Lesson 3: THE EFFECTS OF CONTEMPORARY ECONOMIC ISSUES AFFECTING THE FILIPINO ENTREPRENEUR

Shorter meetings fuel efficiency

Hold a brief meeting standing up, every morning, where each person explains what they are going to work on that day to ensure everyone is on the right track and not wasting time on non-urgent tasks. (SMFE)

Smart office space pays

- Office space can involve a big outlay for SMEs, but it is also an area where some smarter thinking can make a real difference. (SOSP)

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Advertising keeps your business top of mind so consumers think of it when they require or need a service or product.

Small Changes, Big Savings

- One way of improving efficiency is for business owners to make small changes to the way they handle their company's expenses. (SCBS)

Keep A Firm Grip on Cash Flow

- "Cash is King not profit".

- Ensure the right management of your inflow and outflow of cash. (KAFGOCF)

Stay Connected on the Move

- The growing trend towards mobile and flexible working means that employees are permanently connected and on the go. (SCOTM)

Use Time More Efficiently

- Being more efficient is more about being than doing. It's probably 90% mindset, (Allan, 2013). In addition, "The shorter the amount of time you allow yourself, the more you will get done". (UTME)

Get The Best Deal on Insurance

- Businesses need insurance because it helps cover the costs associated with property damage and liability claims.

Don't Be Lax with the Legal

- In the hectic process of starting up a business, the founders often put off sorting out the legal matters until later, or not at all. (DBLWTL)

COMPETITION AND COMPETITORS=

- Industry rivalry among companies of the same or related industry is an inevitable part of the business world of any business size.

- Intense competition leads to reduced profit potential for companies in the same industry. Businesses seek constantly competitive advantage.

Use technology to speed up workflow

- Businesses should be looking to innovations in technology to solve day-to-day inconveniences and to increase efficiency.