BUSINESS PLAN

In Partial Fulfillment of the Requirements for Entrepreneurship Subject

Francisco P. Tolentino Integrated High School

Accountancy, Business and Management (ABM) Strand

Submitted to:

Emarilyn D. Bayot

Chello Ann Alvarez

Ehra Jane Tenerife

Angelu Valenzuela

Jezreel Eliza Ain Vallada

May 2024

i
 TABLE OF CONTENTS

I. EXECUTIVE SUMMARY ------------------------------------------------------- 1

II. COMPANY OVERVIEW

Introduction ------------------------------------------------------------------------- 3

Mission Statement ---------------------------------------------------------------- 3

History and Current Status ----------------------------------------------------- 3

Objectives -------------------------------------------------------------------------- 4

III. PRODUCT

Features ---------------------------------------------------------------------------- 6

Benefits ----------------------------------------------------------------------------- 6

6
Proprietary Rights ----------------------------------------------------------------
7
Stage of Development -----------------------------------------------------------

IV. PRODUCTION PLAN

Product Description -------------------------------------------------------------- 8

Raw Materials --------------------------------------------------------------------- 8

9
Sources of Raw Materials ------------------------------------------------------
10
Procedure --------------------------------------------------------------------------
10

Product ------------------------------------------------------------------------------ 11

Product Logo ---------------------------------------------------------------------- 11

Production Hours -----------------------------------------------------------------

V. MARKET AND INDUSTRY ANALYSIS

i
 Trends ------------------------------------------------------------------------------- 12

Target Market ---------------------------------------------------------------------- 12

12
Industry Structure -----------------------------------------------------------------
13
Competitive Advantages -------------------------------------------------------
13

Competition ------------------------------------------------------------------------ 14

Opportunity -------------------------------------------------------------------------

VI. MARKETING PLAN

Target Market Strategy ---------------------------------------------------------- 15

Channel ----------------------------------------------------------------------------- 15

16
Positioning --------------------------------------------------------------------------
16
Product/Service Strategy -------------------------------------------------------
17

Pricing Strategy ------------------------------------------------------------------- 17

Costing ------------------------------------------------------------------------------ 18

18
Communication Strategy -------------------------------------------------------

Sales Strategy ---------------------------------------------------------------------

VII. OPERATIONS PLAN

Operations Strategy -------------------------------------------------------------- 19

Scope of Operations ------------------------------------------------------------- 19

20
Location -----------------------------------------------------------------------------
20

ii
 Store Hours ------------------------------------------------------------------------ 20

Store Opening ---------------------------------------------------------------------

VIII. DEVELOPMENT PLAN

Developmental Strategy -------------------------------------------------------- 21

IX. MANAGEMENT PLAN

Company Organizations -------------------------------------------------------- 22

Management Team --------------------------------------------------------------- 22

X. FINANCIAL PLAN

Financial Projections

Daily Projected Income Statement ------------------------------------- 24

24
Weekly Projected Income Statement ----------------------------------
25
Monthly Projected Income Statement ---------------------------------
25

Yearly Projected Income Statement ------------------------------------ 26

Key Assumptions ----------------------------------------------------------------- 27

27
Sources and Uses of Funds ---------------------------------------------------

Business Risks --------------------------------------------------------------------

XI. IMPLEMENTATION OF BUSINESS PLAN

Implement the Business Plan ------------------------------------------------- 28

Operate the Business ----------------------------------------------------------- 28

28
Product and Customers ---------------------------------------------------------

iii
 Reasons for Keeping Business Records ----------------------------------- 28

29
Bookkeeping -----------------------------------------------------------------------
33
Income Statement and Balance Sheet --------------------------------------
34

Profit or Loss of a Business ---------------------------------------------------- 34

Overall Report and Reflection -------------------------------------------------

XII. APPENDICES

Appendix A: Letter to the Principal ------------------------------------------- 38

Appendix B: Approval Letter for Food Tasting ----------------------------- 40

42
Appendix C: Results of Target Market ---------------------------------------
45
Appendix D: Trials ----------------------------------------------------------------
48

Appendix E: Food Tasting ------------------------------------------------------

Appendix F: Results of Food Tasting ----------------------------------------

iv
 I. EXECUTIVE SUMMARY

JACE Company, established by students from Francisco P. Tolentino

Integrated High School, aims to promote nutritious items and minimize waste in

their school environment and community. Their product, Peelicious Siomai, is

made from discarded banana peels after cooking turon and banana cue. The

company's mission is to provide customers with high-quality, healthy products

sourced directly from farms, promoting a healthy lifestyle.

