Economic downturns and recessions can have a huge negative impact on business, and uncertain financial outlooks can make any growth plan falter. The lack of market confidence can lead to declining sales and squeezed budgets — and if that budget is your salary stream, then your employees could be in trouble.
Rising interest rates have forced many businesses to make tough decisions. In a recent report published by The Guardian, the chief economist of KPMG UK, said: “While interest rates have now potentially reached their peak, uncertainty remains regarding their future path … given the state of public finances and the challenges ahead, the UK economy will be better served by focusing on… increasing productivity and long-term growth.” While this period of stability is welcomed by the business community, there’s no knowing how long it will last, leading to potentially more uncertainty.
It might sound like a gloomy outlook, but help is at hand. If the budget issues apply to your physical assets, like office space, many companies are breaking leases and exploring new ways of working to future-proof their business. And why stop there? Who says your office has to be in a big city, or even in the same country as you? This is where the benefits of BPO services come in loud and clear.
How outsourcing can future-proof your business
According to Forbes, a recession can be one of the best times to outsource business functions. Why choose outsourcing? With outsourcing, you can:
- Spread risk by reducing outgoing costs
- Harness the latest technology
- Access an international talent pool
- Speed up the pace of innovation
Adding to your existing team with a dependable offshore collaboration and help you to achieve your business goals faster and with less friction. When outsourcing can save you money spent on office space, you can spend it on the things that matter, like talented teams of forward-thinking people.
The international talent pool is one reason businesses choose to outsource. In the Philippines alone, 1.3 million people work in the BPO industry, and the country holds 10–15% of the global BPO market. And that’s not all — the workforce is highly educated, with data from Statista showing that in 2020, more than 47,000 Filipinos graduated with an IT degree. With a thriving and educated workforce, the BPO industry is a safe way to future-proof your business.
Business stability in the Philippines
Making offshore outsourcing work hard for your business is what drives us. The business landscape in Asia Pacific, and in particular in the Philippines is still robust and growing. According to a report from WorldBank, “strong domestic demand will drive the economy to grow at 6% in 2023.”
Whatever the future holds for your business, choosing to outsource key functions can future-proof you against turbulence. Get in touch with us today to find out more about our BPO services.