Dream! Believe! Survive! – Philippines’ Booming Level in the Field of Business Process Outsourcing

Philippines has been endowed with several talents and resources that made its popularity in business increased. In the same way, talents and resources are the prime factors that made the country on top of business venture globally. Making it to the point of getting into the next level of business process outsourcing, the country’s edge has now becoming a big apple of one’s eye and slicing a larger pie in the global economic market and seems to lead in every way.

Indeed, Business Process Outsourcing in the Philippines has evolved quickly as it dominates every business sector made it possible to access in every way. Aside from BPO’s becoming a global sought phenomenon, it has leverage every business operation to stick on its cost efficiency and time saving factor which made it sparkled in the Philippines as a number one booming business inside the country.

Many businesses still crave for the BPO operations because of its usability and practicability in uplifting every small business’ abilities to compete and do better towards economic stardom in the field of global outsourcing business. It is a mere fact that with BPO as a an operation of delegating of one or more non-core business process to an offshore service provider with a certain field of specialization, one is accountable of the benefit it can brought to business development and growth and that is cost reduction and flexibility which are made possible in every business way.

Moreover, being a cost cutting antidote to the pressing tough economic situation, BPO leads by example of a business competition which have motivated most modern small and larger business in a way that every quality of services offered are being increased thus it lead to greater productivity and profit gaining. In fact, Philippines has been wowed for its exemplary performance in the field of business process outsourcing being the topmost outsourcing services hub in the Asia Pacific region and ranked 3rd in the world. That is due to increasing talent pool and proficiencies of the country’s populace enough to hurdle the demands of business process business worldwide.

Many have said that the overwhelming population of most call centers in the Philippines has raised the country’s fame in the field of business process outsourcing. The country has been a spotlight for BPO commercial and dealings because of the capability and advantage of gaining highly qualified, proficient in English and capacity of Filipino talents to handle business process tasks and compete in the global business outsourcing plus the hard work, loyalty, determination and dedication of the country’s service provider are factors to the country’s development and continuing success.

In this global milieu of global outsourcing, Philippines has equipped itself to offered exemplary performance in other outsourcing services such as accounting, software outsourcing, HR, and other outsourcing related tasks which have put the country’s rank on top of the so many business dealings giving them an edge over the others.
Philippines is still surviving and still pursuing its dream to successful global outsourcing now and in the years to come.

How to Implement a Business Strategy in Your Organization

Ask any successful business owner and they will tell you their success was not based on luck. The success – and failure – of a business is dependent upon the strength of their business strategy. A successful strategic plan employs cost reduction, development, and sustainability techniques to ensure a bright future. You need to know your business inside and out in order to create a comprehensive and realistic plan.

Your strategy should help you achieve the objectives of your business. A business strategy is the driving force behind any organization, and takes the form of an official report. Businesses are self-sustainable systems, when you change one thing in the system; it has a positive or negative chain reaction. Like an organism, businesses learn how to adapt to the change if it is positive, and rectify the situation if it is negative.

Organizations have several phases of development, including creativity, direction, delegation, and consolidation. A company may start out with lenient rules and regulations, but as time progresses management adopts more efficient policies that hinder creative thinking. Companies mature and lose sight of their goals and mission statements, with more of an emphasis placed on individual projects or initiatives. As a business enters maturity processes, departments, and policies are refined to reunite the organization.

Ways to Conduct Business Strategy

Historically there are two ways to develop a business strategy, using the “bottom up” and “top down” models. The bottom up method is when employees generate ideas on the floor and the best results are passed onto management. The top down strategy is when business owners create the strategy and implement the changes without seeking employee feedback. Unfortunately, both models fail to include all of the employee feedback.

The new method of developing a business strategy uses a collaborative process, which is when managers and employees exchange information and work together to create a sustainable solution. It is a team-oriented process that bridges the gap that exists between managers and workers. Before you create a business strategy ensure you have the additional resources to carry out the task without interfering with normal operation. Assign tasks and delegate responsibilities while keeping to a defined chain of command.

Functional versus Operational Business Strategies

There are two types of business strategies: functional and operational. The functional strategy focuses on general ideas and a variety of tasks for different departments. The generality is a major disadvantage, however; areas of concentration include marketing, new product launches, human resources, financial assets, and legal issues. Functional strategies provide a nice overview of the business but do not tackle the important issues employees encounter day-to-day.

Operational strategies are ideal for businesses that want to reduce costs and streamline processes because it is much narrower in scope and requires accountability on all levels. The detail oriented plan encompasses everyone and everything, from the number of cashiers on duty to how much inventory is carried at a given time. A strategy is unique to each business and reflects the needs and requirements of the company’s management.

Implementing a Business Plan

A business plan is the textual version of a strategy, as it includes pertinent information regarding the company, including: vision and mission statements, measurable objectives supporting the vision, actionable tactics meeting the objective, resources, milestones and timeframes, accountability and role designations, as well as internal and external risks. The business strategy is not evergreen and should be evaluated routinely to ensure the company still has the competitive edge.

A business plan includes the primary and secondary objectives of your organization, an analysis of current policies and procedures, and the development of new policies or procedures to correct weaknesses within the organization. Before beginning a strategy, it is helpful to conduct a SWOT analysis, which helps identify weaknesses and loopholes within the organization. Your competition capitalizes on your weaknesses, thus it is essential to continuously evaluate your business.