Established on March 31, 2024, JACE Company faces numerous

challenges but has persevered and achieved success. Their objectives include

reducing waste, promoting sustainable practices, creating nutritious and healthy

products, community engagement and education, and measuring progress

through key performance indicators.

The main ingredient of Peelicious Siomai is made from banana peels,

providing a nutritional boost and enhancing the appearance of the dish. Banana

peels are rich in nutrients like fiber, potassium, magnesium, and vitamins A and

C, aiding digestion and promoting a healthy gut. They also contain compounds

like tryptophan and serotonin, which can improve sleep quality and regulate

mood.

The development of "Peellicious siomai" involves creating a unique and

tasty snack using banana peel as the main ingredient instead of regular meat.

The product is a sustainable and eco-friendly alternative to traditional siomai,

catering to the growing demand for environmentally friendly food options. The

1
product's unique selling proposition (USP) of using banana peel sets it apart from

traditional siomai vendors.

Peelicious Siomai, a unique and affordable alternative to traditional

siomai, has the opportunity to capitalize on sustainability, health, and novelty

trends. By effectively marketing its eco-friendly attributes and affordable price

point of 5 pesos per piece, Jace Company can carve out a significant market

share within the alternative food industry. The company targets students and

school staff due to their accessibility and potential high demand for convenient

and affordable food options. By understanding their preferences, needs, and

behaviors, the company tailors its marketing efforts effectively.

The company uses social media platforms, flyers, and word-of-mouth to

gain recognition and gain recognition. The product/service strategy focuses on

delivering a nutritious and affordable snack option for school students,

highlighting the nutritional benefits of banana peel, its high fiber content, and

sustainability. The company emphasizes product innovation, quality ingredients,

and effective marketing campaigns targeting school communities.

JACE Company is a company with three key departments: Production,

Marketing, and Finance. The company's General Manager, Jezreel Vallada,

oversees the company's direction and strategy. Production Manager, Chello Ann

Alvarez, manages inventory and quality, while Marketing Manager, Ehra Jane

Tenerife, promotes the products and maintains a strong brand presence.

2
Financial Manager, Angelu Valenzuela, handles finances and manages financial

reporting.

II. COMPANY OVERVIEW

Introduction

JACE Company was established by a group of students from Francisco P.

Tolentino Integrated High School with the aim of advocating nutritious items and

minimizing waste within their school environment, as well as within the broader

community. Their product, Peelicious Siomai, was born out of their observation of

significant waste, particularly from discarded banana peels after cooking turon

and banana cue. While thinking a solution to this issue, they innovatively crafted

a siomai with banana peel as its main ingredient. Instead of throwing banana

peels, we can use it as an alternative filling for siomai.

Mission Statement

Our mission is to provide our customers with high-quality, healthy products

that are sourced directly from farms. We are committed to promoting a healthy

lifestyle by offering natural and nutritious food options that support overall well-

being.

History and Current Status

JACE Company was founded on March 31, 2024, and it encountered

numerous challenges during its early days while developing its initial product, the

3
Peelicious Siomai. Through perseverance and overcoming numerous trials and

errors, the company eventually achieved success. Today, JACE Company

continues to focus on further developing and implementing the Peelicious Siomai

on their action research.

Objectives

Reduce Waste:

- Develop innovative processes and technologies to efficiently utilize banana

peels for manufacturing products.

- Implement a comprehensive strategy to ensure minimal environmental

impact.

- Aim to significantly reduce banana peel waste in the agricultural industry.

Promote Sustainable Practices:

- Educate consumers about the benefits of sustainable practices and the

importance of reducing food waste.

Create Nutritious and Healthy Products:

- Conduct research and development to create a diverse range of products that

are not only innovative but also highly nutritious.

- Ensure that all products made from banana peels are rich in essential

nutrients, vitamins, and minerals.

4
Community Engagement and Education:

- Organize community programs and workshops to raise awareness about food

waste reduction and sustainable practices.

- Partner with academic institutions to conduct research and development on

banana peel utilization.

- Support local farmers and communities by providing training on sustainable

farming practices and waste management techniques.

Measure and Track Progress:

- Establish key performance indicators (KPIs) to measure the impact of our

initiatives on waste reduction and sustainability.

- Regularly monitor and evaluate progress towards achieving our goals and

objectives.

- Engage with customers to gather feedback and continuously improve our

strategies.

