What’s 2013 gonna be for business in the Philippines?
I read the newspaper today and based on report, the Gross Domestic Product (GDP) expanded by 7.1% in the third quarter of 2012 which makes the Philippines second to China in economic growth in Southeast Asia.
The peso against dollar has also improved so much from the time President Benigno Aquino III sat down in office. From Php 50 = $1 dring the time of Arroyo to almost Php 39 = $1. The continuos rise of the Philippine pesos against the US dollar is a good sign that we are on our way to a better economy in the coming year.
What can we do in 2013?
I am not an economist, but based on my past experience in business I see this as a good sign that 2013 will be a good year.
However, my advise is for businessmen to take note of the following:
1. Never speculate
This is true in every business. As I have mentioned in my article How Small Businesses Can Market Their Product and Services, speculation is the twin brother of failure. Business is not a gamble; gambling is speculation but successful business calculates risk. Even if the economy is promising for 2013, never speculate – always plan. In the end, no one really knows what tomorrow may bring. It’s like the last fight of boxing champ Manny Pacquiao where no one really expected he will be knocked out like that, make sure that you will not be very confident just because report tells you that the future is bright.
2. Focus on income generation
Although there is a big chance that your business will succeed in 2013, always remember that you still need to work smarter. More income and less cost will help stabilize your business. Do not be quick to decide especially when investing on a project or expanding your business. Every successful businessman has paid their dues, why won’t you? Focus on cost effective ways to build your business while increasing your income. One of the way you can do this is lower your operational cost like hiring a Virtual Assistant to do your back end office work. By doing this you will eliminate the cost on office rental, taxes, benefits, etc. Just imagine how much money you can save just with one decision – hiring a Virtual Assistant.
3. Save for the rainy day
When 2012 came in, a lot of people became crazy about the Mayan Doomsday which was supposed to happen last December 21, 2012. This only proves that no one can really tell what the future may bring. Another lesson we learn from this is that we should never rely too much on here-say and invalidated reports. In 2013, one of the key to your business success is to save, save, save. Always have enough cash for emergencies and other possible unplanned circumstances.