The Offshore and Outsourcing industry continues to be one of the rapid growing industries in the Philippines. Large businesses have been incorporating the aid of offshore teams for various reasons. Small businesses are a bit adamant in partnering with an offshore company, their concern that it may not be a step in the right direction. Truth is, the offshore and outsourcing industry is flexible and these businesses are missing out on the benefits that they can reap from partnering with an offshore company in the long term especially one based in the Philippines.
We have put together 5 benefits you might be missing out if you do not offshore your business expansion:
- Cost Reduction
To be honest, which business, especially a startup, would not want to save on expenses and taxes? Offshoring will save you more from labor and real estate costs. And of course, tax benefits depending on the country you are offshoring to. For instance here in the Philippines, according to an article published in the Business world by Anthony T. Valentin on the 16th of May 2018;
“A website of the Department of Trade and Industry and Board of Investments that aims to serve as the central portal on industry policies, programs and initiatives affecting major sectors of the economy, the Philippine government is providing the information technology and business process management (IT-BPM) industry with one of the best investment environments so that it can operate productively. “For instance, the Board of Investments (BOI) provides income tax holidays, tariff reductions in capital equipment and streamlined business registration and coordination procedures for non-voice and knowledge process outsourcing enterprises which produce original content. “
Anthony T. Valentin
2. English Communication Advantage
Philippines ranks 14th in the world with a high proficiency score of 61.84 and 2nd to Singapore in Asian Countries fluent in the English language1. After all, communication is the key to every successful relationship. You don’t have to worry about miscommunications being a major setback in your offshore business venture.
3. Philippine Offshore Outsourcing Staff – Talent and Skills
If you are concerned that your offshore staff will not perform up to expectations, worry not. The Philippines has an abundant pool of skilled and talented individuals that are known everywhere in the world. Filipinos are hardworking, resilient, team players and have a happy disposition. With Virtual Colony, we help you in choosing your team based on your offshore needs. And it doesn’t hurt to have a team that can provide you fresh eyes and innovation for your company. Think of it as your also up-skilling your workforce by taking advantage of the Filipino work ethics.
4. Adaptability to achieve Growth
According to an article published on May 22, 2018, by Michela Pellicelli from the University of Pavia,
” For companies, flexibility is more important than ever, as relationships with suppliers are managed through networked organizations and multinational global supply chains. An important reason for lead firms to establish a global supply chain is the flexibility it provides, allowing as it does for rapid adjustments to changes in market demand and, to a greater extent, a shift in the risk to supplier firms from possible declines in demand and excessive inventory. The supply chain must be flexible to respond to change faster than competitors can. Flexibility is the key to competitiveness, regardless of whether the company is asset-intensive, has high material cost content, or is distribution-dependent.”
Michela Pellicelli
You will find that part of being resilient is being flexible. Filipino Talents that are part of your offshore team can assimilate with your home office by bringing them to your country to improve company cultural diversity as part of your growth. They are then considered an extension of your core team rather than an outsider.
Virtual Colony is ready to meet any project or task set upon us. Depending on the scale of your offshore needs, we are capable of meeting any demands to accomplish everything on time and efficiently to actively help you in your business growth. Difference in the time zones means flexible working hours and meeting customer satisfaction when your business needs a 24 hour virtual assistant for customer service. Underwriting assistance, appointment setters, trained by Property and Casualty licensed agents for your Insurance outsourcing and offshoring needs. And back office outsourcing services such as data entry that ensures that there are no backlogs of data as well as IT solutions that provide data security.
5. Control
There have been misconceptions about losing control of the business when you partner up with an offshore company, that can’t be further from the truth. In fact, you remain in control of the core aspects of your business and allow you more freedom to focus on the growth of your company.
Virtual Colony is a partner you can rely on to follow through using your company guidelines and uphold your mission, vision, and values to ensure that we represent your company with the highest esteem. Virtual Colony management is to help you manage your dedicated offshore staff, without you worrying about the legalities of your offshore team. Virtual Colony takes care of theses legalities (payroll, govt. benefits, etc.) for you.
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