When you’re a young business, it isn’t enough to be focused on profits. Yes, making money is an essential part of growth, but the early years are also about balance. If a company cannot balance its profits and expenses, it’ll have a hard time getting off the ground. This is why efficiency and flexibility are key to early success.
There is no benefit to splurging on lavish office spaces and huge amounts of stock while you’re young. You have to remain agile and keep overheads as low as possible until you start becoming a real presence within the market. This is the same no matter where you choose to operate, but it is particularly important in a place like the Philippines, which is warm and convivial but quite closely knit.
This guide to simple changes, with big consequences, will give you some advice on how to survive and thrive in Southeast Asia.
Use What You Need
One of the best ways to cut costs and get a new business up and running quickly is to forgo the traditional workspace, even if it is just for the first six months. Virtual office solutions allow entrepreneurs and small teams to operate out of shared suites. They contain everything that a business needs and can be accessed on a piecemeal basis. Click here to find out more about the superb virtual facilities located in Manila.
Opt for a Negotiable Lease
If coworking doesn’t appeal, you can still save money by choosing a flexible office lease over a fixed 2-5 year contract. These lock in deals are slowly being abandoned by entrepreneurs, who don’t want to be locked into terms that might not suit the market for long. During turbulent economic times, it is the businesses that can streamline (and even downside), without downgrading that find it easier to weather the storm.
Keep Your Core Team Small
By working out of a flexible facility and keeping your core workforce small, you can dramatically cut overheads and give your young business the breathing room it needs to grow. Don’t forget that, just because you haven’t got a big team right in front of your eyes, it doesn’t mean that you haven’t got resources. Virtual assistants and remote employees can be highly effective, but you don’t have to support their physical presence.
Scout for Talent
The thing to remember about the Philippines is that it is rich with talent. The quality of education is high and most people can speak and write in English. However, there simply aren’t as many opportunities as there are in the west. The economy is still developing and a lot of new jobs are being created by foreign investors. It is acceptable to use internships as a way to source talent, but only if you’re serious about giving them a position when the trial period is over. You can’t tempt young people away with opportunities that don’t really exist.
Outsource Your Support
Most companies, even tech start-ups, don’t need to have an extensive knowledge of things like web design and IT networks. If it isn’t directly linked to your product or service, you can always pay somebody else to help you with it. Serviced and virtual offices make this easy because there are support teams on site. You can pay to access them whenever you like. It is a great way to save cash because the terms are simple. You pay for what you use.
How to Find a Great Virtual or Serviced Office in Manila
The best place to start searching for a suitable workspace is Manila. The capital city is the natural destination for foreign businesses because it where you’ll find all the action. Try to stay as close as possible to highly regarded and prestigious spots like Makati City. Something as simple as being in a famous neighbourhood can really appeal to investors.