I.

BUSINESS IMPLEMENTATION

GUIDELINES FOR SUCCESSFUL BUSINESS IMPLEMENTATION

Objectives
- the entrepreneur should have a clear idea on what is his purpose of putting up his
enterprise.

Tasks
- this means that the entrepreneur must know what are the tasks he has to perform in
order to realize his objectives.

Time allocation
- This means that the entrepreneur should have a time table or a schedule to follow for
every task so that the tasks will be accomplished timely and he can realize his
objectives.

Progress
- This means the entrepreneur should monitor the development of the tasks and the
accomplishment of the objectives.

Basic requirements to start a business in the Philippines:

Securities and Exchange Commission (SEC) Registration

- for partnership or Corporation

Department of Trade and Industry (DTI) Registration

- for your business trade name

Mayor’s Business Permit

- for getting the license to operate in the city or municipality and payment of your local
business taxes

Bureau of Internal Revenue (BIR) Registration

- for getting TIN, official receipts and invoices, registering your books of accounts and
paying your national Internal revenue taxes

SSS, PhilHealth, and Pag-Ibig Fund registration

- for registering yourself or your company as an employer and for remitting your
employees’ contribution together with your employer’s share
Other steps to follow before operating a business are as follows:

Set up an accounting system or hire an accountant

- Knowing how the business is doing financially is important for planning and survival.

Advertise the business.

- No one will buy the products or services if customers do not know that the company
exists. You can make use of the social media.

Keeping Business Records

- Good record keeping can help protect the business, measure the performance and
maximize profit.
- Records are the source documents, both physical and electronic, that specify transaction
dates and amounts, legal agreements and private customer and business details
- Developing a system to log, store and dispose of records can benefit the
business.

A systematic recording allows you to:

A. plan and work more efficiently;

B. meet legal and tax requirements;
C. measure profit and performance;
D. protect your rights; and
E. manage potential risks

II. COLLECTION OF DATA, BUSINESS OPPORTUNITIES AND BUSINESS PLAN

COLLECTION OF DATA
- The most valuable tool in any type of research study. Inaccurate data collection may
cause mistakes and lead to invalid results (Edralin, 2016).

TIPS IN COLLECTING DATA

● Organize collected data

● Know what message you want to get across and then collect data relevant to that
message
● Collect more data
● Create more data
● Take note of significant data
THREE DATA COLLECTION TECHNIQUES

SURVEY

- The most common way to gather primary research

- Uses questionnaires or interview schedule
- Can be done via directmail, over the phone, internet or email, face-to-face or on the Web
- Simple as possible
- Move from complex to specific questions

INTERVIEW

- One of the most reliable and credible ways of getting information

- Typically done in person between the researcher/entrepreneur and a respondent
- The researcher asks questions while the respondent answers
- Usually lasts from 15-40 minutes

USUAL INTERVIEW TYPES

STRUCTURED INTERVIEW
- The researcher asks a standard of questions and nothing more (Leedy & Ormrod, 2001).

PERSONAL INTERVIEW
- Traditional method wherein the researcher establish a relationship with the participants
to gain cooperation
- Generates highest response rate

TELEPHONE INTERVIEW
- Less-expensive and less-time consuming
- response rate is not as high as the f2f interviews

FOCUS GROUP DISCUSSION

- An excellent method for generating and screening ideas and concepts
- Can be moderated group interviews and brainstorming
- qualitative research method

MACROENVIRONMENTAL SOURCES OF OPPORTUNITIES

- This refers to the big external forces that affect the area, the industry, and the market
which the enterprise belongs to.

MARKET
- Refers to a group of people that has an interest on a product/service satisfying their
needs and wants, has resources, and permitted by law and other regulations to
purchase the given product/service.
CATEGORIES OF MACRO ENVIRONMENT (MORATO, 2016)

1. Socio Cultural Environment

- This includes the demographic and cultural factors including beliefs, tastes, customs,
and traditions.

a. Social forces - Elements of society resulting from human interactions that can
influence the thoughts, behaviors, and actions of people.
b. Cultural forces - Refer to the characteristics of a group of people or ethnic groups
in a particular society.

2. Political Environment
- This depicts the governance system of an area or the local region of the business
enterprise. It includes but not limited to laws, rules and regulations that control their
business practices along with permits, approvals, and licenses required to managed the
business.

3. Economic Environment
- It is characterized by the income level of a region which in turn dictates the purchasing
power of the customers.

