BUSINESS-PLAN-IMPLEMENTATION.pptx

Entrepreneurship (TLE 114)

1. BUSINESS PLAN IMPLEMENTATION

2. STARTING AND OPERATING A SIMPLE BUSINESS

3. Even the most well-though-out business plan is just a piece of paper if it isn’t doesn’t have a plan for implementation. This is the portion of the business plan where objectives are clarified, task are assigned with deadlines, and program is charted to reach goals and milestone

4. Guidelines for successful business plan implementation

5. Objectives The objectives should be crystal and clear and specifically spelled out since it will be used as building block for the rest of the implementation plan

6. For example, assume the start-up is a  small consulting firm. The objective should be tough but reachable like the following example :- Secure office space and be open for business in three months - Sign three clients within first three months  of operations - Sign 10 clients within the first year

7. Tasks This part must be accomplished to achieve the objectives. You should enumerate tasks and assignments ,with description specifically plainly and generally stated.

8. Continuing with the above example, the tasks section mightread like this: -Secure office space –real estate agent - Obtain licenses and permits   –you -Set up office phones and computer   –office manager  -Begin recruiting clients   –sales manager  -Create marketing  collaterals   –marketing manager  -Solicit referrals from clients   –relationship manager  

9. Time Allocation Each task should be paired with an appropriate time frame for completion. The time allocation should be forceful but reasonable in order to ensure not just completion but competent work. For assistance inframing this time scale, you may create your own Gantt chart-a helpful tool that shows how long it will take to complete different task sand in what order the tasks should be finished

10. Progress The overall management team leader 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 . Adjust the Gantt chart appropriately to account for the delay , and make a note of the previous deadline and the reason it was missed .

11. Operating a business Before starting a business aspiring entrepreneurs should seek professional advice from small enterprise advisors, accountants or consultants on what is the best type of enterprises to establish, as the varies according to the legal frame work and economic structures prevailing at given time.

12. The following are the basic requirements to start commencing a business in the Philippines:

13. 1.SEC registration for partnership or corporation 2. DTI registration for registering your business trade name 3 Mayor’s business permit for getting the license to operate in the city or municipality and payment of your local business taxes 4. BIR Registration for getting TIN, official receipts and invoices, registering your books of accounts, and paying your national internal revenue taxes 5. SSS, Philhealth , and Pag-Ibigfund registration For registering yourself or company as an employer and for remitting your employees’ contribution together with your employer's share.

14. Usually, the BIR and the City/Municipality Office require the certificates of registration with the SEC or DTI before a business can be registered to these agencies. Thus,there is a need to register through these offices to start the business

15. A one stop shop is available for entrepreneurs who need to register with the various government agencies, such as the DTI,SEC,BIR,SSS,Pag-ibig Fund and Philhealth . However, this service is only available to a few cities in Metro Manila and is not yet available nation wide .

16. Aside from the basic requirements, there are also special licenses or registrations that must be obtained by a businesss to start its operation, such as: banks, financing, company, lending company, pawnshops, money changers, money remittance business, and other   financing institutions are required to be registered with the   Bangko Sentral  ng  Pilipinas  (BSP ) If you are manufacturing and selling products related to food and drugs,you also have to register with  Bureau of Food and Drugs (BFAD ) For schools and entities involved in providing education, they should register with the Commission on Higher Education ( CHED) And Department  of Education( DepEd )

17. Other Steps to Follow Before Operating a Business

18. 1.Set up an accounting system or hire an accountant . Knowing how the business is doing financially is important for planning and survival. Using an accounting software package will make tracking business transactions easier .

19. 2.Advertise the business . No one will buy the product for   services if the customers’ don’t Know that the company exists. Create a web site and advertise in different media, such as news papers and radio. Ask customers for   referrals. Network with other business owners which will help in the recognition and gain referrals for the new business .

20. 3.Secure insurance for the business . Liability insurance protects the business in the vent of litigation. You may consider life insurance and health insurance if you are leasing an office or store front .

21. Selling the Product

22. Selling the Product Selling a product doesn’t have to be complicated. Beyond that, sales invoice remain focused on the details of the product and customers. By observing these changes, you will be able to adjust the program and keep the sales strong.

23. Method 1 – Showing Enthusiasm for the Product Study the Product - To convey knowledge about the product and to answer customers’ questions about the product, will project complete understanding of the product. Emphasize the perks of the product to customers - It is important to translate the product’s features into benefits as well as giving good product information to the right people.

24. Think about things like: 2.1. Will the product make the customer’s life easier? 2.2. Will the product create a sense of luxury? 2.3. Is the product something that can be enjoyed by many people? 2.4. Is the product something that can be used for a long time?

25. Ensure that the product has been adequately explained In person-to-person sales there is a need to ensure that good product information is supplied via retail packaging, point-of-purchase displays, and any marketing materials. make sure that all product information is informative, true, and complete. Make sure too, that the language on product packaging and marketing materials is clear, direct, and easy to read. Invest time and money to ensure that the product, packaging, and marketing materials look good- with high-quality photos, vivid colors , etc.

26. Method 2 – connecting with the Buyer Share your love of the product A good salesperson believes in the product that is being sold, and transfers this enthusiasm to the customer. Anticipate the customers’ motivations - To be able to answer any questions that customers may have about a product, it is important to anticipate those questions.

27. Practice breaking the ice with customers If working in direct sales, the way to connect with people is critical. Convert the customer’s motivations into the product’s characteristics In marketing, this is known as “positioning”, and it consists of equating the product with the customer’s hopes and desires. Be honest about the product This means being transparent in the delivery of product information. Close the sale - There are many styles and methods of closing a sale, but one of the most effective has the mnemonic, ABC: “Always Be Closing”.

28. Give customers time to consider Appearing overly pushy is a turn-off for many buyers. Allow customers to do so with the company’s enthusiastic and supportive pitch in mind. Take note that information you give matches with what they read online. Give customers time to consider.

29. Method 3 – Selling Product as an Owner Salesperson Familiarize yourself with all aspects of the product This will feed into the end sale of a product. Market the product It is important to make the product information available through as many channels as possible. Review the sales performance - Analyze the sales at regular intervals.

30. Being able to answer these questions will help maximize sales and keep sales growth steady: Is the product selling well? Is stock low or high? Is there a profit? How are the competitors performing?

31. Troubleshoot sales, if necessary - If not selling well, there will be a need to enter into a problem-solving mode. Change the tactics periodically. Consider deleting a product from the line if it is not selling well. Review the target market and sharpen the sales focus. Change the price of the product. Sometimes controlling supply in this way increase demand and sales.

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