Help for Education: Business Plan Implementation 1
TRUE As a
communication tool, it is used to attract investment capital, secure loans,
convince workers to hire on, and assist in attracting strategic business
TRUE A business plan serves as the blueprint for how you will operate your
business. While you need to have a business plan to seek investors or get a
loan for your company, the plan is actually for your benefit. It provides a
step-by-step guide as you start a new business or grow your current company. It
provides direction for every decision you make going forward.
business plan is an ineffective means of defining your goals and the steps
needed to reach them. It does not spells out your purpose, vision and means of
FALSE BUSINESS PLAN
OBJECTIVES Identify weaknesses, threats, strengths and opportunities of the
FALSE Market Research should serve as a
business card for introducing the business to others: banks, investors,
institutions, public bodies or any other agent involved, when it comes time to
seek cooperation or financial support of any kind.
well-developed business plan also documents actions the company will follow in
case the projections turn out to be too optimistic. Scenarios should be
developed to identify potential obstacles, including possible changes in the
market, so that the company will be prepared to make operational decisions that
remain in line with the overall business strategy.
TRUE et people interact with your product or service
and see what their take is on it. A fresh set of eyes can help point out a
problem you might have missed.
FALSE Environtmental analysis will
identify what are the strengths and weakness of your competitors? How will you
TRUE When you listen to your
clients/customers, you find out what they want and need, and how to make that
happen,” says investor and entrepreneur John Rampton.
TRUE The plan should include things
like what the business plan to offer to the market, how to plan to deliver it,
what the costs are, how much to charge, what you plan to make in profit on each
sale and what your fixed costs such as rent and utilities are going to be.
TRUE Market research in the business
plan should include projections based on consumer needs and your ability to
fulfill those needs.
TRUE . Part of Strategic Plan is
checking the marketing policy structure and what the personnel management
TRUE When the plan is clearly spelled
out in writing, it helps business see the big picture and identify potential
problems before they make blunders.
company and management section is an overview of who you are. It should
describe the organization of your business, and the key members of the
management team, but it should also ground the reader with the nuts and bolts:
when your company was founded, who is/are the owner(s), what state your company
is registered in and where you do business, and when/if your company was
TRUE Financial plan may include your balance sheet, your sales forecast,
business ratios, and a break-even analysis
TRUE It is always a good idea to think
in terms of customer needs and customer benefits as you define your product
offerings, rather than thinking of your side of the equation (how much the
product or service costs, and how you deliver it to the customer).
TRUE To make the best impression on banks
and investors, your business plan should be presented in the standard business
plan format and contain the necessary business plan elements.
TRUE No matter how good your business idea, there is no guarantee it will succeed.
FALSE When you run your own company,
you cannot create a schedule and work environment that's right for you.
TRUE Your business
reflects who you are and what you care about.
TRUE When you work for someone else,
your income is limited to what your employer is willing and able to pay. When
you own your own business, you have the potential for virtually unlimited
earnings if you have a good idea and excellent business sense.
FALSE You can be laid off from your own company.
TRUE Owning a business almost always
requires you to take personal financial risks. You will most likely finance
your venture at least in part using your own resources, even if this is just a
matter of pledging collateral for a bank loan.
TRUE As your own boss, you
get to make your own decisions
FALSE When you work for
someone else, your potential for compensation is unlimited .
TRUE Few businesses make
enough to support their founders right off the bat. It is far more likely that
there will be a period when you will work without making any money even if you
TRUE Those
which are or whose nature of business is illegal, offensive, scandalous, or
contrary to propriety is unacceptable in choosing a business name.
TRUE The only
requirement needed to register to DOLE is the Registry of establishments under
Occupational Health and Safety Standards No. 1020.
TRUE As per Republic
Act 7742 which was fully implemented on 01 January 1995, membership to the Pag-IBIG
Fund shall be mandatory for all employees covered by the Social Security System
(SSS) and/or the Government Service Insurance System (GSIS) and earning at
least P4,000 a month. This mandatory coverage extends to expatriates whose age
is up to 60 years old and who are compulsorily covered by the SSS.
FALSE Location map
of project area is needed as a requirement in BIR registration.
TRUE Is Articles of Incorporation needed to be presented prior registration of Stock (S) and Non Stock (NS) Corporations?
business name is the identity of your venture. It’s what your clients and
customers will know you as, so choose this carefully.
TRUE Any project in the Philippines that poses a potential environmental risk or a significant impact to the environment (such as mining, agriculture projects, or construction) is required to secure Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR).
company wants a name that stands out from the crowd, a catchy handle that will
remain fresh and memorable over time.
TRUE Pag ibig membership
for employees who are earning less than P4,000 a month, including those who
belong to other working groups, shall be on a voluntary basis.
TRUE Letters,
numerals, and punctuation marks that are part of the English and Filipino
language has to be considered in choosing a business name.
Application for Tax Identification Numbers for Employers What is the
number 1 requirement for registering a business with THE
BUREAU OF INTERNAL REVENUE (BIR)?
5 How many years is the validity
of DTI Registration?
lifetime What
is the validity of DOLE Registration?
Cooperative Development Authority Where do Cooperative need to register their business?
Primary Cooperatives A kind of cooperative that has ap
200 How much is Registration fee of the business name and documentary stamp located in Barangay ?
Securities and Exchange Commission Where
do Partnership / Corporation need to register their business?
bnrs.dti.gov.ph What
is DTI’s Enhanced Business Name Registration System website?
1 How many years is the validity of Mayor’s Permit ?
5O How many years is the validity of SEC Registration?
Social Security Act of 1997 is the law that mandates
employers to register their business and their employees with the Social
Security System (SSS).
Philippine Cooperative Code of 2008 (R.A. 9520) the law
governing the registration, regulation and promotion of cooperatives in
Intellectual Property Code of the Philippines is the
law that governs the registration of patents, trademarks and copyright,
and the enforcement of intellectual property rights in the Philippines.
Labor Code of the Philippines This is
the law that governs employment practices and labor relations in the
The Anti-Red Tape Act of 2007 (RA 9485) an act enacted to
improve efficiency in the delivery of government services to the public
by reducing bureaucratic red tape, preventing graft and corruption in all
the offices of the government
Tax Reform Act of 1997 which amended
the National Internal Revenue Code (NIRC) is the law that governs the
national taxation in the Philippines and gives the Bureau of Internal
Revenue (BIR) the power and duty to assess and collect national internal
revenue taxes in the country.
National Health Insurance Act of 1995 is the act that
mandates employers to register their business and their employees with
the Philippine Health Insurance Corporation or PhilHealth.
The Local Government Code of the Philippines This is the law governing local taxation in the Philippines, including
the taxation on real properties.
Home Development Mutual Fund Law of 2009 is the
act that mandates employers to register their business and their
employees with the Pag-Ibig Fund (HDMF).
Labels: Business Plan Implementation 1