5
 III. PRODUCT

Features

The main ingredient of siomai is definitely made from banana peels, giving

it a nutritional boost because it is plant-based. Through the creative hands of the

cook, it enhanced the appearance of Peelicious Siomai by shaping it into a

volcano or even imitating a blooming tulip. It's tasty that it can be eaten without

any additional sauce lingering on your taste buds.

Benefits

Three of the benefits of the banana peel for human health are:

Nutrients Rich: Banana peels are rich in nutrients like fiber, potassium,

magnesium, and vitamins A and C. Using the peel in recipes can add an extra

nutritional boost to your meal.

Digestive Health: The fiber content in banana peels can aid in digestion and

promote a healthy gut by supporting good bacteria in the digestive system.

Better Sleep: Banana peels contain compounds like tryptophan and serotonin,

which can help improve sleep quality and regulate mood.

Proprietary Rights

6
 The company has received approval from the principal at Francisco P.

Tolentino Integrated High School to sell and set up their stand there.

Furthermore, 5% of the company's earnings will be contributed to the school

canteen. By allocating a portion of their earnings to the canteen, the company

demonstrates a responsible approach to business while building a positive

relationship with the school administration.

Stage of Development

We brainstormed the challenges experienced in our school and

community, leading to the development of a creative solution: a banana peel

made of siomai. We conducted market research, built a prototype, and

showcased it to our families. After refining the prototype, we tested its appeal

among students and potential customers. To determine financial feasibility, we

assessed the project's viability. With a successful product launch, we prioritized

customer engagement and satisfaction.

7
 IV. PRODUCTION PLAN

Product Description

"Peellicious siomai" is a special kind of siomai that's unique and tasty.

Instead of regular meat, we use banana peel as the main ingredient, making it a

creative and sustainable choice. It's a delicious twist on a classic snack, perfect

for those looking for something new and eco-friendly. With its savory flavor and

innovative approach, Peellicious siomai offers a delightful eating experience for

everyone to enjoy.

Raw Materials

 1 buwig na balat ng saba

 1 magic sarap

 1 pinch of pepper

 1 tbsp of flour

 Half tsp of salt

 Half chicken cube

 Half carrot

 3 tofu

 2 eggs

 1.5L oil

 Molo wrapper

8
  Soy Sauce

 Calamansi

Material

 Toothpick

 Paper cup

 Paper Tray

Tools and Equipments

 Stove

 Butane

 Tongs

 Frying pan

 Spoon

 Strainer

 Knife

 Measuring spoon

 Mixing bowl

 Cooking pot

 Chopping board

 Apron

 Hairnet

Sources of Raw Materials, Tools, and Equipment

9
 The raw materials for the banana peel siomai are sourced from the

market. Tools and equipment necessary for making the siomai are gathered from

the houses of the group members, ensuring accessibility, and reducing costs.

Procedure

1. Remove the banana peel and boil it for 10-15 minutes. After boiling, peel

off the outer layer of the banana peel and cut it into small pieces.

2. Cut the carrots into thin and small pieces.

3. Mash the tofu.

4. Mix the banana peel, carrots, and tofu together.

5. Add the eggs and seasonings to the mixture, then mix again and add the

flour.

6. Put the

mixture

into molo

wrapper.

7. Deep-fry

until

golden

brown.

Product

10
Product Logo

The logo features three siomai, representing the primary product,

arranged in a visually appealing manner. Below these siomai, the product name

"Peellicious Siomai" is displayed, in a clear and readable font. Above one of the

siomai, there's a small banana peel, indicating a unique ingredient within the

product.

11
Production Hours

The process of the product would be an estimated of 7:20 – 8:30 AM. This

includes all the steps involved in production, such as peeling, cutting, seasoning,

and cooking the peelicious siomai.

V. MARKET AND INDUSTRY ANALYSIS

Trends

Sustainability: Consumers are increasingly seeking environmentally sustainable

food options, making Peelicious Siomai appealing due to its use of banana peel,

which is often discarded as waste.

Health and Wellness: With a rising emphasis on health-conscious eating,

products like Peelicious Siomai offer a unique combination of health benefits and

taste.

Novelty: Novel food products often attract consumer interest, and Peelicious

Siomai stands out with its innovative use of banana peel as a key ingredient.

Target Market

12
 The target market comprises students and school staff, who are often

seeking convenient and affordable food options within the school premises. By

offering a delectable fusion of flavors in our Peelicious Siomai, we aim to satisfy

their cravings for a tasty and convenient snack option.

