Entrepreneur Articles
Content
Filipinos are one of the most optimistic consumers Jul 24, 2013
With the Philippines Philippines continuing to display economic resilience resilience and on-going growth, Filipino consumers remain as one of the world‘s most optimistic and show growing focus on saving for the future, according to the latest Consumer Confidence Index released by information and insights company, Nielsen. The Nielsen survey of consumer confidence and spending intentions reveals that the Philippines recorded a three point increase with an index of 121, making it home to the world‘s second most confident consumers. This is the highest consumer confidence index for the Philippines since the fourth quarter of 2010 when the index was reported at 120. For this quarter, the Philippines follows Indonesia which has an index of 124 in Q2 2013 (up two points on the previous quarter and a massive 30 points above the global average of 94). Thailand and Malaysia are also featured among the world‘s most optimistic op timistic nations despite recording slight declines. ―The high confidence levels continue to sweep across Southeast Asian consumers compared to the rest of the world,‖ said Stuart Jamieson, managing director, Nielsen Philippines. ―Similar to its neighbors in Southeast Asia, foreign investments are coming in and a growing number of consumers are entering the middle class in the Philippines, driving the positive outlook we are observing.‖ Filipino respondents also feel the most positive about local job prospects over the next 12 months with 77 percent saying saying that local job prospects prospects are good. This makes Filipino Filipino consumers the the most optimistic in the world on local job prospects followed by Indonesia (75 percent) and India (72 percent). Filipino consumer perception of personal finances for the year ahead has remained relatively stable over the past four quarters, reflecting the general perception across Southeast Asia. Filipinos at 79 percent follow Indonesians, who have the most optimistic view on their financial position with 84 percent saying their personal finances were good/excellent – the highest in the world for Q2 2013 and 30 points above the global benchmark of 54. More than half or 51 percent of Filipino respondents indicated that spending on items wanted or needed over the next 12 months would be good/excellent. While Filipino respondents show a great readiness to spend, still seven out of 10 are saving their spare cash, making them among the world‘s biggest savers. savers. Filipinos join join an all-Asian list of the top 10 savers in the world. world. Indonesians top the list with 71 percent of respondents who said that they save after covering essential items. Rounding up the list are respondents respondents from Hong Kong (70 percent), Vietnam (68 percent), Thailand (63 percent), China, Japan, Taiwan and Malaysia (61 percent) and Singapore (60 percent). Nineteen percent of Filipino respondents also said they utilize their spare cash to invest in shares and mutual funds, at par with the global average. average. Compared to their Southeast Southeast Asian peers, Filipinos are behind Indonesians who are well above the global average at 33 percent, Malaysia (30 percent), India (25 percent), Singapore and Thailand (24 percent). ―Despite the general optimism that Filipinos are feeling they are still protecting themselves against future fluctuations in the global economy and other external factors. The increase in disposal income gives them opportunities to consider augmenting their savings and investing in mutual funds,‖ commented Jamieson. Aside from saving, saving, new technology also holds holds strong appeal for Filipino consumers consumers around a third third of Filipino consumers (31 percent) are spending their spare cash on new technology products along with Thais (34 pecent), pecent), Vietnamese (32 (32 percent), Indonesians Indonesians (31 percent). percent). Filipinos at 83 percent are among three consumers (Vietnamese, (Vietnamese, 88 percent and Thai, 87 percent) in Southeast Asia who have changed their spending to save on household expenses over the past year. The three key areas where consumers have made a conscious effort to reduce spending include: new clothes, out-of-home entertainment, and their gas and electricity usage. Jamieson concluded: ―The decision on Filipino consumers on how they will spend their cash will remain to be strongly influenced by caution as financial security continues to be a high priority.‖ http://www.entrepreneur.com.ph/ideas-and-opportunities/article/filipinos-are-one-of-the-mostoptimistic-consumers
Greening’ and eco-labeling as competitive advantage By Johanna D. Poblete Jun 20, 2013
Local businesses must adopt sustainability as a business strategy —and perhaps aim for a ―green choice‖ seal of approval—if they hope to succeed, both in the domestic and export markets, noted industry pundits and green business proponents at the Eko Fest Entrepreneurship Conference held last Tuesday, at Radisson Blu Hotel in Cebu. The Eko fest, part of Cebu Business Month 2013, is a new platform for engaging the Cebu community, and all stakeholders involved in environmental advocacies, including so-called ―eco-entrepreneurs‖ and ―eco- warriors.‖ It is co-organized by the European Chamber of Commerce of the Philippines (ECCP) and the Cebu Chamber of Commerce and Industry (CCCP). Local companies are now shifting their business models to align with the global direction of monitoring the ―true cost‖ of a product, which takes into consideration not just operational or production cost, but also the environmental and societal impact of doing business. ―Business as usual is no longer an option. Sustainability performance is directly related to brand value. Consumers now ask: What is it made of? How is it made?‖ says Bonar A. Laureto, executive director for the Philippine Business for the Environment (PBE), a non-profit organization assisting the Philippine business community address its environmental issues and concerns via training, sustainability reporting, and other means. PBE is involved in the Green Purchasing Alliance Movement in partnering with the National Ecolabelling Programme-Green Choice Philippines, administered by the Philippine Center for Environmental Protection and Sustainable Development, Inc., which offers a Green Choice Seal of Approval to various products, from detergents to laptops, thus catering to the emergent conscientious consumer. ―There is a process of assessment, if you get the green choice seal, it gives you a marketing edge,‖ says Laureto. Eco-labeling has been practiced in the European Union since 1992, with voluntary participation from personal products to service brands. To date there are 1,500 European companies benefiting from the color-coded sticker,
says Dr. Julian Vassallo, political counselor of the Delegation of the European Union to the Philippines. ―Amongst consumers, there is a high sensitivity in Europe, a high preference to products that are respectful of the environment, that come from sustainable sources,‖ notes Vassallo. He added that Filipino export companies, which already have good designers, could tweak traditional products to increase their appeal. "It‘s about getting the style right. It‘s a thin line sometimes between a kitsch souvenir and something that somebody would like to have in his living room. It‘s about doing a bit of research and what you think consumers are after." The same can be said of the services industry. ―You now hopefully have a new influx of European tourists; they definitely prefer a resort that is managed in a sustainable way... It comes down to two resorts otherwise being equal—a European would choose the one which has an eco-friendly attitude to its business,‖ says Vassallo.
http://www.entrepreneur.com.ph/ideas-and-opportunities/article/-greening-and-eco-labeling-ascompetitive-advantage
How to create a business plan By Jon Ng Jul 25, 2013
The business plan is a written description of your future— what you plan to do and how you plan to do it. It con tains your business goals, the strategies you will use to meet them, potential problems and how you propose to solve them, your organizational structure and capital required. It is a document that will benefit your potential investors or partners, your creditors, affiliates or dealers, your employees and suppliers. Tristan Macapanpan, a professor at the De La Salle University‘s Graduate School of Business, says you must draft your business plan right from the moment you recognize an opportunity to make money. Ask yourself: Is there a market demand for the product or service you‘ll be offering? If so, can you produce the product or service? Will you make money out of it?‖ Ernesto Perlas, a marketing professor at the same school, compares a business plan to an airplane flight. ―Like an airplane, a business venture can‘t take off without knowing its destination,‖ he says. THE EXECUTIVE SUMMARY One of the most critical components of your business plan is the executive summary. This tells the investor what you want to do, and should be no longer than two or three pages. Ideally, it should be written last to summarize all that you have included in your business plan. The summary must contain your mission statement and describe what your business will do, for whom and why, and where you want it to be in the future. It must have some detailed financial or strategic objectives of your start-up enterprise including, for instance, when you expect payback time. You should include pertinent details such as your enterprise‘s legal form (sole proprietorship, partnership or corporation), your business activity and its benefits to users, your competitors, your financial prospects, and the investment you need and how you intend to use it. If your business is a start-up, you should decide whether you can compete successfully in the market. You should also study government regulations, capital requirements, and the factors that will affect your profitability and growth.
