A TAXATION expert has urged small and medium enterprises (SMEs) in Negros Occidental to take advantage of the unique selling proposition (USP), if they have, in order to boost their businesses.
Entrepreneur Asia Pacific, in its website, defines USP as the factor or consideration presented by a seller as the reason that one product or service is different from and better than that of the competition.
Raymond Abrea, founder and president of Center for Strategic Reforms (CSR) of the Philippines, who was in Bacolod City recently, said local entrepreneurs have to be strong and competitive amid the current issues on taxation and inflation hounding the country, among others.
Abrea, known as the tax whiz of the Philippines, said Negrense enterprises should look into the needs of the community.
Abrea said that sometimes SMEs only think of food products, they must also look at services.
"Despite these products or services, whether online or traditional store, are already existing in the market, as long as they have a competitive advantage, SMEs should take advantage of their unique selling proposition especially if they are passionate about it," he stressed.
Abrea was recipient of various recognition including Move Awards 2016 Digital Maker, one of the Outstanding Young Men of the Philippines in 2015, Asia CEO Young Leader of the Year in 2015, one of the Outstanding Young Persons in the World in 2017, and distinguished Bedan in the field of Accounting and Taxation, among others.
He is also the author of the bestselling tax handbook entitled “Got a Question about Taxes? Ask the Tax Whiz.”
Abrea conducted a tax roadshow at the Negosyo Center in Bacolod City, which was attended by at least 30 MSMEs.
He advised Negrense SMEs not to venture any business if they are not ready for it.
This is where the Department of Trade and Industry (DTI) should come in, particularly training and equipping entrepreneurs.
Abrea pointed out that the DTI will work on making businesses of their obligations like paying taxes.
"Many are registering their businesses but not pursuing thus, they incur penalties with the Bureau of Internal Revenue after a while," he said, adding that "we do not want our SMEs to have a traumatic experience in doing business."