Industry Structure

In the food industry, JACE Company operates within the broader category

of fast food. Within this sector, it occupies a niche market due to its innovative

use of banana peel, which distinguishes it from traditional siomai vendors. JACE

Company competes with other street food vendors, offering a healthier and more

sustainable alternative. Additionally, the company aligns itself with the growing

trend of eco-friendly and nutritious food options, positioning itself as a leader in

this emerging segment. With a focus on quality, innovation, and sustainability,

JACE Company aims to carve out a distinctive place within the broader food

industry landscape.

Competitive Advantage

JACE Company's competitive advantage lies in its innovative product,

Peelicious Siomai, which sets it apart from traditional siomai offerings. By using

banana peel as the main ingredient, JACE Company not only provides a unique

and eco-friendly alternative but also taps into a niche market of health-conscious

consumers seeking sustainable food options. The innovative use of banana peel

not only reduces waste but also adds a distinctive flavor profile, setting

Peelicious Siomai apart from competitors in the market. This unique selling

13
proposition not only appeals to environmentally conscious consumers but also

opens up opportunities for partnerships and collaborations within the sustainable

food industry. JACE Company's commitment to innovation and sustainability

positions it as a leader in the market, giving it a competitive edge over traditional

siomai vendors.

Competition

Plant-Based Meat Companies: Companies producing meat alternatives using

plant-based ingredients.

Sustainable Food Brands: Brands focused on offering environmentally friendly

food products made from renewable resources.

Traditional Siomai Vendors: Established vendors selling traditional siomai made

from meat and other conventional ingredients.

Opportunity

The opportunity for Peelicious Siomai lies in its ability to capitalize on

multiple consumer trends simultaneously: sustainability, health, and novelty. By

effectively marketing its eco-friendly and nutritious attributes, along with an

affordable price point of 5 pesos per piece, Jace Company can carve out a

significant market share within the alternative food industry. Additionally,

partnerships with retailers, eco-conscious organizations, and health-focused

initiatives could further enhance market penetration and brand visibility.

14
 VI. MARKETING PLAN

Target Market Strategy

For Peelicious Siomai, targeting students and school staffs presents a

strategic opportunity due to their accessibility and potential high demand for

convenient and affordable food options. The strategy revolves around

understanding their preferences, needs, and behaviors to tailor our marketing

efforts effectively. Utilizing social media platforms popular among students for

creating buzz and engagement. Offering promotions during breaks can

incentivize purchases. Engaging students and school staff through flyers

distributed within school premises also help increase awareness and generate

repeat business. By focusing on these key demographics and implementing

targeted marketing strategies, Peelicious Siomai can establish a strong presence

within the student and school staff market segment.

15
Channel

Social media greatly influences everyone nowadays. People are always

online, so we follow trends and utilize social media for marketing. We use

facebook, along with distributing flyers. We also employ word-of-mouth, a

traditional method of spreading information verbally from person to person. This

approach helps our product gain recognition through recommendations without

requiring financial investment.

Positioning

We position our siomai made of banana peel as a one-of-a-kind,

sustainable, and eco-friendly snack that's both tasty and good for everyone. In a

market flooded with sugary and unhealthy choices, our snack stands out. Its

uniqueness mirrors its focus on health and the environment. Our goal is to cater

to health-conscious consumers while also supporting local farmers and

businesses. Our product's positioning highlights its innovation and uniqueness,

presenting it as a healthier and more sustainable option compared to sugary

snacks.

Product/Service Strategy

Peelicious siomai focuses on delivering a nutritious and affordable snack

option for school students. The primary goal is to offer a unique and healthy

alternative to traditional siomai by utilizing banana peel as the main ingredient.

16
The strategy involves highlighting the nutritional benefits of banana peel, such as

its high fiber content and sustainability. Additionally, the product will be positioned

as a convenient and tasty snack option that appeals to both health-conscious

consumers and those seeking new flavor experiences. To execute this strategy,

the business emphasizes product innovation, quality ingredients, and effective

marketing campaigns targeting school communities. Continuous research and

development efforts will be employed to refine the product and keep up with

evolving consumer preferences. The product strategy aims to establish

Peelicious Siomai as a popular and trusted choice among school students.

Pricing Strategy

In setting up our pricing strategy, we looked at how much it costs us to

make our product. We checked prices for things like raw materials in the local

market. To decide how much to sell it for, we added up all our expenses and

divided that by the total units we made. This gives us the cost per piece. After

finding that, we increased the price by 40%. This way, we make sure our product

is priced fairly and covers all our expenses.