THE SALES AND MARKETING STRATEGY At the outset, decide how you will compete in the market and nail down your competitive advantage. Spend time pricing your product or service, because how you do it will decide whether you win or lose in the market. Map out your distribution strategy —the business of moving your product from the factory to the end user. The best way to do it is knowing how your competitors distribute their products—and then deciding whether you can come up with something better. See if you can open a shop, use direct mail and intermediaries, direct selling including networking, or go directly to retailers. Ask yourself how you‘re going to promote your product or service in the market. Know how to approach the customer and intermediaries about your product or service, your means and medium of advertising, sales activity and approach to selling, packaging, and public relations strategy. OPERATIONS PLAN Your operations plan describes how you will run your business. It should explain how your product will be made, the equipment and facilities you will use to make it, and the subcontractors you will need. If you are a start-up, investors will prefer that you buy or subcontract much of your manufacturing needs initially. You must decide where to locate: Do you need an office, a factory or a shop? Must you invest in parking? In dealing with suppliers, ask yourself if they give value for money and are consistent and reliable. Finally, always develop contingency plans— particularly for manufacturing and production—in case plan A doesn‘t work. HUMAN RESOURCES You must determine the number of people to hire to keep your prospective business running smoothly. Know whether you will hire them directly or get them from a manpower agency. Once you have got your workers, think about motivating them t o work towards your goals. FINANCIAL FORECASTS You need realistic financial projections covering at least five years and including the following: bal ance sheet, income statement (to determine your profitability), cash flow (to determine your ability to finance operations), and a break-even analysis (to determine whether to continue the business or quit to cut further losses). Your income statement should reflect net profit over sales, gross margin, net profit over investments, current ratio,
average age of receivables, payables and inventories, and debt to equity ratio. This section of the business plan is so important that some start-ups hire an accountant to prepare it. MILESTONES ―A lot of businesses fail because they‘ve grown so big, they don‘t know what to do anymore,‖ Macapanpan says. To avoid failure, he suggests your business plan contain ―milestones,‖ a set of objectives you should aim at and things you must do once you have reached them. Your business may be profitable, but it will fail if you lose control or interest. You must be able to answer the following questions at the outset: ―When should I expand?‖ ―At what point should I hire professionals to run the business?‖ ―When is it time to quit?‖ ―When do I sell the business?‖ WRITE IT CAREFULLY A business plan does not guarantee financial success, but the number and quality of investors you get will depend on how well or badly you write it. Says Winston Chan, head of restaurant operations at the Texas- based Chilis and Superbowl of China: ―It makes a big difference when there‘s careful business planning. And part of planning is being humble enough to seek advice from those who have experience. Planning will let you determine whether ther is light at the end of the tunnel.‖ RECIPE FOR SUCCESS A book, The Guru Guide to Entrepreneurship, distills the wisdom of 70 of the world‘s greatest businessmen and lists the values you need for success. Among those: • Don’t be afraid of failure. Ask people who have made it big, and many will admit they started out by risking their life savings. Successful entrepreneurs have the uncanny ability to remove the risk out of the risks, persevere, and learn from t heir mistakes. • Sacrifice your personal life. Work and play don‘t go together: You must learn to postpone pleasure until you can afford it. • Take risks. Those who are afraid of losing money are not likely to make it. Successful entrepreneurs take risks, but then work hard to ensure their chances of making it are more than even. • Never surrender. All failures are quitters. • Have passion in your vision. Believe in your goals and stick to them. Successful entrepreneurs are eternal optimists who find opportunity in every failure. http://www.entrepreneur.com.ph/get-started/article/how-to-create-a-business-plan
http://www.imadigitalmarketer.com/
Take control of your inventory By Henry Ong Jul 30, 2013
Many entrepreneurs tend to overbuy inventory to take advantage of quantity discounts especially if the merchandise is imported abroad, or when they project their sales targets too high for a forthcoming holiday season. While this could be financially beneficial, the risk of loss could be greater than the potential rewards. Losses from overstocking happen when inventory is purchased from the supplier on credit and you are unable to pay on time, forcing you to borrow cash from your relatives and friends often at high interest rates. When payment of the loan becomes due, you are pressured to raise cash by cutting your selling price to get rid of your inventories. This cycle could go on without you noticing that you are incurring real losses from interest costs and lower gross profits. It could then lead to a serious cash flow problem. Every entrepreneur, regardless of size of business, needs to understand the importance of efficient inventory management. When we say efficient management, it doesn‘t mean that inventory must be kept low at all times; doing that could actually result in losses to your company in terms of lost sales and missed opportunities. Instead, what it means is that there should be a system that could enable your company to balance its inventory requirements. Here are some tips on how to manage your inventory better: 1. Always consider the average turnover period of your products . Some items move quickly, others move only after some time. Because different items are bought by different buyers, not all of your merchandise would have the same inventory turnover. You can compute your inventory turnover by dividing your cost of sales by the average inventory. The cost of sales is the cost of the products you sold during the period; the average inventory is the average of the beginning inventory and ending inventory. For example, assume that your sales for the month was P500,000 and that your cost was about 40 percent of it, or P200,000. If the balance of your
inventory at the start of the month was P100,000 and your inventory at the end of the month was P75,000, your average inventory would be P87,500. To compute for the inventory turnover, you simply divide P200,000 by P87,500, which gives you 2.29 times. This figure means that you sold more than twice your average inventory during the month. 2. Manage the lead-time of merchandise delivery. You can determine your ordering day by deducting the lead-time from your turnover period. If it takes five days for your supplier to deliver after you place your order, you can compute the ordering day by deducting 5 days from the turnover period of 13 days to give you 8 days. In this example, you can order your merchandise every 8th day of the average turnover period. This way, you can receive the new purchases at a time when you expect your old inventory to be sold out. 3. Use the turnover period as a basis for 'terms'. Ideally, the payment terms should be at least equal to or greater than your turnover period. Under this example, you can negotiate with your supplier that you will settle your account after 15 days. In this scenario, you need not shell out cash to purchase the inventory. Instead, after you dispose all of your inventories in 13 days, you can use the proceeds from your sales for some other purpose. Different industries have different turnover periods. There are situations when the payment term is less than the average turnover period. When you know your inventory turnaround time, you can have a rough idea of how to negotiate your terms so you can properly control and manage your inventory level. If you are just starting in the business and you still don‘t have any idea of your turnover period, it may be good to establish benchmarks by spending some time researching and determining the industry average turnover period. You can then use this as basis for your negotiations with your supplier. 4. Benchmark your actual ratio with the industry . The industry average turnover period is also a good performance measure. If you are underperforming against the industry standard, you may need to consider reducing your inventory level. You can do this by eliminating slow-moving products and obsolete items or by simply increasing your sales. When you are familiar with the behavior of your inventory levels, you have the advantage of managing your inventory level more efficiently. You can
