The Philippines economy is growing at an average of 6% since 2012. The critical challenge in my country which is in the centre of the geographical location of Southeast Asia, is that the poverty rate is still nailed in 20%. The challenge is how we can spread the benefits of the economic boost to the poorest of the poor?
One of the solutions to extreme poverty is Entrepreneurship. According to the Department of Trade and Industry (DTI) MSME Statistics of 2017, a million of small and medium-sized business (SMEs) in the Philippines makeup 99.6 percent of all registered businesses in the Philippines and employ over 70 % percent of the working population.
Despite the promising employment and drive the small businesses provide to the general economy, the SME’s are also facing hosts of growth challenges, such as:
- Lack of financial and private sector support
- Lack of technical capacity
- Difficulty in accessing local and regional markets.
No wonder that Fundera projects that by its 5th year, only 50% of these businesses will still continue its operations. By the end of the 10th year, only 30% business remains. Most of these businesses challenges will be hindered with the inability to bring in new capital or at least sales to rotate the bootstrap funds.
DIGITAL ACCESS TO LOCAL MARKETS VIA GOOGLE MAPS AND GOOGLE MY BUSINESS (GMB)
Looking closely, one of the major challenges of any small business is access to local and regional markets which fortunately given for free by Google through Google Maps and Google My Business Google My Business (GMB) provides. It has been proven that an optimized (complete) or verified GMB account can not only provide you insights, but also qualified leads for you to make sales.
ADVOCATING LOCAL BUSINESS GROWTH
Since 2016, I already have advocated for digital marketing as an alternative avenue for SMEs to get qualified leads and sales. I have shared the power of Google, Google Plus and now Google my business through trainings, talks and mentorship.
Between May 2018 - April 2019 alone, I have managed to stand infront of an audience of more than 3,000 entrepreneurs, business people, and digital professionals educating and teaching them the importance of placing their businesses in Google Maps and verifying their Google My Business accounts. And in every single talks on entrepreneurship, I always expounded the value of Google Maps and Google My Business.
Entrepreneurship is an engine of economic growth and the more we advocate about it and being able to bring in relevant and up-to-date Local Guides insights, we are able to bring in actionable steps readily available to small businesses so that they can get qualified leads and sales, that is critical in their first few years as small businesses.
This is one of the things I am proud as a Local Guide. In my own little way I am helping the Philippine economy grow by empowering small businesses with reliable, up-to-date and case-based insights and training.
And all of these learnings is thanks to the other small business growth hackers and Google Local Guides around the world who share the same passion with me.
We find gratification in hearing “Salamat” (Thank You) from ordinary small businesses owners and entrepreneurs who are able to survive another month knowing they are empowered with technical knowledge on where to find the next sale for their business.