Costing
Ingredients Quantity Cost Total Cost
balat ng saba 1 buwig ₱50/buwig na saba ₱50
magic sarap 8g ₱5 ₱5
pepper 0.36g ₱25/30g ₱0.30
flour 0.0125kg ₱15/1/4kg ₱0.18
salt 0.0064kg ₱10/1/2kg ₱0.03
chicken cube 1/2 chicken cube ₱8 ₱4
carrot 1/2 carrot ₱20 for 1pc ₱10

17
 tofu 3 pcs ₱5/pc ₱15
egg 2 pcs ₱10/pc ₱20
oil 0.38L ₱110/1.5L ₱27.5
molo wrapper 62pcs ₱33/40pcs ₱51.15

Sauce
Soy sauce 175ml ₱25/350ml ₱12.50
Calamansi 1/4kg ₱25/1/4kg ₱25

Total number produced: 62 pcs. Total Cost: ₱220.66

Unit Cost = 220.66 Selling Price = 220.66 x 1.4

62 62

Unit Cost: ₱3.56/pc Selling price: ₱5/pc

Communication Strategy

JACE Company aims to effectively reach its target audience. The strategy

outlines clear objectives: to inform customers about the unique features and

benefits of Peelicious Siomai, to build trust and credibility in the product, and to

encourage purchase and repeat business. JACE will utilize simple and engaging

language to explain how Peelicious Siomai is made from banana peel,

highlighting its nutritional value and eco-friendly aspect. Communication will

occur through various channels such as social media, and online advertisements.

Regular updates and promotions will keep the audience engaged and interested.

By maintaining consistent and transparent communication, JACE aims to

establish strong connections with its customers and foster brand loyalty for

Peelicious Siomai.

18
Sales Strategy

To market the banana peel siomai effectively, a targeted marketing plan is

devised across various platforms, notably social media. Utilize diverse

advertising strategies like banner ads and ad campaigns. Exploring multiple

sales channels, from traditional stores to online platforms, is essential.

Promotional activities will be employed to enhance product visibility. Regularly

tracking sales figures will allow for adjustments to the strategy as needed.

VII. OPERATIONS PLAN

Operations Strategy

Establish clear communication structures and guidelines for marketing and

sales. Develop a budgeting and planning process to ensure the sustainability of

funds and other resources. Implement a proper storage and management system

to maintain the quality and safety of the siomai. Developing effective product

distribution channels and marketing strategies to increase visibility and appeal to

potential customers. Establish accountability and feedback mechanisms to

analyze sales and continuously improve our product offerings.

Scope of Operations

19
 Siomai made in banana peel encompasses a wide range of operations.

Firstly, it involves product production, which includes tasks such as developing

the recipe, sourcing ingredients, designing packaging, and conducting quality

and safety tests. Sales and marketing activities are also integral, requiring the

development of a marketing strategy, fostering customer awareness and

engagement, and implementing sales plans. Additionally, distribution plays a

crucial role, encompassing tasks like organizing storage facilities, and meeting

customer demands. Lastly, customer service is essential, involving tasks such as

providing support, addressing inquiries, resolving issues, and ensuring overall

customer satisfaction.

Location

The location of our product "Peelicious Siomai" made in banana peel can

be found at the school lobby of Francisco P. Tolentino Integrated High School.

Store Hours

Operating hours will be from 7:20 AM to 3:00 PM. This allows Peelicioous

to cater to both lunch and snack time crowds.

Store Opening

The store will open at 8:30 AM.

20
 VIII. DEVELOPMENT PLAN

Developmental Strategy

For JACE Company's Peelicious Siomai, the developmental strategy focus

on refining the recipe, ensuring consistency in taste and quality, and conducting

market research to understand consumer preferences. This involve

experimenting with different ratios of banana peel to other ingredients, testing

cooking methods to optimize texture and flavor, and gathering feedback from

potential customers through surveys and taste tests. The goal is to create a

unique and delicious product that appeals to health-conscious consumers looking

for innovative food options.

21
 IX. MANAGEMENT PLAN

Company Organizations

JACE Company is organized into distinct departments to ensure smooth

operations and efficient management. The company is headed by General

Manager Jezreel Vallada, overseeing the overall direction and strategy. Under

her leadership, there are three key departments: Production, Marketing, and

Finance. Each department plays a vital role in the success of the company,

working together to bring Peelicious Siomai to market.