anticipate changes in product demand ahead of time and at the same time control your costs and manage your cash flows better. Indeed, creating an efficient inventory system is the ultimate key to business success. http://www.entrepreneur.com.ph/get-started/article/take-control-of-your-inventory
How to set up a payroll system By Henry Ong Jul 24, 2013
Payroll is the system where employers work out their employees‘ salaries to make correct deductions from their pay. But it‘s not as simple as writing a check every two weeks. Employers must be up to date and comply with the laws and rulings regarding employee compensation to avoid disputes and penalties. HOW TO SET IT UP • Get an employer identification or registration number. You have to register with the Bureau of Internal Revenue (BIR), the Social Security System (SSS), the Philippine Health Insurance Corp. (PHIC), and the Housing Development and Mutual Fund (HDMF) to get your number. These numbers will serve as reference and identification in the remittance and filing of all information pertaining to the company and the employees. For SSS, PHIC and HDMF, both employee and employer give contributions. • Adopt payroll policies. Establish payroll policies on work hours, overtime, sick and vacation leaves, and other benefits. All these must be in keeping with Labor provisions. • Build and maintain an employee database. The law requires that you keep certain employee records, which can also be used for payroll calculation. Employees are asked to fill out a record sheet containing their name, address, gender, SSS, PHIC, and HDMF numbers, and TIN, birth date, tax status (single, head of the family, or married), and qualified dependents, if any. Records must also be updated when an employee gets married, changes his or her address, or has additional dependents. Employers must report new employees to the SSS, PHIC and BIR, and help
first time employees obtain their personal registration numbers from the BIR, PHIC, HDMF, and SSS. As the payroll is being processed, employers should organize all records of net salaries, deductions, and other items. File these reports at the end of each month, and update payroll data yearly as required by law. • Decide on the payment method. Employees may be paid in cash, check, or via electronic transfer made directly to their bank account. Few employers choose cash because of the security risks it involves. Checks are preferable, but employees would find it burdensome to line up at the bank every payday to cash it or wait for several days for the check to clear. The quickest and most secure payment method is by electronic transfer. Nevertheless, employers who choose this method need to maintain a certain amount in deposit depending on the number of employees in their payroll. • Figure out what payroll processing involves. An efficient payroll system is essential to ensure that employees are paid on time and correctly. Paying on time means establishing payroll pay periods or payroll cut-offs, which can be weekly, semi-monthly, or monthly. The most common payroll cut-off is the semi-monthly payroll. Because they are on top of the company payroll, employers must be well informed of the various tax laws, Labor and Employment rulings, and other statutory requirements; must know how to compute withholding taxes on compensation; and how to use the contribution tables for SSS, PHIC, and HDMF. The payroll master, for his part, must keep abreast of tax rates, contribution schedules, overtime and holiday premiums, and the rules governing the computations of these items. Employers are likewise required to issue pay slips to employees with a detailed list of the payroll items and the net pay. The employees‘ withheld contributions must be remitted monthly to the agencies concerned, while care must be taken that, in applicable cases, both employee and employer portions are included in the remittance. Payment is normally made with the banks. For the BIR, reporting is done annually using BIR Form 1604-CF. For SSS,
reporting is usually done monthly. For companies with few employees to report, quarterly submission of the Contribution Collection List (SSS Form No R3) is required. Quarterly reporting is also required for PHIC using the Employer Quarterly Remittance Report (PHIC Form No. RF1). For HDMF, reporting is no longer required because the payment form already lists the name of each employee. The following are the various methods of calculating the employee payroll: Manual Payroll Using Microsoft Excel, an employer can prepare a payroll worksheet and input the necessary formulae for calculation. Pay slips can also be generated using formats and links. The manual payroll, however, may be tedious and would require more work when the time comes for the year-end annual reporting and issuance of creditable tax certificates to employees. Payroll Software Payroll software programs can make the task easier and faster because they can generate pay slips and calculate taxes and other deductions in no time. Payroll software, however, require upgrades and getting a licensed program can be expensive. Outsourcing Payroll Generally, the cost of outsourcing payroll is half of what it would if done inhouse. Payroll firms keep a stable of highly qualified payroll masters who can do the job efficiently for their clients. They usually have all the automatic links with the bank, the BIR and all statutory agencies. They also take care of any new statutory obligations without having to process manual system updates, and generate pay slips and other comprehensive reports. Bear in mind, however, that even if somebody else is running the payroll function for you, it‘s still your legal responsibility as employer to apply the company‘s payroll policy and maintain employee records.
Henry Ong, CMA, RFP, is president and COO of Business Sense Inc., a financial advisory and consulting firm that helps small and medium businesses. Business Sense is affiliated with INPACT International Network of Certified Public Accountants. You may reach him at [email protected].
http://www.entrepreneur.com.ph/get-started/article/how-to-set-up-a-payroll-system
http://www.entrepreneur.com.ph/get-started/article/10-things-to-consider-when-putting-up-a-coffeeshop
How to make siomai By Mishell M. Malabaguio Photos by Tuna Lecaro-Felipe Jul 31, 2013
Siomai is a very versatile dish. It can be eaten solo as a snack, or served with rice to make a full meal, so you can sell it anytime of the day. Ingredients for making siomai are readily available in supermarkets and public markets; some you‘ll even find in your own kitchen right now.
To make 150 pieces of 10-gram siomai, you need the following ingredients: Main ingredients: 1 kg of ground lean pork 100 pieces small-sized molo or siomai wrapper
For the curing mix: 1 tsp or 3 g. phosphate 1 tbsp or 12 g. iodized salt 1/2 tsp or 2 g curing salt 1/4 cup chilled water
For the extender: 1/4 cup or 18 g TVP (textured vegetable protein) granules 1/2 tsp or 1.25 g carrageenan,
1/2 cup of water 1/2 tbsp or 2.5 g ground black pepper 2 tbsp or 4 cloves minced garlic 3/4 cup or 96 g of shredded carrots 1/4 cup finely chopped spring onions 2 pcs medium-size eggs 1/2 cup or 1/2 bar grated cheese 2 tsp or 10 ml sesame oil 2 tsp or 6 g shrimp powder
For seasonings: 5 g. of BF (binder filler) blend
Materials needed: Bowls Ladle Measuring spoons and cups A kitchen weighing scale Serving tray Steamer Knives Gas stove
Procedure: Step 1. Once you have all the ingredients, prepare the curing mix by combining the phosphate, iodized salt, and curing salt. Blend. Before adding the chilled water, make sure the phosphate is blended well with the other two powders. Stir well until everything is dissolved, then set the mix aside. Thoroughly mix the phosphate with other ingredients to avoid lumps from forming and to prevent bacteria from proliferating.
