Growth is a challenge for startup businesses. Some business owners think that once they have thought of a winning invention to sell, that’s all they’ll need for success. The product may be the trophy in hunting for investors in startups, but people are the key factors in making that business prosper.
Everyone knows, however, that labor isn’t cheap. While startup businesses are the source of the industry’s newest and best ideas, they often lack the funds to compete. When there is no budget, there is no money to pay the workforce.
Employing more than 10 people in a company can cost a lot for a businessman. There has been a rising trend in the business industry, however, which is both smart and cost-effective.
According to a study by IBM, around 27% of companies outsource their labor to reduce expenses. The concept of outsourcing has been stained by negative opinions in the past few years given the poor benefits and insubstantial pay a lot of outsourced employees receive. When outsourcing employees, an employer should care for the working conditions of their outsourced labor.
Learn from the Startup Capital of Southeast Asia
The Philippines may be known worldwide for its beautiful beaches and highly skilled athletes, but the country is now considered the hotbed for startup businesses, aiming to put up 500 new enterprises by 2020.
Other than the more renowned qualities of Filipinos that make the Philippines a good place to nurture your business, like their English proficiency and their tech-savviness, the country also maintains one of the biggest business process outsourcing (BPO) industries in the world. Several U.S.-based and Europe-based businesses come to the Philippines for manpower, and more often than not, the Filipino workers exceed expectations.
There are over one million employed outsourced workers in the Philippines with a projected revenue range of $25 billion in the year 2016. According to The Manila Times, outsourcing “helps to create a pool of highly-skilled technical talent” for the world’s tech industries “where demand for skills such as business intelligence and mobile app development is high.”
Entrusting Your Resources
The road to success doesn’t end with satisfactory profit and comfort. Truly victorious businessmen constantly look for ways to expand and improve their enterprises without stepping on anyone’s toes.
Outsourcing has become a hack for businesses all over the world, and it’s about time entrepreneurs prioritized their startup’s growth.