Management Team

Jezreel Vallada
General Manager

22
 Chello Ann Alvarez Angelu Valenzuela Ehra Tenerife
Production Manager Financial Manager Marketing Manager

General Manager (Jezreel Vallada): Jezreel Vallada heads the management

team because of her expertise in making important decisions and planning for

the company’s future. She ensures that different departments work well together.

Production Manager (Chello Ann Alvarez): Chello Ann Alvarez leads the

production team due to her skills in making sure Peelicious Siomai products are

made efficiently and on time. Her focus includes managing inventory, ensuring

quality, and meeting production demands.

Marketing Manager (Ehra Jane Tenerife): Ehra Jane Tenerife is in charge of

marketing because of her ability to create effective strategies and run advertising

campaigns. She works on promoting Peelicious Siomai products and keeping a

strong brand presence in the market.

Financial Manager (Angelu Valenzuela): Angelu Valenzuela handles the

company's finances because of his expertise in budgeting, financial planning,

and monitoring expenses. He ensures that the company operates within its

financial limits and also manages financial reporting and analysis.

23
 X. FINANCIAL PLAN

Financial Projections

JACE Company
Daily Projected Income Statement
Day 1 Day 2 Day 3 Day 4 Day 5
Projected Sold (qty)
Community 144 159 175 193 212
School 312 344 378 416 458
Total 456 503 553 609 670
Sales ₱ 2,280.00 ₱ 2,515.00 ₱ 2,765.00 ₱ 3,045.00 ₱ 3,350.00
Less: Cost of Sales 1,623.36 1,790.68 1,968.68 2,168.04 2,385.20
Gross Profit ₱ 656.64 724.32 796.32 876.96 964.80
Less: Expenses
Selling Expenses
Advertising Expense 125.00
Packaging 196.08 216.29 237.79 261.87 288.10
Gen/Admin Expenses
Transfortation
40.00 40.00 40.00 40.00 40.00
Expense
Net Income ₱ 335.56 ₱ 508.03 ₱ 558.53 ₱ 615.09 ₱ 676.70

Note: Daily projected sales increases from the range of 10%

24
 JACE Company
Weekly Projected Income Statement
Week 1 Week 2
Projected Sold (qty)
Community 1116 1228
School 2412 2654
Total 3528 3882
Sales ₱ 17,640.00 ₱ 19,410.00
Less: Cost of Sales 12,559.68 13,819.92
Gross Profit 5,080.32 5,590.08
Less: Expenses
Selling Expenses
Advertising Expense 125.00 125.00
Packaging 1,517.04 1,669.26
Gen/Admin Expenses
Transfortation Expense 240.00 240.00
Net Income ₱ 3,198.28 ₱ 3,555.82

Note: Projected increase on sales by 10% on week 2 to week 3.

JACE Company
Monthly Projected Income Statement
January February
Projected Sold (qty)
Community 3695 4065
School 7986 8785
Total 11681 12850
Sales ₱ 58,405.00 ₱ 64,250.00
Less: Cost of Sales 41,584.36 45,746.00
Gross Profit 16,820.64 18,504.00
Less: Expenses
Selling Expenses
Advertising Expense 500.00 500.00
Packaging 5,022.83 5,525.50
Gen/Admin Expenses
Transfortation Expense 960.00 960.00
Net Income ₱ 10,337.81 ₱ 11,518.50

Note: February sales rose due to some improvements made to the product.

March sales are continuously increasing due to improvements made based on

customers feedback.

25
 JACE Company
Yearly Projected Income Statement
Year 1 Year 2
Projected Sold (qty)
Community 79059 86965
School 170812 187894
Total 249871 274859
Sales ₱ 1,249,355.00 ₱ 1,374,295.00
Less: Cost of Sales 889,540.76 978,498.04
Gross Profit 359,814.24 395,796.96
Less: Expenses
Selling Expenses
Advertising Expense 1,500.00 1,500.00
Packaging 107,444.53 118,189.37
Gen/Admin Expenses
Transfortation Expense 11,520.00 11,520.00
Net Income ₱ 239,349.71 ₱ 264,587.59

Notes: New selling price was used on the second year due to adding a direct

labor cost. Expenses and sales rose by 10% due to some improvements made

on the past year. Sales and expenses increase on year 3 suggesting our

company is growing.

Key Assumptions

Sales Assumptions

Daily Sales Volume

Assume an initial daily sales volume of 456 peelicious siomai, with a

conservative 10% to 15% daily increase for the first year.

Pricing Strategy

The selling price is set at ₱5 per piece, which is affordable. It is set

competitively to attract customers while ensuring profitability.

