I

• 1. OBJECTIVES

  2. TASKS

  3. TIME ALLOCATION

  4. PROGRESS


  Guidelines for successful business plan implementation
• Objectives


  This should be crystal clear and specifically spelled out, since it will be used as a building block for the rest of the implementation plan.
• Tasks


  This part details what must be accomplished to achieve the objectives. Include a task manager for each step, so that roles are clearly defined and there is accountability. Enumerate tasks and assignments, with descriptions specifically plainly and generally stated; without getting into a step-by-step, micromanaged explanation of how the tasks will be carried out. Emphasize the expected results associated with these tasks.
• Time Allocation


  Each task should be paired with an appropriate time frame for completion. This should be aggressive but reasonable in order to ensure not just completion but competent work. For assistance in framing this timescale, use a program such as Microsoft Project, or just 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


  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. 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? Adjust the Gantt chart appropriately to account for the delay, and make a note of the previous deadline and the reason it was missed.
• 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 enterprise to establish, as this varies according to the legal framework and economic structures prevailing at a given time.
• 1. SEC registration

  2. DTI registration

  3. Mayor's business permit

  4. BIR registration

  5. SSS, PhilHealth, and Pag-Ibig Fund registration


  Business Registration Requirements
• SEC Registration


  for partnership or corporation
• DTI Registration


  for registering your business trade name (BTR)?
• Mayor's business permit


  for getting the license to operate in the city or municipality and payment of your local business taxes.
• 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.
• Special Requirements


  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).
• 1. Set up an accounting system or hire an accountant.

  2. Advertise the business.

  3. Secure insurance for the business.


  Other Steps to Follow Before Operating a Business
• Method 1 - Showing Enthusiasm for the Product


  1. Study the Product

  2. Emphasize the perks of the product to customers.

  3. Ensure that the product has been adequately explained.
• Method 2 - Connecting with the Buyer


  1. Share your love of the product.

  2. Anticipate the customers' motivations.

  3. Practice breaking the ice with customers.

  4. Convert the customer's motivations into the product's characteristics.

  5. Be honest about the product.

  6. Close the sale.

  7. Give customers time to consider.
• Method 3 - Selling Product as an Owner Salesperson


  1. Familiarize yourself with all aspects of the product.

  2. Market the product.

  3. Review the sales performance.

  4. Troubleshoot sales, if necessary.
• Records


  the source documents, both physical and electronic, that specify transaction dates and amounts, legal agreements, and private customer and business details.
• plan and work more efficiently,

  meet legal and tax requirements,

  measure profit and performance,

  generate meaningful reports,

  protect your rights, and

  manage potential risks

  Developing a system to log, store and dispose of records can benefit the business a systematic recorded allowing you to:
• Best Practice and Record Keeping


  Depending on the industry, keeping the following records may be a legal requirement, but it is best practice to keep them for 5-7 years
• Key Bookkeeping Tasks


  Staying on top of the bookkeeping can be overwhelming and oftentimes gets pushed to the bottom of to-do list, or just completely ignored. It's understandable considering a million things to get done when running a business. However, it is critical to the success of the business so it needs to get done promptly and correctly. Dividing up many bookkeeping tasks into daily, weekly, monthly, quarterly and yearly checklists and being consistent about completing each task makes bookkeeping simple and rewarding.
• 1. Review Available Cash

  2. Monitor Incoming and Outgoing Payments


  Daily Tasks
• Review Available Cash


  The first thing that should be done every day is to check how much cash is available.
• Monitor Incoming and Outgoing Payments


  Ask the employees and partners every morning for any expenses coming up that day to prepare for the incoming and outgoing payments for that day. Also provide a good picture of the cash position for the next day.
• 1. Record and reconcile transactions.

  2. File and upload receipts.

  3. Enter unpaid bills from vendors.

  4. Pay vendors.

  5. Prepare and send invoices.

  6. Review projected cash flow.

  Weekly Tasks
• Record and reconcile transactions


  Each financial transaction of the business must be recorded and reconciled. If it is a bookkeeping software that uploads the bank feed, like Quickbooks Online, then most if not all of the transactions will upload automatically into the software. Once uploaded, make sure to categorize it correctly and reconcile it immediately. If for some reason there is a need to record the transaction separately, do so, and then categorize and reconcile it. Recording and reconciling the transactions are fundamental to proper bookkeeping on a weekly basis.
• File and upload receipts


