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Business strategy tips for Philippine firms

July 2013 | Servcorp

From a retail point of view, the Philippines has plenty to offer and should be positioned as one of the world's top destinations for shopping – that's the view of Ian Wade, the executive advisor of UK retail giant Sainsbury's.

According to Mr Wade, the Philippine retail scene has many advantages compared to its Asian counterparts, and with five of the biggest shopping malls in the world found in Metro Manila, he claims that now is the time to promote the retail scene in this country to the rest of the world.

Of course, for any business, whether it's in the retail sector or otherwise, promoting its wares and increasing revenue should be paramount. For small businesses, though, this is a particularly important issue; if income drops and overheads rise, it won't be long until the doors close for the final time.

Nevertheless, there are numerous ways in which small business retailers can see revenue proliferate to stave off the threat of financial meltdown.

Firstly, every small business should have a coherent strategy designed to place revenue at the forefront. However, the business world is constantly changing, which is why it's vital to reassess the strategy regularly to ensure your business is competing.

Crucially, although the old adage claims that you learn from your mistakes, many small businesses simply can't afford this steep learning curve. Instead, it's prudent to learn from your competition and examine what it is that they're doing that you're not.

Additionally, to slash overheads, small business owners are well advised to have another look at their various contracts to try and negotiate a more favourable deal. This can be a reduction in the monthly lease price on office space, the business's electricity supply or even the firm's telephone service.

Finally, it's imperative that any small business keeps on top of the numbers to avoid a nasty financial surprise somewhere down the line. Although it's easy to assume that being busy equals a huge profit, it doesn't quite work like that. Invest in a good accountant or some high-quality software that offers real-time financial figures.