You might be looking for opportunities in other countries. This comes in various forms such as outsourcing some of the services you already do to reduce costs, having a presence close to your regional clients, and/or launching a new product to a different market. One of the countries that might have caught your attention is the Philippines. The country has potential as an outsourcing hub because of the people’s proficiency in English and a skilled workforce that can take on various tasks such as IT, marketing, accounting, finance, and engineering. When doing business in the Philippines, you’ll need to implement effective expansion strategies.
What are the best practices for expansion you can implement when doing business in the Philippines?
Determine Your Audience
Networking is a serious endeavor you should have a clear plan for. Avoid randomly choosing which companies or individuals to network with. Identify a certain audience, industries, and organizations that can provide you with a win-win situation. Create value for your potential business partners. This makes them likely to not just listen to your pitch but also start a partnership. Look for partners in your own industry. This enables your company to find complementary services or products that all you to enter a new market, strengthen your position in your own niche, or share expertise and technology. Learn more about the cultural nuances of Filipinos or other nationalities when you decide to network.
Business Network Hunting
Once you know who you want to partner with, the next step is to identify networks and groups that provide you with win-win situations. You can look for potential business partners online when doing business in the Philippines or other countries. Facebook groups and LinkedIn are possible places to network with like-minded decision-makers. Update your team’s profile and highlight the things your company has achieved and your industry experience. Mention the value you can give your potential partner and how your team can help them implement and achieve their objectives. You can provide links to your website, specific landing pages, or social media profiles to showcase the values of your organization and enhance your brand image.
Create an Elevator Pitch
Make an elevator pitch to create a good impression on the people you meet during events. Preparing your pitch allows you to act naturally once you start networking. Summarize who you are, what you offer, and what your company has achieved and what it can do. This conversation is brief and gives you a limited time to convince the other person your organization is the ideal business partner. Consider rehearsing your team’s elevator pitch. This makes sure everyone is on the same page and the message you convey to potential partners is consistent.
Choose Events Carefully
It’s not efficient to join all the events in your calendar or the ones you found online. The people you meet at a certain event might not be the ideal partners for your plans. The subject an event will tackle might also not be relevant to your niche and your current needs. You’ll not only waste your time but also incur unnecessary expenses. When doing business in the Philippines or other countries, identify and only attend events that are relevant to your objectives. If you can, browse the list of participants to determine if they’re your target business partners. This enables you to maximize your team and connect with the right people.
Follow Up with Your Potential Business Partners
After attending networking events and meeting with several potential partners, follow up your pitch. This acts as a reminder of your request and potential partnership. This also shows them you’re serious about finalizing a business deal or at least move the process along. When you send a follow up email, mention the person’s name, where and when you met, a conversation you had with them, identify a pain point, and include an explanation how your company can address their needs. Include a call-to-action regarding their next steps such as scheduling a meeting, an informal coffee meeting, or their available time for a video conference. A customized approach allows you to connect with them and develop rapport that can lead to a long-term business partnership.
What are the benefits of networking?
When doing business in the Philippines or anywhere else, you’ll need reliable partnerships that align with your strategic objectives. Networking provides you with an opportunity to achieve this. One of its benefits is that you’ll learn from others. You get to meet industry experts that can share their knowledge with you. You can adapt what you learned from them to improve your company. You can get tips from experts and discuss the latest news. You can use the information you gained as building blocks for the success of your own organization.
Networking opens opportunities to meet people. The connections you make increase your chances of gaining new business for your company. Even if they don’t initially partner with you, they might consider your offer in the future because their needs might change. You can get referrals if they say no to your offer. This enables you to create potential long-lasting relationships. These types of events also allow you to strengthen your brand image. It enables you to build authority in your industry and gain the trust of your colleagues. You might get an invitation as a speaker the next time they hold a conference or seminar about a relevant topic in your niche.
Doing business in the Philippines requires you to not just know the culture but have a reliable business partner. We at Manila Bookkeepers can be the partner you need. Our accounting company in the Philippines has years of industry experience. Our management team can assist you establish a business entity in the country. We can guide you through the process of identifying the documents you need to submit. We can assist you in registering your company with PEZA or BOI. We also provide first-rate accounting and bookkeeping services whenever you may need them. Visit our website www.ManilaBookkeepers.com to learn more about what we can do for you.
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