Cost Assumptions

26
 Ingredients Costs

The cost of banana and other ingredients is assumed to remain stable

initially, with periodic reviews to adjust for market changes.

Operational Costs

Operational expenses, including advertising, and transportation

expenses, are estimated based on current market rates and are subject to

periodic reassessment.

Marketing and Branding

The influence of marketing

Assume that all marketing efforts, including distributing flyers and

social media campaigns, will boost brand awareness and contribute to

higher sales.

Brand Loyalty

Expect that over time there will be a core of regular customers

whose loyalty keeps them coming back for more and whose good word

sustains the sales.

Sources and Uses of Funds

Funds for JACE Company's operations will initially come from the personal

allowance of the owners. The allocated funds will be utilized for product

development, including production, as well as strategic marketing campaigns to

promote Peelicious Siomai effectively. Additionally, operational expenses such as

transportation and utilities will be covered to sustain day-to-day business

activities.

27
Business Risks

The JACE Company outlines several key risks that could impact its

operations and profitability. These include challenges related to ingredient

sourcing, such as supply chain disruptions and quality control issues.

Additionally, shifts in consumer preferences and intense competition pose threats

to market share and pricing power. Economic factors, supply chain disruptions,

brand reputation further contribute to the overall risk landscape, necessitating

proactive risk management strategies and continuous monitoring to ensure the

business success.

XI. IMPLEMENTATION OF THE BUSINESS PLAN

Implement the business plan

When: April 17-19, 2024

Where: School Lobby of Francisco P. Tolentino Integrated High School

Operate the business

Time: 7:20 am to 3:00 pm

Product and Customers

Packed with tofu and a twist of banana peel inside. Our siomai offers a

tasty and nutritious alternative that will surprise and delight your taste buds.

Made with quality ingredients and expertly crafted to perfection, our siomai with

banana peel inside is sure to become your new go-to snack or meal option. We

sell it to people in our school and community, providing quality products at an

affordable price and offering them fresh and nutritious snacks that they can enjoy

at any time.

28
Reasons for keeping business records

Keeping accurate and up-to-date business records is essential for the

smooth operation and long-term success of any business. Proper record-keeping

enables business owners to track the success of their strategies and make

adjustments as needed. Business records serve as a valuable historical

reference. They provide a documented account of the business's activities,

transactions, and decisions over time. By reviewing past records, businesses can

gain insights into past performance, learn from past mistakes, and make more

informed decisions for the future.

Bookkeeping
Journal Entry GJ 1
Date Account Title and Explanation PR Debit Credit
2024
April 17 Cash 101 ₱1,200.00
Alvarez, Capital 301 ₱ 300.00
Tenerife, Capital 302 300.00
Valenzuela, Capital 303 300.00
Vallada, Capital 304 300.00
To record the investments

Supplies 102 672.74

Cash 101 672.74
To record the payment for supplies

Cash 101 855.00

Cash Sales 501 855.00
To record the cash sales

Transportation Expense 404 40.00

Cash 101 40.00
To record transportation expense incurred
in purchasing the raw materials needed

Advertising Expense 401 70.00

29
 Cash 101 70.00
To record the payment for printed materials
promoting the product

18 Supplies 102 685.92

Cash 101 685.92
To record the payment for supplies

Cash 101 975.00

Cash Sales 501 975.00
To record the cash sales

Transportation Expenses 404 40.00

Cash 101 40.00
To record transportation expense incurred
in purchasing the raw materials needed

19 Supplies 102 782.30

Cash 101 782.30
To record the payment for supplies
GJ 2
Cash 101 1,370.00
Cash Sales 501 1,370.00
To record the cash sales

Miscellaneous Expense 402 170.00

Cash 101 170.00
To record the cost of providing
complimentary drinks with our product.

General Ledger

Account Title: Cash GL 001

Date Particular PR Debit Credit Balance
04/17 Investment GJ1 ₱1,200.00 ₱1,200.00
Supplies GJ1 ₱ 672.74 527.26
Earned money from selling
GJ1 855.00 1,382.26
peelicious siomai
Transportation GJ1 40.00 1,342.26
Advertising GJ1 70.00 1,272.26
04/18 Supplies GJ1 685.62 586.64
Earned money from selling
GJ1 975.00 1,561.64
peelicious siomai
Transportation GJ1 40.00 1,521.64
04/19 Supplies GJ1 782.34 739.34

