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ENTREPRENEURSHIP
Quarter 2 – Module 8:
BUSINESS IMPLEMENTATION
 What I Need to Know

In this module, you will be able to practically implement your newly developed
Business Plan. And this will help your target business most likely to succeed.
Because this is where you will actually operate the business. Thus, selling
your product/service to the potential customers. You are expected to operate
your own business and keep your business records to monitor the progress
of your business operation.

Learning Competencies:
• Implementing the business plan
CODE: CS_EP11/12ENTREP-0a-i-18

• Identifying reasons for keeping business records

CODE: CS_EP11/12ENTREP-0a-i-20

After going through the module, you are expected to:

K: comprehends the concept, underlying principles, and processes
of starting and operating a simple business;
S: creates a business plan with complete parts; and

A: adheres the underlying principles in business implementation.

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 What I Know

Before starting with this module, let us see what you already know about
implementing a business plan. Answer the questions below in your answer
sheet.

Directions: Read the statements carefully. Write TRUE if the statement is

correct and FALSE if the statement is wrong.

______ 1. Record keeping can be both physical and electronics.

______ 2. Record keeping can measure the profit and performance of the
enterprise.
______ 3. Bookkeeping is only important to the accountant.
______ 4. Professional advice is not needed during the business operation.
______ 5. Professional advice is necessary before starting the business.
______ 6. Records are sources of documents.
______ 7. Tasks before starting the business should have a time
allotment.
______ 8. The objective of the businessman should be clear.
______ 9. Record keeping is beneficial to the owner.
______ 10.Record keeping is not necessary in business operation.
______ 11.You cannot start your business without a consultant.
______ 12.Employers are the only one to pay contribution at the Social
Security System (SSS).
______ 13.You go to the Bureau of Internal Revenue when you get Tax
Identification Number (TIN)
______ 14.The office to visit when registering your solely owned business
is Securities and Exchange Commission (SEC).
______ 15.You go to the office of the Department of Industry (DTI) if you
will register your corporation business.

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 Lesson

8 Business Implementation

Whether a business is a start-up or already established, business

implementation becomes the responsibility of all the employees.
Implementation is the process of executing a plan or policy so that a concept
becomes a reality. To implement a plan properly, managers should
communicate clear goals and expectations, and supply employees with the
resources needed to help the company achieve its goals.

What’s In

Instoredoes.com

Recalling our previous lesson. What can u say about the picture? How
is this related from our previous lesson?

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 Notes to the Teacher
The ability to listen is as important as the ability to speak.” -
Sheryl Sandberg

What’s New

Direction: What are the services offered from the following offices below?
Write your answer in your answer sheet.
1. Department of Trade and Industry (DTI)_____________________
2. Securities and Exchange Commission (SEC)_________________
3. Bureau of Internal Revenue (BIR)____________________________
4. Mayor’s Office_______________________________________________
5. Social Security System (SSS)________________________________
6. Philhealth__________________________________________________
7. Pag-ibig Fund_______________________________________________
Source: smallbusiness.chron.com

What is It

How to implement a business plan

Writing a business plan is actually quite a daunting prospect. Most

start-ups do not know where they will be in one month’s time, let alone five
years. Many business plans are unrealistic, as people dream of setting up the
next “unicorn”.

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The concept of having a solid business that simply makes money and is
sustainable seems to be lost. However, even the most realistic well-thought-
out business plan is just a stack of paper if it isn’t implemented. So how do
you implement a business plan? www.arabianbusiness.com
Your business plan has to be realistic

First and foremost you have to go back to the beginning. Is your business
plan realistic and does it have clear goals, objectives and aims that suit your
aspirations? Do not get sucked into following the mass opinion of what your
plan should be like. Although the list below is not exhaustive, your business
plan should contain a clear outline of the following:

• Business proposition – What is your product/service? Who are your clients?

Who is your competition? How are you going to sell your product or service?

• Management team – Who is your management team – directors, key

personnel and any strategic partners and alliances you may have?

• Marketing – How are you going to promote (marketing, including market

research, and pricing) your product or service?

