Are you planning to start a small business in the Philippines? Whether it’s your first time to do business or you are already taking a second chance to have a better company, you have to learn some tips on doing business in our country. Operating a business in the Philippines is different from operating a company in other countries. We have different business regulations, taxation system and business culture. Furthermore, Filipino workers possess traits that are unique from the rest of workers around the world. Without further ado, here are 8 quick tips on doing business in the Philippines.
1. Make a strategic business plan. If you are planning to start a business, make your planning strategic. In other words, create goals that are specific, measureable, achievable, relevant, time- bound, and can be tested and reevaluated. Your long-term business strategies should also be supported with short-term tactics to ensure that your plan would be realized. Small businesses in the Philippines await big challenges. If you don’t have a plan that would stand in the long run, your business couldn’t survive. Hence, make sure you are starting a business to last, and not only to make instant profit.
2. Get educated. Knowledge is power and it is the light that will brighten up your way in your business or entrepreneurial journey. To make sure you have enough knowledge and insights about your chosen business or industry, invest in education. You could attend seminars, training, workshop and other short-term courses that will enhance your knowledge and skills about the specific business you are planning to establish. It is also vital that you will have basic knowledge in accounting and taxation to understand your business and tax obligations. Thus, don’t forget to also attend tax and accounting training for non-accountants if you’re not an accountant.
3. Get help from professionals. There are things that we cannot DIY (do it yourself). There are some business owners who want to save money that is why they don’t hire professionals like accountants, lawyers and business consultants. However, can they really save money for that? There are things that are better done by professionals, and if you would attempt to try them by yourself, you might just end up wasting not only money, but also your precious time because of erroneous output. Hence, consider to leave some business tasks to the pros.
4. Keep your files and pay your tax. Alas, the taxation system in the Philippines is not that friendly for business owners, especially for small business owners. Thus, you have to go through the tedious tasks of keeping your records and paying your taxes which should be filed monthly, quarterly and annually. If you have the money, you should delegate these tasks to a reliable bookkeeper, accredited tax agent or an accounting firm in the Philippines. But even though you have your own bookkeeper, you should still keep your important files with you for your own perusal.
5. Hire the right people. Filipino workers are talented, skilled and hardworking. They will do their best to help your business as long as you will give them just compensation and the right treatment. If you want to achieve profitability, you have to make sure that you have productivity, and productivity will depend on your workers. Hence, make sure to hire the right people, train them well, motivate them daily, and always take care of their welfare. When hiring people for your team, don’t just consider their educational background or even their professional skills, but also consider their values and work ethics.
6. Get business presence online. Leverage the power of Internet marketing to intensify your business marketing campaign. Consider having a company website, creating a free Facebook Page, and other cost-efficient online marketing strategies. Also, don’t forget to focus first on the quality of your products or services so that you could encourage good word-of-mouth marketing (both offline and online) and so that your promotional efforts would surely become a success.
7. Save money. To succeed in your business, you should also aim for your financial freedom. Take care of your personal finance so that your business finance would not be affected. Learn how to save money and manage your debts. Also try to live a simple life to lessen your unnecessary personal expenses. It would also be wiser if you make other investments to diversify your income sources and reduce financial risks.
8. Be healthy. Last but not the least, be fit physically to continue actively in doing business in the Philippines. Remember that no matter how healthy is your business and bank accounts, if you are always sick, there is a risk that your company and wealth will eventually fade. Business owners should always have an active body and a healthy mind to keep on managing their business for success.
How about you? What tips can you share to us about doing business in the Philippines?