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    Business Implementation

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    raquelmadolid10

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    Business Implementation

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    2 views2 pages

    Business Implementation

    Uploaded by

    raquelmadolid10

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    © All Rights Reserved
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    Business Implementation

    Identify the services offered by the following offices to Entrepreneur


    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
    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 are the tasks he
    has to perform in order to realize his objectives.
    3. 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.
    4. Progress – This means the entrepreneur should monitor the development of
    the tasks and the accomplishment of the objectives.

    In operating a business, the entrepreneur should first consult professionals


    for advices, like accountants or consultants from small enterprises. In your case,
    you can consult your teacher in Entrepreneurship or anyone you think who 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
    • Department of Trade and Industry (DTI) Registration - for your
    business tradename
    • 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:

    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

    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.

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