• Staff – Who do you need to employ and what is your organizational

structure?

• Operations – More information about your office premises, and

infrastructure needed, such as IT, website, telecoms, and similar.

• Infrastructure – What is your trading entity, insurance needed, lawyers and

accountants you will be using?

• Finances – More information about your profit and loss forecasts, cash flow,
finance needed, and investment opportunities.

Source: www.arabianbusiness.com

Set out your objectives

Once you have your business plan you should set out your objectives,
for example, in the recruitment industry, some of your objectives could
include the following:
• Secure your first deal within two months of trading.
• Make one business deal every month from there on for the first year.

Set tasks to reach your objectives

Once you have set out your objectives, consider what tasks need to be
completed so you can achieve these. Assign a person who is responsible for
each step so that roles are clearly defined and there is accountability in

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completing the tasks. Avoid micromanaging people with detailed explanations
of how to complete each task.

Some generic examples of this could be:

• Setting up an established company – You
• Finding an office – Office manager
• Setting up internet, phones and computers – Office manager
• Marketing collateral - Marketing manager
• Recruitment – HR manager Securing new clients and business - Business
development manager
• Opening company bank account – You
• Social media management – Marketing manager

Time allocation
Each task should be paired with an appropriate time frame for
completion. You should be aggressive, but reasonable with your time
allocation in order to ensure, not just completion but competent work as well.
For assistance in framing this timescale, create your own Gantt chart – a
helpful tool that shows how long it will take to complete different tasks and in
what order the tasks should be finished.

Progress and review

You or a member of your management team needs to be in charge of
monitoring each task’s progress and the completion percentage of each
objective. When delays occur, try to get to the root of the problem. Did the
person responsible drop the ball? Did he or she have too many responsibilities
to handle? Did a third party, such as a supplier or the bank, fail to hold up
its end of a deal?

While the above steps may seem like overkill, the early days of a start-
up are critically important – it’s a time when good management patterns are
set and also probably a lean era when revenue has yet to start rolling in.
The more efficiently you start implementing your business plan, the more
likely it is that you will survive this early period.

Keep a tab on your finances

Keep reviewing your finances. Are you hitting your targets? If not, why
not? Implement changes to tackle this. Have a regular review with your
accountant to manage income, costs and any tax liabilities. It is so important
to keep disciplined, focused and motivated by cash flow, even more so in the
early stages of your business.

Join a trade association or networking group

Business plans are always dynamic. Make sure you join a networking
group so you can keep up to date with on the ground market knowledge,
connections, and legal and financial updates. You may need to react and
change accordingly. Don’t get totally blinkered into your business plan, you
always have to see what is going on around you.

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Liam Mooney, Founder of Blue Pencil and Club Fit For Business.
https://www.arabianbusiness.com/how-implement-business-plan 625819.html

Guidelines for successful business plan implementation:

1. Objectives- the entrepreneur should have a clear idea on what is his
purpose of putting up his enterprise.
2. Tasks- this means that the entrepreneur must know what the tasks are he
has to perform in order that his objectives will be realized.
3. Time allocation- This means that 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- This means that the entrepreneur should monitor the
development of the tasks and the accomplishment of the objective.
In Operating a business, the entrepreneur should first consult professional
for advices, like accountants or consultants from small enterprises. In your
case, you can consult your teacher in entrepreneurship or anyone you think
that could help you.
The following are the basic requirements to start a business in the Philippines:
Securities and Exchange Commission (SEC) Registration - for partnership
or Corporation. https://www.sec.gov.ph
Department of Trade and Industry (DTI) Registration - for your business
trade name.Department of Trade and Industry Philippines www1.dti.gov.ph
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. Bureau of Internal Revenue | Official Gazette
of the Republic ...www.officialgazette.gov.ph
SSS, PhilHealth, and Pag-Ibig Fund registration - for registering yourself
or 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:
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.

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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
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 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
https://smallbusiness.chron.com/importance-business-implementation-
34571.html

Proper business record keeping provides the business a real advantage

over the competition in different ways.

