Business Plan Implementation 1 (Product Planning and Market Analysis)

Business Plan Implementation 1 (Product Planning and Market Analysis)

Implementation is the process that turns strategies and plans into actions in order to accomplish strategic objectives and goals. Implementing your strategic plan is as important, or even more important, than your strategy. The video The Secret to Strategic Implementation is a great way to learn how to take your implementation to the next level.

TRUEAs a
communication tool, it is used to attract investment capital, secure loans,
convince workers to hire on, and assist in attracting strategic business
partners.
TRUEA 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.
FALSEA
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
operation.
FALSEBUSINESS PLAN
OBJECTIVES Identify weaknesses, threats, strengths and opportunities of the
business
FALSEMarket 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.
TRUEA
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.
TRUEet 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.
FALSEEnvirontmental analysis will
identify what are the strengths and weakness of your competitors? How will you
beat them?
TRUEWhen 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.
TRUEThe 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.
TRUEMarket 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
policies are.
TRUEWhen the plan is clearly spelled
out in writing, it helps business see the big picture and identify potential
problems before they make blunders.
TRUEThe
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
incorporated.
TRUEFinancial plan may include your balance sheet, your sales forecast,
business ratios, and a break-even analysis
TRUEIt 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).
TRUETo 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.
TRUENo matter how good your business idea, there is no guarantee it will succeed.
FALSEWhen you run your own company,
you cannot create a schedule and work environment that's right for you.
TRUEYour business
reflects who you are and what you care about.
TRUEWhen 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.
FALSEYou can  be laid off from your own company.
TRUEOwning 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.
TRUEAs your own boss, you
get to make your own decisions
FALSEWhen you work for
someone else, your potential for compensation is unlimited .
TRUEFew 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
do everything right.
TRUEThose
which are or whose nature of business is illegal, offensive, scandalous, or
contrary to propriety is unacceptable in choosing a business name.
TRUEThe only
requirement needed to register to DOLE is the Registry of establishments under
Occupational Health and Safety Standards No. 1020.
TRUEAs 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.
FALSELocation map
of project area is needed as a requirement in BIR registration.
TRUEIs Articles of Incorporation needed to be presented prior registration of Stock (S) and Non Stock (NS) Corporations?
TRUEYour
business name is the identity of your venture. It’s what your clients and
customers will know you as, so choose this carefully.
TRUEAny 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).
TRUEEvery
company wants a name that stands out from the crowd, a catchy handle that will
remain fresh and memorable over time.
TRUEPag 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.
TRUELetters,
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 EmployersWhat is the
number 1 requirement for registering a business with  THE
BUREAU OF INTERNAL REVENUE (BIR)?
5How many years is the validity
of DTI Registration?
lifetimeWhat
is the validity of DOLE Registration?
Cooperative Development AuthorityWhere do Cooperative need to register their business?
Primary CooperativesA kind of cooperative that has ap
200How much is Registration fee of the business name and documentary stamp located in Barangay ?
Securities and Exchange CommissionWhere
do Partnership / Corporation need to register their business?
bnrs.dti.gov.phWhat
is DTI’s Enhanced Business Name Registration System website?
1How many years is the validity of Mayor’s Permit ?
5OHow many years is the validity of SEC Registration?
Social Security Act of 1997is 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
the Philippines.
Intellectual Property Code of the Philippinesis 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 PhilippinesThis is
the law that governs employment practices and labor relations in the
Philippines.
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 1997which 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 1995is 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 PhilippinesThis is the law governing local taxation in the Philippines, including
the taxation on real properties.
Home Development Mutual Fund Law of 2009is the
act that mandates employers to register their business and their
employees with the Pag-Ibig Fund (HDMF).