AS mid-market businesses in the Philippines gear up to compete on the global stage, a significant change must be made. To achieve parity with international competitors, mid-market businesses in the Philippines must focus on three critical areas: brand development, people investment, and sustainability.

Building a brand with a purpose

According to Grant Thornton's International Business Report, 73 percent of mid-market businesses in the Philippines are planning to increase investments in their brand. Branding today goes beyond mere sales, logos, and slogans; it commits to a cause that benefits everything and everyone. Firms do not just aim at boosting the brand but are also targeting to create one with purpose.

As highlighted in a Forbes article, a brand purpose blurs the line between growth in profit and growth for good. Having a strong brand purpose should be the foundation of a company's direction. It should address needs or problems and improve quality of life. Understanding the brand's purpose will enable a firm to distinguish itself from competitors because it will have established a connection with clients and people who align with its values.

At P&A Grant Thornton, we have integrated "belonging" into our diversity, equity, inclusion and belonging initiatives because we have noticed how everyone can be included in the narrative but not feel that they belong. With this, we make a space where we offer support to all employees and ensure that they do not feel out of place.

We also have an open-door policy that encourages open communication. We make sure that our people are heard, encouraged and continuously grow, both professionally and personally. Our purpose is to build a thriving community where they can develop skills, find meaning in their work, and grow alongside colleagues.

This strengthens our definition of a brand purpose: it is a shared value that is not just for profit but reshapes the traditional notions of what a firm should be. It is time to be accountable and responsible for the actions that we take and ensure that businesses can thrive while contributing to societal good.

Investing in innovation and people

Retaining and attracting top talent is crucial for sustaining global ambitions. By providing adequate training and development opportunities, often facilitated by technology, mid-market firms equip employees with the necessary skills and knowledge to thrive in the global market.

To achieve this, the Philippine mid-market firms are taking two approaches. First, they are demonstrating the value they place on their workforce by investing more in people: 82 percent are opting to do this. Second, they recognize the need for tech-savvy workers in a global marketplace to build a more skilled and productive workforce.

With this, mid-market firms are heavily investing in upskilling current employees through increased investment in research and development (81 percent) and technology (82 percent). This focus on upskilling not only enhances staff capabilities but also addresses the challenge of attracting talent in a competitive market.

A strong employer brand that prioritizes employee well-being and development will be more effective in attracting and retaining skilled talent from both domestic and international markets.

Adapting leadership for global success

A good sense of leadership must be adapted. This includes having a global mindset, forming connections with other global firms, and adopting a clear strategy for success. To be good leaders, one must be able to adapt easily to any environment. Another Forbes article says that leaders who have an innovative mindset and flexible attitude can guide a firm towards success as this is a template for brand and behavior.

The leaders of P&A Grant Thornton adapt through participation in all markets. This includes memberships in various professional organizations, which broadens their understanding of diverse business landscapes; attaining higher education at universities abroad to progress their skills in international concepts; and collaborating with other Grant Thornton member firms to further strengthen global relationships.

Effective leadership fosters cyclical growth of investments, attracting great talents essential for retaining good clients. This aligns with the idea that leadership is the root of the success of a business.

A need for strategic sustainability

Sustainability is no longer a peripheral concern among businesses; it has become a strategic imperative. With 78 percent of mid-market businesses in the Philippines investing in sustainable initiatives, it's clear that this is a priority. This focus is driven by both regulatory demands and a growing recognition of the long-term benefits. In other words, sustainability is no longer just about switching to paper straws; it is about creating a comprehensive commitment to being sustainable through a series of programs and initiatives.

At P&A Grant Thornton, we have embraced sustainability as part of our brand purpose. We do this not just for the sake of the environment but also for people and their communities. Our initiatives include cleaning the ocean, teaching communities and adding sustainable-driven policies.

This push may create a lasting impact for all. I still want thousands of generations to experience the beauty our world has to offer. I am committed to these initiatives for the sake of my family and loved ones so they can have peace of mind knowing that we are actively making a positive difference.

Philippine mid-market firms are poised for a global expansion fueled by brand purpose, talent investment, and sustainability. They are on the right track as the focus now is to humanize the people and invest in issues that matter.

Based on my observations, the economic performance of the Philippines has remained relatively strong in the second quarter. This stability is largely due to our post-pandemic economic recovery and an increased focus on brand development and investments in people, which has led to higher-quality outcomes not only for our firm but for the economy as a whole.

With this, perhaps in the next few years as we continue to focus on expanding globally, we can open more doors for growth and collaboration far beyond our borders.

Mailene Sigue-Bisnar is a partner for advisory services and markets and the communications and business development leader at P&A Grant Thornton. One of the leading audit, tax, advisory, and outsourcing firms in the Philippines, P&A Grant Thornton is composed of 29 partners and 1,500 staff members. We'd like to hear from you! Tweet us at @GrantThorntonPH, like us on Facebook at P&A Grant Thornton, and email your comments to pagrantthornton@ph.gt.com. For more information, visit our website at www.grantthornton.com.ph.