1. It helps you to manage your accounts, interests, taxes and working

costs effectively.

2. Tells about cash in hand

3. Act as resource for new strategies.

4. Helps in finding solutions for business issues.

5. Tells about the customer service and employee efficiency.

6. Helps in monitoring company growth rate and profit.

7. How your business performs against your competitors.

8. Tells about hidden and unexpected costs.

9. And most of all it is the most resourceful adviser whenever your

business is in serious trouble.

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Source: https://www.foxfinancegroup.com.au/articles/importance-of-
business-record-keeping.html

What’s More

Directions: Do the activity below. Write your answer on your answer sheet.

Look for the nearest store in your place or a neighbor that is engage in
business that is operating for more than a year now. Ask how they started
their business and how it is being managed.

What I Have Learned

Direction: In your notebook, complete the following statements.

1. I have learned that

_____________________________________________________________________
_____________________________________________________________________
2. I have realized that
_____________________________________________________________________
_____________________________________________________________________
2. I will apply what I have learned
_____________________________________________________________________
_____________________________________________________________________

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 What I Can Do

Directions: Make a short/mini Business plan by filling up the table, make a

vision of your business, note this is just a plan/forecasting base on your ideal
business. Please be guided by the definition of each item discussed in this
module.

MY BUSINESS PLAN
Business proposition
Management team
Marketing
Staff
Operations
Infrastructure
Finances

Assessment

Directions: Now that you are finished accomplishing the module, let us check
what you have learned. Choose the letter of the correct answer and write in in
your answer sheet.
1. Which office will you go to register your single owned business?
A. SEC C. BIR
B. DTI D. Mayor’s Office

2. Which office do you visit to register partnership or corporation business?

A. SEC C. BIR
B. DTI D. Mayor’s Office

3. To secure Tax Identification Number (TIN), which office will you go?
A. SEC C. BIR

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 B. DTI D. Mayor’s Office

4. SSS, Philhealth and Pag-ibig fund contributions is made by _________.

A. Employees only C. Both Employees and Employers
B. Employers only D. None of the choices

5. Which of the following is not a step to follow before operating a business?

A. Register your business
B. Set up accounting system
C. Advertise the business using Facebook
D. Selling the product

6. Which of the following is true?

A. Good record keeping is not important to the business owner.
B. Good record keeping is important only to the accountant.
C. Good record keeping gives benefits to the enterprise.
D. Good record keeping gives no importance at all.

7. Which of the following is NOT a benefit to the enterprise?

A. Plan and work more efficiently.
B. Meet legal and tax requirements.
C. Can check if the business is doing well.
D. It cannot protect the rights of the owner.

8. The objectives of the entrepreneur should be _______________.

A. Specific and clear B. Specific and long term
C. Short and blurred D. Long and not specific

9. The tasks before operating the business must be _____________.

A. Specified to be accomplished by the owner alone
B. In detail so that the owner will know what to do
C. Kept by the owner for future reference
D. None of the choices

10. The tasks to be accomplished before operating the business should

have:
A. Design C. Time allotment
B. Decoration D. Measurement

11. Which of the statements is true?

A. Before starting a business, the entrepreneur may not consult a
professional for advice.
B. Before starting a business, the entrepreneur should consult a
professional for advice.

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 C. Before starting a business, the entrepreneur must start selling
when there are available buyers.
D. None of the choices

12. To register your Business Trade name is done in the office of?
A. SEC C. Mayor’s Office
B. DTI D. Philhealth Office

13. The sources of documents are called?

A. Income statement B. Balance sheet
C. Record D. Record Keeping

14. Which of the following is not a benefit of record keeping?

A. It will not help in managing potential risks.
B. It will measure profit and performance.
C. It will protect the rights of the owner.
D. It will not let you know how much you are earning.

15. Which of the following statements is true?

A. Professional advice is only needed before starting the business.
B. Professional advice is needed all throughout the life of the
business.
C. Professional advice is made only by consultants.
D. Professional advice is only a waste of money.

Sources: Assessment-Items 1-5, 11;13 and fifteen .quizes adopted from

quipper.com

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