4. Ecological Environment
- This includes living and non-living things around us. A growing environmental awareness
for taking care of our planet and prolonging of lives opens opportunities for business.
Drivers for a clean and green earth and healthier living gives birth to ideas such as air
filters, energy saving devices and likes.

a. Climate - The average weather in a particular area for a long period of time.
b. Physical Resources - These include tangible items that are necessary and
available for a business to function.
c. Wildlife - This pertains to flora (plants) and fauna (animals).

5. Technological Environment
- Upgrading of systems, processes, and new equipment that will give businesses a blast

RELEVANT OPPORTUNITIES AND THREATS TO A SMALL-SCALE ENTERPRISE

SOCIAL

FACTORS
● Community quarantines obliged people to stay at home.

OPPORTUNITIES
● Food to be delivered at doorsteps is attractive to the customers.

THREATS
● Health of entrepreneurs might be at risk.
POLITICAL

FACTORS
● Tax exemption to online sellers with earnings not exceeding P250 000 yearly.

OPPORTUNITIES
● Exempted amount may be utilized for other expenses of the enterprise.

THREATS
○ Increased competition since the exemption is attractive to other budding small
scale enterprise.

ECONOMIC

FACTORS
● Fast growing community of online sellers

OPPORTUNITIES
● Ease of access to online market

THREATS
● Increased competition

ECOLOGICAL

FACTORS
● Environmental awareness on the use of ecobags and the removal of plastic
straws and utensils.

OPPORTUNITIES
● Opportunity to start a "greener" advocacy.

THREATS
● Increased risk in product handling. New packaging might affect profitability in
terms of cost incurred on th use of new packaging.

TECHNOLOGICAL

FACTORS
● Increased usage of gadgets

OPPORTUNITIES
● Utilizing social media platforms to increase market reach in terms of marketing
and food delivery services.

THREATS
● Potential for customer disappointments and bashing on poor product and service
quality
III. BUSINESS PLAN

BUSINESS PLAN
- It is a formal written descriptionof your business future by defining your goals, strategies
to meet the goals, and the timeframe for the achievement of those goals.

REASONS OF WRITING A BUSINESS PLAN

1. Minimize or remove risk of losing money.

2. Avoid costly mistakes.
3. Anticipate the financial requirements.
4. Organize the activities beyond.
5. Assess actual performance against set goals.
6. Apply for financing from lending institutions.

PARTS OF A BUSINESS PLAN

1. Executive Summary
- This part can be found at the beginning of the plan but is the last to be accomplished
since this synthesizes the whole plan.
- This contains brief introduction and summarizes everything that is relavant to the
business audience.

NEEDED INFORMATION
● Description of your proposed business and business mode
● Description of the market opportunity you want to capture or market problems the
business solves
● Reasons why this is an attractive business opportunity
● Key distinctions of your business vs competitors
● Description of your executive planning timeline
● Overview of your projected financials.

2. Management and Organization

- This part includes all the basic information of your business. This also describes the
workflow (organizational structure; the background, experience and role of each) of your
business from the highest position up to the lowest.

NEEDED INFORMATION
● Company name, logo and address
● Vision and mission statements
● Key personnel
● Organizational chart
● Ownership capitalization, compensation and incentives
● External management support
3. Product / Service Plan
- This part describes the he highlight of the product or service offered to the customers so
that they will br encouraged to patronize your business.
- It also explains how the products or services will be accepted and carried by the
distribution channels.

NEEDED INFORMATION
● Purpose of your Product/Service
● Product's/Service's Unique Features
● Materials Requirements and Sources of Supply
● Processing Equipment for Product Manufacturing or Service Rendering
● Production or Service Process and Controls
● Distribution Logistics
● Regulatory and Other Compliance Issues

4. Market Plan
- This includes your business strategies, the target market, value proposition of your
product or services that may increase the company sales.

NEEDED INFORMATION
● Market Analysis - Market Segmentation and SWOT Analysis
● Marketing sales strategies - Product Push
● Product or Services Charateristics - vbalue proposition
● Pricing policy - price
● Sales Projection - Sales Forecast

5. Financial Plan
- This is a document containing your current financial situation as an entrepreneur and
long-term monetary goals, as well as tactics to attain those objectives.

NEEDED INFORMATION
● Start-up Costs Requirements
● Financial Projections
● Break-even Analysis
● Budget