Step 2. Prepare the extender by mixing the TVP and carrageenan. Make sure they are blended well before adding to the water; this is to ensure that the TVP would not separate from the meat once the siomai is
cooked. Mix the extender for three minutes until it is hydrated.
Step 3. To make the seasoning, mix all the dry ingredients in a bowl. Then pour the liquid ingredients except the egg and BF blend. When the dry and liquid ingredients have been mixed, add the eggs and then the BF blend, which together will serve as binders. Set the mix aside. Step 4. Prepare the meat by adding the curing mix, kneading it by repeated inward folding with your palm. Make sure the curing mix is evenly distributed. Knead the meat until it becomes tacky and can be held together—that is, there should be no loose bits of meat. Then add the extender, also making sure it is evenly distributed while you knead the meat. Step 5. Transfer the meat to a bowl containing the seasoning. Mix until the meat absorbs the seasonings in the bowl. Then knead the meat. Get the molo or siomai wrapper and the weighing scale.
Step 6. Arrange 10 wrappers in a tray, and weigh 100 g of siomai mixture. Place 2 tsp of meat in each wrapper until nothing is left unfilled. Each wrapper will have 10 grams of siomai.
Step 7. To enclose, gather up the edges of the wrapper and gently pleat it so that it forms a basket shape, with the top of the filling exposed. Press lightly as you pleat each side. Or, if you don‘t want to expose the filling, use a bigger wrapper. Do the same to the remaining meat mixture.
Step 8. After wrapping the siomai, get the steamer and pour water until it is one-fourth full. Arrange the siomai uprightly in the steamer and steam for 25 minutes over simmering temperature. While waiting for the siomai, prepare the sauce. Notice that although your meat is just a kilogram, your yield is 150 pieces, which has a total weight of 1.5 kg. This is because of the extenders you added and the weights of the other ingredients. Step 9. Mix the following: 1 cup or 224ml soy sauce, 12 pcs or 60 g calamansi or Philippine lemon, 1 tbsp or 3.30 g white sugar, 1 tsp or 1.70 g ground black pepper, and 3 tbsp or 6 cloves of fried chopped garlic. Set aside. Step 10. After 25 minutes, take off the siomai from the steamer and arrange it in a tray or plate with the sauce. http://www.entrepreneur.com.ph/get-started/article/how-to-make-siomai
Father and Son Businesses: A legacy of love, loyalty and pride By Stephanie F. Esguerra Jun 14, 2013
While the rest of us during adolescence were captivated by popular music or the existential confusion that comes with puberty, some kids were then playing a totally different ball game. And not met with much enthusiasm, at that. ―I was puzzled and sort of confused because while growing up, [I wanted] to spend time with [other people],‖ says Albert Tyrone Ty, who was merely 14 when his father decided to bring him along to work. His father had been running a company that distributes tires since 1984. ―During summer, when everyone was on vacation, my father would ask him to accompany him to do inventory for tires at the warehouse,‖ Albert explains . ―The training days were like scenes in the movie Karate Kid .‖ The legacy of businesses from father to son is not a foreign concept to us Filipinos. In fact, there are hundreds of other children just like Albert who had to live a different childhood to ingrain an entrepreneurial ethic early on. Just as the business was handed down to Albert, so was it passed on to his father, Alexander Ancheta Ty. ―My father-in-law introduced me to his business partner when I got married,‖ he recalls. Growing up, Alexander helped his parents and siblings to earn a living through food services. ―We would sell fresh lumpia and meatballs at the old Makati Supermarket in 1972. All family members shared the work." And having been exposed to such a setup, he found it was only natural to raise Albert in the same manner. ―At first, it was a very difficult adjustment, especially getting used to dealing with family 24/7,‖ Albert remembers. ―I would be distinguishing family time from work [because] you see each other every day.‖
More than honing the businessman in Albert, it was also Alexander‘s way of leading his son to establish a life of fulfillment. ―I told my son, ‗For someone to succeed in life, one should work as early as he could. Be alert and be ahead of the rest, because we in the family all started [learning the ropes of business] during our elementary years, and we do not regret [how] our own experiences taught us to be independent‘. I told him to be street smart and to not be ashamed to be called an ahente and to work low-end jobs because these are all decent jobs.‖ Albert has developed a profound appreciation for his father‘s deep understanding of how a business works. ―Guidance from the past opens a proper guideline on how to execute.‖ Though these nuggets can stand the test of time, having a younger generation to usher in a fresh perspective proved to be beneficial for the father-and-son tandem. ―It‘s a compromise,‖ says Albert. ―What worked for them during his time in the past (strategies and executional plans in dealing with operations) might not work with today‘s case, and vice- versa. It‘s up to you to tailor-fit it to make it work for the present. Time and change is uncontrollable. We made it a point to find our sweet spot and to make things work. Communication is always the key. Old school with new school is never a liability, but rather, a gem.‖ ―[When it comes to] time management, business style and when we have meetings with young executives, I let my son do the negotiations,‖ shares Alexander. ―I just listen to their ideas that will be acceptable. [I also trust my son‘s know -how and expertise when it comes to] the high-tech software that people now use doing business.‖ Though running a family business has its drawbacks, Albert and Alexander have learned to trust in one another to let their entrepreneurial ventures flourish. ―You should know your limits, work -wise and ethics- wise,‖ Albert advises. ―No matter what happens, always respect your boss.‖ The best thing about managing a business together? A deep sense of respect, loyalty and love that complements an efficient division of responsibilities. ―The comfort level and the diversification,‖ says Albert. ―One would never mean the other harm, plus, you know you have a partner or teammate watching your back and having the same goal at the end of the day. Two heads are better than one.‖
―I am very proud and happy to be working with my son,‖ says Alexander. ―My son can stand alone to deal with corporate clients or institutional accounts, as well as new dealers nationwide.‖ With experience and wisdom comes openness and understanding, as fathers like Alexander will attest to. ―Be patient with your son,‖ he emphasizes. ―Listen to them, with what they want to be after college. Don‘t force them to work with you if it will just be a boring job to them. As early as possible, if and ever you want your sons to follow in your footsteps, make plans for the both of you. Have time to accommodate, listen and share new ideas if he wants to continue the business.‖ And as with joint undertakings between fathers and sons such as Albert‘s and Alexander‘s, at the end of the day, there is a profession of deep humility and family pride. ―What better way is there to be a man than facing your own family (father), against all odds, defending your stand and making sure everything goes well, for you, for him, for family?‖ Albert posits. ―Always remember that your father will always guide you towards a bright path, no matter how gloomy it seems to you at first. And at the end of the day, especially if you think that you have learned enough, there is always room for more experience and knowledge that only your family (father) can teach.‖ http://www.entrepreneur.com.ph/ideas-and-opportunities/article/father-and-son-businesses-a-legacyof-love-loyalty-and-pride
