companies, recruitment is just an end to a means. They have their core team and don’t put much thought into anybody beyond that – workers are workers. This really isn’t the case, because hiring the right people can mean the difference between success and failure. In the Philippines, businesses are built on the support of reliable local talent. Here, social ties are essential and employees love it when their superiors make time to chat.
Control Your Expenditure
Just because you’ve reached a point at which you can afford to expand, it doesn’t mean that you should throw money at the project. You need to be very careful with your spending, in order to make sure that the business can handle the pressures of upsizing. Virtual offices are a valuable option because they consolidate basic overheads into one affordable fee. There is no need to pay separately for cleaning, lighting, heating, or air conditioning.
Outsource ‘One Off’ Tasks
You don’t necessarily have to add more resources every time that you increase the workforce. The beauty of remote and freelance workers is that they are responsible for themselves. Freelancers are particularly valuable because they tend to charge lower rates than full-time employees for the same tasks. As they operate from home (or co-working spaces), they don’t take up any room in the office. Therefore, you can take on more people, without investing in a costly physical expansion.
Start Networking Today
There’s no better way to grow your business than to get out into the neighbourhood and start talking. Whether it’s to customers, investors, or supplier; make sure that you sell the brand and the company. If you’re not sure how to start networking in Manila, find a virtual office and use the co-working space to connect with other entrepreneurs. You never know when a chance conversation at a pitch night or mingling event could lead to a lucrative deal.
How to Grow a Business without Breaking the Bank
The right way to grow any business is with care and caution. There needs to be a functional balance between spending and investment. Don’t be tempted into channelling all of your capital into the expansion project. Keep some money back in case of unexpected difficulties. Ultimately, you’ve got to be able to serve the demand that you create. You can only do this by carefully upscaling your resources, not just inflating them. Take a look at virtual offices if you are on the hunt for an affordable home in central Manila.