TIPS: How Philippine SMEs and Startups Can Earn More Profits in 2020

TIPS: How Philippine SMEs and Startups Can Earn More Profits in 2020

At JCSN Accounting Services, we take pride in providing efficient and precise assistance to businesses across a wide range of industries. Our commitment to helping them thrive goes beyond extending SME and startup business accounting services that enable them to make better financial decisions. We have prepared some tips that can help businesses earn more in the coming year.

 

  • Plan for the Long-Term. Your startup or SME must never be treated as a side job. Keep that in mind, even as you are juggling it with a full-time work. Adopting this mindset may encourage you to align your strategy toward sustainability. Strive to constantly improve the quality of your offers. Secure a well-defined niche to set yourself apart.

 

  • Work Smarter. Regard your time and effort as valuable resources. With that in mind, find a way to use them most efficiently. Exploring ways to achieve that may test your patience. Then again, once you find a practice that works, you can expect better results.

 

  • Perform an Honest Assessment. Does your office exude a conducive working environment? Are you keeping your employees motivated? Examine the current status of your workplace. Gather feedback from your people. Once you have the relevant information you need, determine which practices to keep. At the same time, identify the approaches that do not work. Encourage everyone to commit to improving your operations.

 

  • Look for New Patrons. Connect with new customers with a similar profile to that of your patrons. Be brave to explore new markets too. Look for opportunities to offer something new. Growth may sometimes require you to step out of your comfort zone.

 

  • Renegotiate Deals. Review your contracts with the suppliers. Consider arranging long-term deals with those who consistently deliver a high quality of service. Extending your partnership with them may also allow you to get a better deal.

 

  • Manage Your Finances. When you review your financial documents, be objective and reasonable as possible. Consider implementing office waste reduction practices to cut down on cost. You may also look for cheaper alternatives by contacting other suppliers. As you try to reduce your spending, never sacrifice the quality of your brand.

 

These tips are in no way exhaustive. Nevertheless, using them as a guide is an essential first step worth taking.

If you need assistance in understanding how managing your financial data can lead to success, contact our team. You can reach us by phone +63 2 8247961 or +63 906 5586469 or email. nfo@jcsnaccounting.com.

Related Posts

Write a comment