With the Philippines Philippines continuing to display economic resilience resilience and on-going growth, Filipino consumers remain as one of the world‘s most optimistic and show growing focus on saving for the future, according to the latest Consumer Confidence Index released by information and insights company, Nielsen. The Nielsen survey of consumer confidence and spending intentions reveals that the Philippines recorded a three point increase with an index of 121, making it home to the world‘s second most confident consumers. This is the highest consumer confidence index for the Philippines since the fourth quarter of 2010 when the index was reported at 120. For this quarter, the Philippines follows Indonesia which has an index of 124 in Q2 2013 (up two points on the previous quarter and a massive 30 points above the global average of 94). Thailand and Malaysia are also featured among the world‘s most optimistic op timistic nations despite recording slight declines. ―The high confidence levels continue to sweep across Southeast Asian consumers compared to the rest of the world,‖ said Stuart Jamieson, managing director, Nielsen Philippines. ―Similar to its neighbors in Southeast Asia, foreign investments are coming in and a growing number of consumers are entering the middle class in the Philippines, driving the positive outlook we are observing.‖ Filipino respondents also feel the most positive about local job prospects over the next 12 months with 77 percent saying saying that local job prospects prospects are good. This makes Filipino Filipino consumers the the most optimistic in the world on local job prospects followed by Indonesia (75 percent) and India (72 percent). Filipino consumer perception of personal finances for the year ahead has remained relatively stable over the past four quarters, reflecting the general perception across Southeast Asia. Filipinos at 79 percent follow Indonesians, who have the most optimistic view on their financial position with 84 percent saying their personal finances were good/excellent – the highest in the world for Q2 2013 and 30 points above the global benchmark of 54. More than half or 51 percent of Filipino respondents indicated that spending on items wanted or needed over the next 12 months would be good/excellent. While Filipino respondents show a great readiness to spend, still seven out of 10 are saving their spare cash, making them among the world‘s biggest savers. savers. Filipinos join join an all-Asian list of the top 10 savers in the world. world. Indonesians top the list with 71 percent of respondents who said that they save after covering essential items. Rounding up the list are respondents respondents from Hong Kong (70 percent), Vietnam (68 percent), Thailand (63 percent), China, Japan, Taiwan and Malaysia (61 percent) and Singapore (60 percent). Nineteen percent of Filipino respondents also said they utilize their spare cash to invest in shares and mutual funds, at par with the global average. average. Compared to their Southeast Southeast Asian peers, Filipinos are behind Indonesians who are well above the global average at 33 percent, Malaysia (30 percent), India (25 percent), Singapore and Thailand (24 percent). ―Despite the general optimism that Filipinos are feeling they are still protecting themselves against future fluctuations in the global economy and other external factors. The increase in disposal income gives them opportunities to consider augmenting their savings and investing in mutual funds,‖ commented Jamieson. Aside from saving, saving, new technology also holds holds strong appeal for Filipino consumers consumers around a third third of Filipino consumers (31 percent) are spending their spare cash on new technology products along with Thais (34 pecent), pecent), Vietnamese (32 (32 percent), Indonesians Indonesians (31 percent). percent). Filipinos at 83 percent are among three consumers (Vietnamese, (Vietnamese, 88 percent and Thai, 87 percent) in Southeast Asia who have changed their spending to save on household expenses over the past year. The three key areas where consumers have made a conscious effort to reduce spending include: new clothes, out-of-home entertainment, and their gas and electricity usage. Jamieson concluded: ―The decision on Filipino consumers on how they will spend their cash will remain to be strongly influenced by caution as financial security continues to be a high priority.‖ http://www.entrepreneur.com.ph/ideas-and-opportunities/article/filipinos-are-one-of-the-mostoptimistic-consumers
Greening’ and eco-labeling as competitive advantage By Johanna D. Poblete Jun 20, 2013
Local businesses must adopt sustainability as a business strategy —and perhaps aim for a ―green choice‖ seal of approval—if they hope to succeed, both in the domestic and export markets, noted industry pundits and green business proponents at the Eko Fest Entrepreneurship Conference held last Tuesday, at Radisson Blu Hotel in Cebu. The Eko fest, part of Cebu Business Month 2013, is a new platform for engaging the Cebu community, and all stakeholders involved in environmental advocacies, including so-called ―eco-entrepreneurs‖ and ―eco- warriors.‖ It is co-organized by the European Chamber of Commerce of the Philippines (ECCP) and the Cebu Chamber of Commerce and Industry (CCCP). Local companies are now shifting their business models to align with the global direction of monitoring the ―true cost‖ of a product, which takes into consideration not just operational or production cost, but also the environmental and societal impact of doing business. ―Business as usual is no longer an option. Sustainability performance is directly related to brand value. Consumers now ask: What is it made of? How is it made?‖ says Bonar A. Laureto, executive director for the Philippine Business for the Environment (PBE), a non-profit organization assisting the Philippine business community address its environmental issues and concerns via training, sustainability reporting, and other means. PBE is involved in the Green Purchasing Alliance Movement in partnering with the National Ecolabelling Programme-Green Choice Philippines, administered by the Philippine Center for Environmental Protection and Sustainable Development, Inc., which offers a Green Choice Seal of Approval to various products, from detergents to laptops, thus catering to the emergent conscientious consumer. ―There is a process of assessment, if you get the green choice seal, it gives you a marketing edge,‖ says Laureto. Eco-labeling has been practiced in the European Union since 1992, with voluntary participation from personal products to service brands. To date there are 1,500 European companies benefiting from the color-coded sticker,
says Dr. Julian Vassallo, political counselor of the Delegation of the European Union to the Philippines. ―Amongst consumers, there is a high sensitivity in Europe, a high preference to products that are respectful of the environment, that come from sustainable sources,‖ notes Vassallo. He added that Filipino export companies, which already have good designers, could tweak traditional products to increase their appeal. "It‘s about getting the style right. It‘s a thin line sometimes between a kitsch souvenir and something that somebody would like to have in his living room. It‘s about doing a bit of research and what you think consumers are after." The same can be said of the services industry. ―You now hopefully have a new influx of European tourists; they definitely prefer a resort that is managed in a sustainable way... It comes down to two resorts otherwise being equal—a European would choose the one which has an eco-friendly attitude to its business,‖ says Vassallo.
http://www.entrepreneur.com.ph/ideas-and-opportunities/article/-greening-and-eco-labeling-ascompetitive-advantage
How to create a business plan By Jon Ng Jul 25, 2013
The business plan is a written description of your future— what you plan to do and how you plan to do it. It con tains your business goals, the strategies you will use to meet them, potential problems and how you propose to solve them, your organizational structure and capital required. It is a document that will benefit your potential investors or partners, your creditors, affiliates or dealers, your employees and suppliers. Tristan Macapanpan, a professor at the De La Salle University‘s Graduate School of Business, says you must draft your business plan right from the moment you recognize an opportunity to make money. Ask yourself: Is there a market demand for the product or service you‘ll be offering? If so, can you produce the product or service? Will you make money out of it?‖ Ernesto Perlas, a marketing professor at the same school, compares a business plan to an airplane flight. ―Like an airplane, a business venture can‘t take off without knowing its destination,‖ he says. THE EXECUTIVE SUMMARY One of the most critical components of your business plan is the executive summary. This tells the investor what you want to do, and should be no longer than two or three pages. Ideally, it should be written last to summarize all that you have included in your business plan. The summary must contain your mission statement and describe what your business will do, for whom and why, and where you want it to be in the future. It must have some detailed financial or strategic objectives of your start-up enterprise including, for instance, when you expect payback time. You should include pertinent details such as your enterprise‘s legal form (sole proprietorship, partnership or corporation), your business activity and its benefits to users, your competitors, your financial prospects, and the investment you need and how you intend to use it. If your business is a start-up, you should decide whether you can compete successfully in the market. You should also study government regulations, capital requirements, and the factors that will affect your profitability and growth.