  Keep copies of all the invoices, receipts and payments as well as the files of all the vendors, payroll and bank statements. Keep all of these files and receipts in paper form but it will be better to move the files online. Programs like Google Drive or Hubdoc are safer and will allow access to the files from any location. Also scanning and uploading the corresponding document of all the transactions from the accounting software as back up files. For example, when reconciling the payment transactions, upload the receipts and attach it to the correct transaction.
• Enter unpaid bills from vendors


  Keep track of each of the vendors' information, like billing dates, amounts due and payment due dates. If vendors offer discounts for early payment, check to see if cash is available and try to take advantage of that. Accounting software. like Quickbooks Online, can automate this process to help keep better track of all the bills. This is to save time and money by taking advantage of these programs.
• Pay vendors


  Once the bills are entered into the accounting software, tracking payment due dates will be very simple. Make sure to have funds set aside for the bills and process payments well before the due date. Whether making payments online, by mail or in person, upload copies of the invoices sent and received unto the accounting software and the document storage account, like Google Drive.
• Prepare and send invoices.


  Remember, the sooner invoices are mailed, the sooner it will get paid. Stay on top of sending invoices and try to send them the same on exact day the client expected to receive it. Simplify your life and save time by using the accounting software to complete this task. Create your invoices and choose when you want them sent. Save the template if it is a recurring invoice.
• Review projected cash flow.


  Staying on top of your cash flow, in and out of the practice, is incredibly important. Forecast how much cash you will need in the coming weeks/months to pay your bills, employees and suppliers. Knowing your projected cash flow is also critical to making informed business decisions.
• Financial Statements


  help determine the business financial position at a specific point in time and over a period of time. Information from the accounting journal and the general ledger is used in the preparation of your business's financial statements: the income statement, the statement of retained earnings, the balance sheet, and the statement of cash flows. Information from the previous statement is used to develop the next.
• Income Statement


  also called a profit and loss statement, is almost uniquely important because it shows the overall profitability of your company for the time period in question. Information on sales revenue and expenses from both the accounting journals and the general ledger are used to prepare the income statement. It shows revenue from primary income sources, such as sales of the company's products. The income statement also shows any revenue during the time period in question from assets, such as gains on sales of equipment or interest income.
• Net income


  The bottom line of income statement. It is either retained by the firm for growth or paid out as dividends to the firm's owners and investors, depending on the company's dividend policy.
• Statement of Retained Earnings


  This is the second financial statement to be prepared in the accounting cycle. Net profit or loss must be calculated before the statement of retained earnings can be prepared. After computing the profit or loss figure from the income statement, you can see what the total retained earnings to date are and how much will be paid out to the investors in dividends, if any. This statement shows the distribution of profits that are retained by the company and which are distributed as dividends. As the name suggests, the amount of retained earnings is the profit retained by the firm for growth, as distinguished from earnings that are not retained but are distributed to shareholders as dividends or to other investors as the distributed share of profits.
• Statement of Financial Position (Balance Sheet)


  This is the financial statement that illustrates the firm's financial position at a given point in time the last day of the accounting cycle. It's a statement showing what the business owns (assets) and what the business owes (liabilities and equity). The assets must equal the liabilities plus the equity or owner's investment. The business used the liabilities and equity to purchase the company's assets. The balance sheet shows the firm's financial position with regard to assets and liabilities/equity at a set point in time.
• Statement of Cash Flows


  This statement compares two time periods of financial data and shows how cash has changed in the revenue, expense, asset, liability and equity accounts during these time periods.
• Interpretation of Financial Statements


  It is important that users of financial statements can interpret the financial statements to be able to draw valid conclusions. Typically this involves the use of comparisons to prior years, forecasts and competitors. Users can compare sales and expense figures, asset and liability balances and cash flows to perform this analysis.
• 1. Shareholders and potential investors

  2. Suppliers and lenders

  3. Management

  Other potential users include:

  1. financial institutions,

  2. employees,

  3. professional advisors to investors, and

  4. financial journalists and commentators


  Users of Financial Statements
• Financial Ratios


  mathematical comparisons of financial statement accounts or categories. These relationships between the financial statement accounts help investors, creditors, and internal company management understand how well a business is performing and which areas need of improvement.
• Financial Ratios


  the most common and widespread tools used to analyze a business' financial standing. Ratios are easy to understand and simple to compute. They can also be used to compare different companies in different industries. Since a ratio is simply a mathematical comparison based on proportions, big and small companies can use ratios to compare their financial information. In a sense, financial ratios don't take into consideration the size of a company or the industry. Ratios are just a raw computation of financial position and performance.