Republic of the Philippines

Department of Education
REGION VIII – EASTERN VISAYAS
Division of Northern Samar
CATARMAN NATIONAL HIGH SCHOOL
Senior High School Department

ENTREPRENEURSHIP
Quarter 4 – Module 7
Business Implementation
After reading this module, you should be able to:

 Implement the business plan

 Operate the business

 Sell the product

 Identify reasons for keeping business records

CORAZON P.DINO
Subject Teacher

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 Lesson 1 Implement the Business Plan

Business plan of whether newbie or already well-established business is just a piece

of paper if not implemented.

A good implementation of business plan is the key to a successful business.

Implementation of business plan means that you put into action all the details and
information such as: objectives are clarified; tasks are assigned with deadlines; and
program is followed to accomplish objectives and goals.

Guidelines for successful business plan implementation (De Guzman, 2018)

1. Objectives
The objectives should be clear and well explained to all the members of the
company because it will serve as the building block for the whole implementation
period. It should be tough but reachable.

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

For example, let’s assume the start-up is a bake shop:

1.1 Secure shop space to be opened for business in two months.
1.2 Sold 10,000 different types of bread in three months.
1.3 Sold 100,000 different types of bread within the first year.

2. Tasks
This part determines what must be accomplished to achieve the objectives. If
possible, you may assign a task manager for each step, so that the roles are well-
defined and there is accountability. List all the tasks and assignments with clear
and specific descriptions and explanation of how the tasks will be carried out.
Give emphasis to the expected results for these tasks.

The entrepreneur must know what the tasks are he has to perform in order
that his objectives will be realized.

For example, continuing with the above example:

2.1 Secure the shop space – real estate agent
2.2 Obtain licenses and permits – you
2.3 Set up baking tools and equipment – purchasing officer
2.4 Begin to advertise the product – marketing manager

3. Time allocation
Time frame for each task is very important for the completion of the business
plan. The time allocation should be aggressive but reasonable to ensure not only
the completion but most especially the competent work. You can use the Gantt
chart - a tool that shows how long or short it will take to complete each task and
in what order the tasks should be done. You can use Gantt chat online or you can
have it yourself.

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 The entrepreneur should have a timetable or a schedule to follow every task, so
that it will be accomplish on time and realize his objective.

4. Progress
As an owner, you are in charge of monitoring all the tasks progress and the
completion percentage of each objective. When problems occur like delays, try to
find out the root of the problem. Did the person responsible for that task neglect
his/her duties? Did somebody interrupt the task to delay it? You need to adjust
the Gantt chart accurately to account for the delay and make a note for the
previous deadline and the reason it was missed.

The entrepreneur should monitor the development of the tasks and the
accomplishment of the objective.

The more systematic the start of the implementation of the business plan is the
more possible it will survive in the early period.

Operating a Business

Aspiring entrepreneurs should seek professional advice from experienced small

enterprise advisors or consultants about the best type of enterprise to establish before
starting a business.

The form of the business that will establish is based on the needs of the owner and
also by the type of the product that are to be made. It is usually easier and cheaper to
register either as a personal business with a single owner. In your past discussion/module,
other forms of business based on ownership were discussed and you can choose from those
depending on the business you are going to establish.

Business Registration Requirements

Before you operate a business, you are required to register it to different agencies to
make your business legal. The registrations may vary in both the number of steps and the
degrees of complexity and government in the registration process. The entrepreneur needs
guidance from a consultant and an accountant who are experienced in these processes.

According to R.A. 9178 or Brgy. Micro Business Enterprise (BMBEs) act of 2002,
BMBEs can now register their businesses, free of charge, at the Department of Trade and
Industry (DTI) through Negosyo Centers. BMBE is meant to any business entity or
enterprises engaged in the production, processing or manufacturing of products or
commodities, including agro-processing, trading, and services whose total assets, excluding
land, shall not be more than P3 million.

The following are the basic requirements to operate a business in the Philippines:
1. Business Entity Registration
a. For sole/single proprietorship form of business, you need to register the name of
your business to the Department of Trade and Industry (DTI).
b. For partnership and corporation, you need to register the business in Security
and Exchange Commission (SEC).

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 c. For cooperative, you need to register your business in Cooperative Development
Authority (CDA).

2. You need to apply Mayor’s Business Permit in order for you to get a license to operate
in the city or municipality and also for the payment of your local business tax.

3. You need to register your business to Bureau of Internal Revenue (BIR) for the
taxpayers identification number (TIN), for the authorization of printing of official
receipts, invoice and book of journal.

4. There are other requirements like Social Security System (SSS), PhilHealth, and Pag-
IBIG Fund for registering and securing yourself or company and for your employees; to
remit their contribution together with your employer’s share.

5. There are also some other special requirements like Bangko Sentral ng Pilipinas (BSP)
for financing institution, Bureau of Food and Drugs (BFAD) for manufacturing and
selling products related to food and drugs and for the schools and universities, they
need to register their business to Department of Education (DepEd) and Commission
on Higher Education (CHED).

Other steps to follow before operating a Business are as follows:

1. Set up an accounting system or hire an accountant. Knowing how the business is
doing financially is important for planning and survival.

2. 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.

3. Secure insurance for the business. Liability insurance protects the business in the
event of litigation. Consider life and disability insurance, health insurance and fire
insurance when you are leasing an office or storefront.

Keeping Business Records

Records are very essential to business. These will serve as source documents and
references, both physical and electronic, it includes transaction dates and amounts, legal
agreements, private customers, and other business details.

Practice of good record keeping can protect the business, measure the performance,
and maximize the profit.

Developing a system to log, store, and dispose records can benefit the business a
systematic recorded allowing you to: (De Guzman, 2018)
• Plan and work more efficiently;
• Meet legal and tax requirements;
• Measure profit and performance;
• Generate meaningful reports;
• Protect your rights; and
• Manage potential risks.

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 Today’s businesses used electronic record keeping system to make it easier to gather
information, generate reports, and update tax and legal reporting requirements.

References:

Mamigo, A. (2020) Quarter 2 – Module 6: 4M’s of Production and Business Model, Department
of Education –Region VII Schools Division of Negros Oriental. Kagawasan, Ave., Daro,
Dumaguete City, Negros Oriental

Alternative Delivery Mode (2020). Entrepreneurship Quarter 2 – Module 1 4 Ms of Operations,

Department of Education – Region III, Schools Division of Bataan - Curriculum Implementation
Division, Learning Resources Management and Development Section (LRMDS), Provincial
Capitol Compound, Balanga City, Bataan