THE SALES AND MARKETING STRATEGY At the outset, decide how you will compete in the market and nail down your competitive advantage. Spend time pricing your product or service, because how you do it will decide whether you win or lose in the market. Map out your distribution strategy —the business of moving your product from the factory to the end user. The best way to do it is knowing how your competitors distribute their products—and then deciding whether you can come up with something better. See if you can open a shop, use direct mail and intermediaries, direct selling including networking, or go directly to retailers. Ask yourself how you‘re going to promote your product or service in the market. Know how to approach the customer and intermediaries about your product or service, your means and medium of advertising, sales activity and approach to selling, packaging, and public relations strategy. OPERATIONS PLAN Your operations plan describes how you will run your business. It should explain how your product will be made, the equipment and facilities you will use to make it, and the subcontractors you will need. If you are a start-up, investors will prefer that you buy or subcontract much of your manufacturing needs initially. You must decide where to locate: Do you need an office, a factory or a shop? Must you invest in parking? In dealing with suppliers, ask yourself if they give value for money and are consistent and reliable. Finally, always develop contingency plans— particularly for manufacturing and production—in case plan A doesn‘t work. HUMAN RESOURCES You must determine the number of people to hire to keep your prospective business running smoothly. Know whether you will hire them directly or get them from a manpower agency. Once you have got your workers, think about motivating them t o work towards your goals. FINANCIAL FORECASTS You need realistic financial projections covering at least five years and including the following: bal ance sheet, income statement (to determine your profitability), cash flow (to determine your ability to finance operations), and a break-even analysis (to determine whether to continue the business or quit to cut further losses). Your income statement should reflect net profit over sales, gross margin, net profit over investments, current ratio,
average age of receivables, payables and inventories, and debt to equity ratio. This section of the business plan is so important that some start-ups hire an accountant to prepare it. MILESTONES ―A lot of businesses fail because they‘ve grown so big, they don‘t know what to do anymore,‖ Macapanpan says. To avoid failure, he suggests your business plan contain ―milestones,‖ a set of objectives you should aim at and things you must do once you have reached them. Your business may be profitable, but it will fail if you lose control or interest. You must be able to answer the following questions at the outset: ―When should I expand?‖ ―At what point should I hire professionals to run the business?‖ ―When is it time to quit?‖ ―When do I sell the business?‖ WRITE IT CAREFULLY A business plan does not guarantee financial success, but the number and quality of investors you get will depend on how well or badly you write it. Says Winston Chan, head of restaurant operations at the Texas- based Chilis and Superbowl of China: ―It makes a big difference when there‘s careful business planning. And part of planning is being humble enough to seek advice from those who have experience. Planning will let you determine whether ther is light at the end of the tunnel.‖ RECIPE FOR SUCCESS A book, The Guru Guide to Entrepreneurship, distills the wisdom of 70 of the world‘s greatest businessmen and lists the values you need for success. Among those: • Don’t be afraid of failure. Ask people who have made it big, and many will admit they started out by risking their life savings. Successful entrepreneurs have the uncanny ability to remove the risk out of the risks, persevere, and learn from t heir mistakes. • Sacrifice your personal life. Work and play don‘t go together: You must learn to postpone pleasure until you can afford it. • Take risks. Those who are afraid of losing money are not likely to make it. Successful entrepreneurs take risks, but then work hard to ensure their chances of making it are more than even. • Never surrender. All failures are quitters. • Have passion in your vision. Believe in your goals and stick to them. Successful entrepreneurs are eternal optimists who find opportunity in every failure. http://www.entrepreneur.com.ph/get-started/article/how-to-create-a-business-plan
http://www.imadigitalmarketer.com/
Take control of your inventory By Henry Ong Jul 30, 2013
Many entrepreneurs tend to overbuy inventory to take advantage of quantity discounts especially if the merchandise is imported abroad, or when they project their sales targets too high for a forthcoming holiday season. While this could be financially beneficial, the risk of loss could be greater than the potential rewards. Losses from overstocking happen when inventory is purchased from the supplier on credit and you are unable to pay on time, forcing you to borrow cash from your relatives and friends often at high interest rates. When payment of the loan becomes due, you are pressured to raise cash by cutting your selling price to get rid of your inventories. This cycle could go on without you noticing that you are incurring real losses from interest costs and lower gross profits. It could then lead to a serious cash flow problem. Every entrepreneur, regardless of size of business, needs to understand the importance of efficient inventory management. When we say efficient management, it doesn‘t mean that inventory must be kept low at all times; doing that could actually result in losses to your company in terms of lost sales and missed opportunities. Instead, what it means is that there should be a system that could enable your company to balance its inventory requirements. Here are some tips on how to manage your inventory better: 1. Always consider the average turnover period of your products . Some items move quickly, others move only after some time. Because different items are bought by different buyers, not all of your merchandise would have the same inventory turnover. You can compute your inventory turnover by dividing your cost of sales by the average inventory. The cost of sales is the cost of the products you sold during the period; the average inventory is the average of the beginning inventory and ending inventory. For example, assume that your sales for the month was P500,000 and that your cost was about 40 percent of it, or P200,000. If the balance of your
inventory at the start of the month was P100,000 and your inventory at the end of the month was P75,000, your average inventory would be P87,500. To compute for the inventory turnover, you simply divide P200,000 by P87,500, which gives you 2.29 times. This figure means that you sold more than twice your average inventory during the month. 2. Manage the lead-time of merchandise delivery. You can determine your ordering day by deducting the lead-time from your turnover period. If it takes five days for your supplier to deliver after you place your order, you can compute the ordering day by deducting 5 days from the turnover period of 13 days to give you 8 days. In this example, you can order your merchandise every 8th day of the average turnover period. This way, you can receive the new purchases at a time when you expect your old inventory to be sold out. 3. Use the turnover period as a basis for 'terms'. Ideally, the payment terms should be at least equal to or greater than your turnover period. Under this example, you can negotiate with your supplier that you will settle your account after 15 days. In this scenario, you need not shell out cash to purchase the inventory. Instead, after you dispose all of your inventories in 13 days, you can use the proceeds from your sales for some other purpose. Different industries have different turnover periods. There are situations when the payment term is less than the average turnover period. When you know your inventory turnaround time, you can have a rough idea of how to negotiate your terms so you can properly control and manage your inventory level. If you are just starting in the business and you still don‘t have any idea of your turnover period, it may be good to establish benchmarks by spending some time researching and determining the industry average turnover period. You can then use this as basis for your negotiations with your supplier. 4. Benchmark your actual ratio with the industry . The industry average turnover period is also a good performance measure. If you are underperforming against the industry standard, you may need to consider reducing your inventory level. You can do this by eliminating slow-moving products and obsolete items or by simply increasing your sales. When you are familiar with the behavior of your inventory levels, you have the advantage of managing your inventory level more efficiently. You can
