Resources

Identifying and Cutting the Biggest Cost For Your Business

Managing a business, small, medium or large is not easy. A lot of processes and expenses should be taken into consideration. There are legalities to consider and the things that you’ll need to run the business itself. Basics business research will cost you and you are doing all of this within a specified budget. Even before you start your business you will start to spend. The most common business expenses for small and medium enterprises include equipment, rent or mortgage, office utilities, marketing and advertising, repair and maintenance, and employee wages and benefits.

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Outsourcing – What It Is and What It Is Not

Outsourcing, as defined, is paying another person or company to do something for you that you could have done by you or your staff. It has been a business strategy for as long as 100 B.C.E. with the Romans but, was only formally identified until 1989. The need for external suppliers for services at that time was the baseline stage in the evolution of outsourcing. In the 1990’s organizations geared into cost-saving options by farming out functions necessary to run a company. However, these functions were not related to the core of the business. They began to contract service companies to deliver accounting, human resources, data processing, internal mail distribution, security, and plant maintenance.

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To Outsource or Not?

A common notion about the outsourcing industry is that it is only limited to telemarketing and customer support. But, there are many types of roles that can be outsourced. Outsourcing, by definition, is paying another person or company to do a certain task or business process for a specific period. Almost anything can be outsourced for as long as you have the means and the right outsourcing firm or person to partner with. For outsourcing beginners, you ought to know the basics.  It is essential to understand the very nature of outsourcing.

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Outsourcing Checklist

Here’s a checklist when you have finally decide to outsource

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The Benefits of Outsourcing to the Philippines

The business outsourcing industry in the Philippines has grown annually since 2006. As of last year, there are currently 788 large and SME’s business processing and outsourcing companies in all parts of the country including in Mindanao. It holds a large portion of the global outsourcing market due to its English proficient workers. They also hold giant multinational clients in the United States, Europe, the Middle East, and Asia. These are just some reasons why most choose to offshore in the country. Cutting labor costs optimize the business process and increasing the revenue are other reasons to contract in the Philippines.

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What Sets Philippines Apart Among Other Outsourcing Destinations

Asia has been one of the prominent offshore outsourcing destinations in the world. Among the three of the most promising and outsourcing friendly countries are – India, the Philippines, and Pakistan. The history of India as an outsourcing destination started in the early 1990s, if not, the latter half the 1980’s. The Philippines had its significant start in 1992 when a big US-based client decided to invest in the country. It is known that India, among the three, has a competitive advantage. They have been in the outsourcing industry for over 3 decades now.  India also caters to different types of services from global clients irrespective of the volume. However, in 2010, the Philippines was named the BPO capital of the world. It overtook India in the voice service sector.  Pakistan is not also very far behind as it is starting to pick up its pace.

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