Developing a Competitive Strategy

Brainstorming and collaboration are essential to the development of a successful business strategy. Begin the process by identifying the strengths and weaknesses of the organization. Without erasing responses, continue to identify current opportunities that help your business succeed. Finish the SWOT analysis by identifying threats or risks that place your business in danger. Identify how your company beats the competition, outlining the various strategies already in place.

Identify your current target audience and list potential audiences in the form of demographics. Assess current market conditions and how your company can defeat the competition. Reevaluate how you are reaching current and potential customers and consider your overall marketing plan. Think positively and develop solutions to overcome any weaknesses that you have discovered thus far. Admitting your weaknesses is the hardest part of drafting a business plan, as most companies want to appear strong and mighty. Research why you have these weaknesses and find realistic solutions to the problems.

Business owners often become so caught up with their work that they fail to concentrate on their business strategy, which is a significant source of cost reduction. Achieve your goals by dedicating time each month or week to address issues surrounding the operation of your business. Make the process a tradition, ensuring operations are aligned with current goals and future forecasts. Make your business stand out from the competition by utilizing different techniques to attract the most people.

A successful strategy overcomes organizational hurdles by understanding customer needs and predicting the unpredictable. The formation of a business strategy is a science that combines current circumstances with a variety of internal and external variables, addressing immediate and long-term goals of the organization. The implementation of the strategy is rolled out slowly, starting with management. The plan encompasses everyone; however, customers are indicative of the final result.

Communicate and Calculate – How to Buy a Business For Sale

An entrepreneur has to be able to take on a wide variety of roles as he or she develops and masters the art of running a business. While the entrepreneur may well have other people working for and within the business, our understanding of every process is nevertheless important. In short, you must know the business “inside and out,” in order to have the best chance of success. Success certainly doesn’t come easily, yet the rewards are worth pursuing. There may very well be longer hours associated and spare periods of time may appear to be few and far between, yet when you’re in business for yourself you have the ability to fashion a much more solid future and can likely determine your own destiny. While you have to be a great all-around communicator when you’re running a business of any kind, this characteristic will become increasingly important whenever you seek to buy a business for sale. Not only must you be able to communicate effectively with the seller and all other associated entities, but you must also be skilled at deciphering the data and information that you receive in return. You might think that you need to become a modern-day Sherlock Holmes in some cases, but you will always need to read between the lines and take the information that you receive in a certain way, in order to be able to make informed decisions.

One of the biggest challenges facing an entrepreneur when attempting to buy a business for sale, is the ability to remain impartial. Human nature dictates that we become interested and enthused and this can sometimes get the better of us – if we’re not careful, and if you find you’re dealing with a strong-willed entrepreneur on the other side, you could end up facing a very determined personality. The seller is naturally enthusiastic about his or her creation and you must be careful to recognize this enthusiasm and keep it in its place. Outwardly, you may feel that this business is the right fit for you, but once again keep your natural enthusiasm in-check and take on the role of the master logistician. Those of us who remember the original Star Trek movies will undoubtedly remember the character known as Spock. He appeared to show no human emotions and was able to logically decipher any situation. In many respects, you should try to be like Spock and analyze the worth of the business for sale without any attached emotion.

You will receive a great deal of information when you’re looking to buy business assets, much of it factual, but also structural and anecdotal. Question everything to a degree and never accept any information passed to you at face value. If you feel that there might be an agenda attached, reveal whether this is or is not the case. Remember that when you buy a business for sale, you’re looking at a very long-term arrangement and the amount of time that you spend during revelation and due diligence is critically important to your success.

How to Become a Successful Business Networker

As a business professional, you bring different talents and personalities to the table when you meet people. However, not everyone has an outgoing personality and sometimes feel lost when faced with networking (especially amongst large groups of people). However, these easy steps will help you successfully network at social functions and business events.

o Keep it real – The main ingredient to successful networking is to be genuine and authentic. People can spot a fake immediately. The only way to build trust and rapport is to keep it real and be honest.

o Prioritize your networking goals – Ask yourself what you want to accomplish when you network in particular groups. Some networking groups lean towards education/learning purposes. Define what meetings/groups will help you achieve your particular business and/or networking goals.

o Know your business inside and out – Have a clear understanding of your business and how your services and products help others. You need to articulate clearly what sets your business/company apart from your competitors. This is very important in referral-based businesses such as real estate. This is essential when you belong to a new group and have to give your “30 second” introduction about your business.

o Volunteer for organizations – Volunteering for a position in a networking group is a great way to become involved. It’s also a great way to give back to a group/organization that has helped you, or has helped the community.

o Visit networking groups that catch your interest – You don’t have to join every group, but it helps to visit groups to see if they are a good match. If you have friends or colleagues who belong to certain groups you like, ask them if you can be their guest at the next meeting. When you visit groups, ask yourself the following questions: Is the group supportive? Does it fit your industry/business scope?

o Ask open-ended questions during meetings – A key trick during group meetings is to ask open-ended questions. Open-ended questions address the following: “who, what, when, why and how.” These questions also engage other group members in a lively discussion (as opposed to just asking yes or no questions). It also makes group members feel important, and shows you are really interested in their opinions and feedback.

o Become a viable resource for others in your group – Offer suggestions, advice and be looked upon as a viable, informative resource in your networking group. When people look to you as an expert in your field, you become more visible and they will turn to you for help (which equates to more referrals and business in the future).

o Always follow through on referrals – No matter how busy you are, it’s important to follow through quickly and efficiently when you receive referrals from other group members. Remember that your actions are a direct reflection of the person who gave you the referral – don’t let that person down. It’s also seen as professional courtesy and respect, and further builds your credibility as a member of your business networking group.