anticipate changes in product demand ahead of time and at the same time control your costs and manage your cash flows better. Indeed, creating an efficient inventory system is the ultimate key to business success. http://www.entrepreneur.com.ph/get-started/article/take-control-of-your-inventory
How to set up a payroll system By Henry Ong Jul 24, 2013
Payroll is the system where employers work out their employees‘ salaries to make correct deductions from their pay. But it‘s not as simple as writing a check every two weeks. Employers must be up to date and comply with the laws and rulings regarding employee compensation to avoid disputes and penalties. HOW TO SET IT UP • Get an employer identification or registration number. You have to register with the Bureau of Internal Revenue (BIR), the Social Security System (SSS), the Philippine Health Insurance Corp. (PHIC), and the Housing Development and Mutual Fund (HDMF) to get your number. These numbers will serve as reference and identification in the remittance and filing of all information pertaining to the company and the employees. For SSS, PHIC and HDMF, both employee and employer give contributions. • Adopt payroll policies. Establish payroll policies on work hours, overtime, sick and vacation leaves, and other benefits. All these must be in keeping with Labor provisions. • Build and maintain an employee database. The law requires that you keep certain employee records, which can also be used for payroll calculation. Employees are asked to fill out a record sheet containing their name, address, gender, SSS, PHIC, and HDMF numbers, and TIN, birth date, tax status (single, head of the family, or married), and qualified dependents, if any. Records must also be updated when an employee gets married, changes his or her address, or has additional dependents. Employers must report new employees to the SSS, PHIC and BIR, and help
first time employees obtain their personal registration numbers from the BIR, PHIC, HDMF, and SSS. As the payroll is being processed, employers should organize all records of net salaries, deductions, and other items. File these reports at the end of each month, and update payroll data yearly as required by law. • Decide on the payment method. Employees may be paid in cash, check, or via electronic transfer made directly to their bank account. Few employers choose cash because of the security risks it involves. Checks are preferable, but employees would find it burdensome to line up at the bank every payday to cash it or wait for several days for the check to clear. The quickest and most secure payment method is by electronic transfer. Nevertheless, employers who choose this method need to maintain a certain amount in deposit depending on the number of employees in their payroll. • Figure out what payroll processing involves. An efficient payroll system is essential to ensure that employees are paid on time and correctly. Paying on time means establishing payroll pay periods or payroll cut-offs, which can be weekly, semi-monthly, or monthly. The most common payroll cut-off is the semi-monthly payroll. Because they are on top of the company payroll, employers must be well informed of the various tax laws, Labor and Employment rulings, and other statutory requirements; must know how to compute withholding taxes on compensation; and how to use the contribution tables for SSS, PHIC, and HDMF. The payroll master, for his part, must keep abreast of tax rates, contribution schedules, overtime and holiday premiums, and the rules governing the computations of these items. Employers are likewise required to issue pay slips to employees with a detailed list of the payroll items and the net pay. The employees‘ withheld contributions must be remitted monthly to the agencies concerned, while care must be taken that, in applicable cases, both employee and employer portions are included in the remittance. Payment is normally made with the banks. For the BIR, reporting is done annually using BIR Form 1604-CF. For SSS,
reporting is usually done monthly. For companies with few employees to report, quarterly submission of the Contribution Collection List (SSS Form No R3) is required. Quarterly reporting is also required for PHIC using the Employer Quarterly Remittance Report (PHIC Form No. RF1). For HDMF, reporting is no longer required because the payment form already lists the name of each employee. The following are the various methods of calculating the employee payroll: Manual Payroll Using Microsoft Excel, an employer can prepare a payroll worksheet and input the necessary formulae for calculation. Pay slips can also be generated using formats and links. The manual payroll, however, may be tedious and would require more work when the time comes for the year-end annual reporting and issuance of creditable tax certificates to employees. Payroll Software Payroll software programs can make the task easier and faster because they can generate pay slips and calculate taxes and other deductions in no time. Payroll software, however, require upgrades and getting a licensed program can be expensive. Outsourcing Payroll Generally, the cost of outsourcing payroll is half of what it would if done inhouse. Payroll firms keep a stable of highly qualified payroll masters who can do the job efficiently for their clients. They usually have all the automatic links with the bank, the BIR and all statutory agencies. They also take care of any new statutory obligations without having to process manual system updates, and generate pay slips and other comprehensive reports. Bear in mind, however, that even if somebody else is running the payroll function for you, it‘s still your legal responsibility as employer to apply the company‘s payroll policy and maintain employee records.
Henry Ong, CMA, RFP, is president and COO of Business Sense Inc., a financial advisory and consulting firm that helps small and medium businesses. Business Sense is affiliated with INPACT International Network of Certified Public Accountants. You may reach him at [email protected].
http://www.entrepreneur.com.ph/get-started/article/how-to-set-up-a-payroll-system
http://www.entrepreneur.com.ph/get-started/article/10-things-to-consider-when-putting-up-a-coffeeshop
How to make siomai By Mishell M. Malabaguio Photos by Tuna Lecaro-Felipe Jul 31, 2013
Siomai is a very versatile dish. It can be eaten solo as a snack, or served with rice to make a full meal, so you can sell it anytime of the day. Ingredients for making siomai are readily available in supermarkets and public markets; some you‘ll even find in your own kitchen right now.
To make 150 pieces of 10-gram siomai, you need the following ingredients: Main ingredients: 1 kg of ground lean pork 100 pieces small-sized molo or siomai wrapper
For the curing mix: 1 tsp or 3 g. phosphate 1 tbsp or 12 g. iodized salt 1/2 tsp or 2 g curing salt 1/4 cup chilled water
For the extender: 1/4 cup or 18 g TVP (textured vegetable protein) granules 1/2 tsp or 1.25 g carrageenan,
1/2 cup of water 1/2 tbsp or 2.5 g ground black pepper 2 tbsp or 4 cloves minced garlic 3/4 cup or 96 g of shredded carrots 1/4 cup finely chopped spring onions 2 pcs medium-size eggs 1/2 cup or 1/2 bar grated cheese 2 tsp or 10 ml sesame oil 2 tsp or 6 g shrimp powder
For seasonings: 5 g. of BF (binder filler) blend
Materials needed: Bowls Ladle Measuring spoons and cups A kitchen weighing scale Serving tray Steamer Knives Gas stove
Procedure: Step 1. Once you have all the ingredients, prepare the curing mix by combining the phosphate, iodized salt, and curing salt. Blend. Before adding the chilled water, make sure the phosphate is blended well with the other two powders. Stir well until everything is dissolved, then set the mix aside. Thoroughly mix the phosphate with other ingredients to avoid lumps from forming and to prevent bacteria from proliferating.
