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Overview
As consumers in the Philippines move away from face-to-face interactions and towards online ones, many new opportunities have opened up for the new generation of entrepreneurs who know how to use technology. Now that the Philippine market is growing and offering new opportunities, especially for small and medium-sized businesses (SMEs) like startups, businesses in this category will need the right business solutions to help them grow faster.
If you’re an entrepreneur in the Philippines who wants to make the most of the solutions available in this “techie” age, here are nine that you can use to move your business forward:
1) Business Savings Accounts
Most Philippine SMEs start with personal savings and informal lines of credit. And while there is certainly nothing wrong with making the most of what you have, if you run an SME and want it to prosper over the years, you’ll want to cash into a solid online business banking solution as soon as possible.
Commercial banking can seem like a hassle to entrepreneurs who are already busy, but opening an account at a commercial bank for a small business like a startup has many benefits. First, if you keep your personal and business funds separate, it will be easier to manage the cash flow of your business. Second, SMEs that don’t have their business bank account can’t use many business banking services because they don’t have their business bank account. Third, in the Philippines, having a commercial bank account can make audits and tax returns, which are already hard, easier. Lastly, having a separate account makes your business seem more trustworthy to customers and creditors.
There are many great ways to do business banking online these days. Still, Maya Business Deposit is becoming increasingly popular among tech-savvy Filipino small and medium-sized businesses (SMEs) because it has high-interest rates and works well with Maya’s payment technologies. Be sure to look around, as Philippine banks sometimes have deals to attract tech-savvy business owners.
2) Cloud Computing Services
Using traditional onsite server frameworks to run an e-commerce site will make it harder and harder to keep it up and running over time. Today’s business owners don’t have to worry about keeping servers on-site because they can use several reliable cloud computing services instead.
Cloud computing is a cheap and scalable solution for small and medium-sized businesses (SMEs) that need to store and access more and more data. Small and medium-sized businesses (SMEs) in the Philippines can use platforms like Amazon Web Services (AWS) and Google Cloud to host their applications and store customer data safely.
But even though these services are similar in many ways, they each have different features, prices, and deals. Hosting can significantly affect the digital operations of a small or medium-sized business (SME), so business owners need to be careful about the solutions they choose to meet their unique data needs.
3) Customer Relationship Management (CRM) Systems
Customer relationship management systems aren’t necessarily new technologies, but lately, more small and medium-sized enterprises (SMEs) in the Philippines have been using them to manage customer interactions throughout the customer journey.
CRMs can be used to make highly personalized online experiences that keep customers returning if they are used well. Small and medium-sized businesses (SMEs) in the Philippines use platforms like Salesforce, Zoho CRM, and HubSpot to organize customer data and offer fully customized experiences that customers remember and want to return for.
4) E-commerce Platforms
Online shopping is now becoming the most popular way to buy things in the Philippines, and it’s clear that a consistent and professional e-commerce presence is essential for a business to keep growing.
Platforms like Shopify, WooCommerce, and Magento make setting up an online store more accessible. Different businesses may have their favorites, but these three are the most recommended for setting up online stores, managing inventory, and building brand awareness.
5) Virtual Communication Tools
SMEs in the Philippines can use platforms like Zoom, Microsoft Teams, and Slack to communicate with each other and work together. You probably already have a few of these on your computer, but given how crucial remote work and collaboration are, you may want to upgrade your versions as needed or add to your current set of virtual communication tools to make sure that all of your team members can stay effective even when they work apart.
6) Project Management Software
Project management software will help you keep your projects on track and help your staff work together as much as possible. For instance, with tools like Asana and Trello, managers can give tasks to team members and keep track of their progress in real-time.
7) Digital Marketing Tools
Tools like Google Ads, Facebook Ads Manager, and Mailchimp are made for digital marketing. They can help entrepreneurs create and manage highly targeted, high-converting online advertising campaigns for a fraction of the cost of traditional media channels. Focusing on social media, email, and other online channels can help smaller businesses compete with larger ones, especially when starting.
8) Data Analytics Platforms
If a business wants to make the most of its limited resources and find a path to long-term success, it needs to be able to make decisions based on facts. Your small or medium-sized business can use data analytics platforms like Google Analytics, Tableau, or Power BI to get valuable insights from your business data. This will help you reduce risks and take advantage of opportunities as they come up.
9) Social Media Management Tools
Buyers often think that smaller businesses are more accurate, which gives them an edge when getting customers to stick with them. So, social media gives SMEs a lot of chances to connect with their target audiences and grow their brands.
Use tools like Hootsuite, Buffer, and Sprout Social to build your brand’s social media presence. These tools let your team schedule posts, track social media mentions, and look at engagement metrics across multiple platforms. Putting money into these social media solutions will help you maximize your business’s marketing and customer relationship management (CRM) budgets.
Conclusion
In short, tech-savvy business owners in the Philippines have access to a wide range of business solutions that can help them grow and succeed in a big way. By using these tried-and-true solutions, any tech-driven SME can stay ahead of the competition and reduce business risks, which will lead to long-term growth.
Use these tools to take a more systemic, long-term approach to running your business. This will help you avoid the dreaded “hype traps” and make better use of the Philippines’ quickly growing digital economy.