Step 2. Prepare the extender by mixing the TVP and carrageenan. Make sure they are blended well before adding to the water; this is to ensure that the TVP would not separate from the meat once the siomai is
cooked. Mix the extender for three minutes until it is hydrated.
Step 3. To make the seasoning, mix all the dry ingredients in a bowl. Then pour the liquid ingredients except the egg and BF blend. When the dry and liquid ingredients have been mixed, add the eggs and then the BF blend, which together will serve as binders. Set the mix aside. Step 4. Prepare the meat by adding the curing mix, kneading it by repeated inward folding with your palm. Make sure the curing mix is evenly distributed. Knead the meat until it becomes tacky and can be held together—that is, there should be no loose bits of meat. Then add the extender, also making sure it is evenly distributed while you knead the meat. Step 5. Transfer the meat to a bowl containing the seasoning. Mix until the meat absorbs the seasonings in the bowl. Then knead the meat. Get the molo or siomai wrapper and the weighing scale.
Step 6. Arrange 10 wrappers in a tray, and weigh 100 g of siomai mixture. Place 2 tsp of meat in each wrapper until nothing is left unfilled. Each wrapper will have 10 grams of siomai.
Step 7. To enclose, gather up the edges of the wrapper and gently pleat it so that it forms a basket shape, with the top of the filling exposed. Press lightly as you pleat each side. Or, if you don‘t want to expose the filling, use a bigger wrapper. Do the same to the remaining meat mixture.
Step 8. After wrapping the siomai, get the steamer and pour water until it is one-fourth full. Arrange the siomai uprightly in the steamer and steam for 25 minutes over simmering temperature. While waiting for the siomai, prepare the sauce. Notice that although your meat is just a kilogram, your yield is 150 pieces, which has a total weight of 1.5 kg. This is because of the extenders you added and the weights of the other ingredients. Step 9. Mix the following: 1 cup or 224ml soy sauce, 12 pcs or 60 g calamansi or Philippine lemon, 1 tbsp or 3.30 g white sugar, 1 tsp or 1.70 g ground black pepper, and 3 tbsp or 6 cloves of fried chopped garlic. Set aside. Step 10. After 25 minutes, take off the siomai from the steamer and arrange it in a tray or plate with the sauce. http://www.entrepreneur.com.ph/get-started/article/how-to-make-siomai
Father and Son Businesses: A legacy of love, loyalty and pride By Stephanie F. Esguerra Jun 14, 2013
While the rest of us during adolescence were captivated by popular music or the existential confusion that comes with puberty, some kids were then playing a totally different ball game. And not met with much enthusiasm, at that. ―I was puzzled and sort of confused because while growing up, [I wanted] to spend time with [other people],‖ says Albert Tyrone Ty, who was merely 14 when his father decided to bring him along to work. His father had been running a company that distributes tires since 1984. ―During summer, when everyone was on vacation, my father would ask him to accompany him to do inventory for tires at the warehouse,‖ Albert explains . ―The training days were like scenes in the movie Karate Kid .‖ The legacy of businesses from father to son is not a foreign concept to us Filipinos. In fact, there are hundreds of other children just like Albert who had to live a different childhood to ingrain an entrepreneurial ethic early on. Just as the business was handed down to Albert, so was it passed on to his father, Alexander Ancheta Ty. ―My father-in-law introduced me to his business partner when I got married,‖ he recalls. Growing up, Alexander helped his parents and siblings to earn a living through food services. ―We would sell fresh lumpia and meatballs at the old Makati Supermarket in 1972. All family members shared the work." And having been exposed to such a setup, he found it was only natural to raise Albert in the same manner. ―At first, it was a very difficult adjustment, especially getting used to dealing with family 24/7,‖ Albert remembers. ―I would be distinguishing family time from work [because] you see each other every day.‖
More than honing the businessman in Albert, it was also Alexander‘s way of leading his son to establish a life of fulfillment. ―I told my son, ‗For someone to succeed in life, one should work as early as he could. Be alert and be ahead of the rest, because we in the family all started [learning the ropes of business] during our elementary years, and we do not regret [how] our own experiences taught us to be independent‘. I told him to be street smart and to not be ashamed to be called an ahente and to work low-end jobs because these are all decent jobs.‖ Albert has developed a profound appreciation for his father‘s deep understanding of how a business works. ―Guidance from the past opens a proper guideline on how to execute.‖ Though these nuggets can stand the test of time, having a younger generation to usher in a fresh perspective proved to be beneficial for the father-and-son tandem. ―It‘s a compromise,‖ says Albert. ―What worked for them during his time in the past (strategies and executional plans in dealing with operations) might not work with today‘s case, and vice- versa. It‘s up to you to tailor-fit it to make it work for the present. Time and change is uncontrollable. We made it a point to find our sweet spot and to make things work. Communication is always the key. Old school with new school is never a liability, but rather, a gem.‖ ―[When it comes to] time management, business style and when we have meetings with young executives, I let my son do the negotiations,‖ shares Alexander. ―I just listen to their ideas that will be acceptable. [I also trust my son‘s know -how and expertise when it comes to] the high-tech software that people now use doing business.‖ Though running a family business has its drawbacks, Albert and Alexander have learned to trust in one another to let their entrepreneurial ventures flourish. ―You should know your limits, work -wise and ethics- wise,‖ Albert advises. ―No matter what happens, always respect your boss.‖ The best thing about managing a business together? A deep sense of respect, loyalty and love that complements an efficient division of responsibilities. ―The comfort level and the diversification,‖ says Albert. ―One would never mean the other harm, plus, you know you have a partner or teammate watching your back and having the same goal at the end of the day. Two heads are better than one.‖
―I am very proud and happy to be working with my son,‖ says Alexander. ―My son can stand alone to deal with corporate clients or institutional accounts, as well as new dealers nationwide.‖ With experience and wisdom comes openness and understanding, as fathers like Alexander will attest to. ―Be patient with your son,‖ he emphasizes. ―Listen to them, with what they want to be after college. Don‘t force them to work with you if it will just be a boring job to them. As early as possible, if and ever you want your sons to follow in your footsteps, make plans for the both of you. Have time to accommodate, listen and share new ideas if he wants to continue the business.‖ And as with joint undertakings between fathers and sons such as Albert‘s and Alexander‘s, at the end of the day, there is a profession of deep humility and family pride. ―What better way is there to be a man than facing your own family (father), against all odds, defending your stand and making sure everything goes well, for you, for him, for family?‖ Albert posits. ―Always remember that your father will always guide you towards a bright path, no matter how gloomy it seems to you at first. And at the end of the day, especially if you think that you have learned enough, there is always room for more experience and knowledge that only your family (father) can teach.‖ http://www.entrepreneur.com.ph/ideas-and-opportunities/article/father-and-son-businesses-a-legacyof-love-loyalty-and-pride