30
 Earned money from selling
GJ2 1,370.00 2,109.34
peelicious siomai
Other Expenses GJ2 170.00 1,939.34
Total ₱1,939.34

Account Title: Supplies GL 002

Date Particular PR Debit Credit Balance
04/17 Supplies GJ1 ₱ 672.74 ₱ 672.74
04/18 Supplies GJ1 685.62 1,358.36
04/19 Supplies GJ1 782.30 2,140.66
Adjustment AE ₱2,140.66 0
Total 0

Account Title: Alvarez, Capital GL 003

Date Particular PR Debit Credit Balance
04/17 Alvarez, Capital GJ1 ₱ 300.00 ₱ 300.00
Total ₱ 300.00

Account Title: Tenerife, Capital GL 004

Date Particular PR Debit Credit Balance
04/17 Tenerife, Capital GJ1 ₱ 300.00 ₱ 300.00
Total ₱ 300.00

Account Title: Valenzuela, Capital GL 005

Date Particular PR Debit Credit Balance
04/17 Valenzuela, Capital GJ1 ₱ 300.00 ₱ 300.00
Total ₱ 300.00

Account Title: Vallada, Capital GL 006

Date Particular PR Debit Credit Balance
04/17 Vallada, Capital GJ1 ₱ 300.00 ₱ 300.00
Total ₱ 300.00

Account Title: Cash Sales GL 007

Date Particular PR Debit Credit Balance
04/17 Earned money from selling GJ1
₱ 855.00 ₱ 855.00
peelicious siomai
04/18 Earned money from selling GJ1
975.00 1,830.00
peelicious siomai
04/19 Earned money from selling GJ2
1,370.00 3,200.00
peelicious siomai

31
 Total ₱3,200.00

Account Title: Transportation Expense GL 008

Date Particular PR Debit Credit Balance
04/17 Transportation GJ1 ₱ 40.00 ₱ 40.00
04/18 Transportation GJ1 40.00 80.00
Total ₱ 80.00

Account Title: Advertising Expense GL 009

Date Particular PR Debit Credit Balance
04/17 Advertising GJ1 ₱ 70.00 ₱ 70.00
Total ₱ 70.00

Account Title: Miscellaneous Expense GL 010

Date Particular PR Debit Credit Balance
04/19 Other Expenses GJ2 ₱ 170.00 ₱ 170.00
Total ₱ 170.00

Account Title: Supplies Expense GL 011

Date Particular PR Debit Credit Balance
04/19 Supplies Expense AE ₱2,140.66 ₱2,140.66
Total ₱2,140.66

JACE Company
Unadjusted Trial Balance
April 19, 2024
Account Title Debit Credit
Cash ₱ 1,939.34
Supplies 2,140.66
Capital ₱ 1,200.00
Cash Sales 3,200.00
Advertising Expense 70.00
Miscellaneous Expense 170.00
Transportation Expense 80.00
Total ₱ 4,400.00 ₱ 4,400.00

Adjusting Entry
Date Account Title and Explanation PR Debit Credit
2024
April 19 Supplies Expense 403 ₱2,140.66
Supplies 102 ₱2,140.66

32
 To record the supplies expense

JACE Company
Adjusted Trial Balance
April 19, 2024
Account Title Debit Credit
Cash ₱ 1,939.34
Supplies
Capital ₱ 1,200.00
Cash Sales 3,200.00
Advertising Expense 70.00
Miscellaneous Expense 170.00
Supplies Expense 2,140.66
Transportation Expense 80.00
Total ₱ 4,400.00 ₱ 4,400.00

Income statement and Balance Sheet

JACE Company
Statement of Comprehensive Income
April 19, 2024
Sales ₱ 3,200.00
Less:
Supplies Expenses ₱ 940.66
Advertising Expense 70.00
Miscellaneous Expense 170.00
Transportation Expense 80.00 1,260.66
Net Income from Operation ₱ 1,939.34
Less: Return on investment 1,200.00
Net Income from Discontinuation ₱ 739.34
Less: Share to Canteen 73.93
Net Income ₱ 665.41

Note: 10% of the income was given to the canteen, while the remaining money

was distributed among the owners equally.

33
 JACE Company
Statement of Financial Position
April 19, 2024
ASSETS EQUITY
Cash ₱1,939.34 Capital ₱ 1,200.00
Net Income 739.34

Total Assets ₱1,939.34 Total Equity ₱ 1,939.34

JACE Company
Statement of Cash Flows
April 19. 2024
Cash Flows from Operating Activities
Cash received from customers ₱ 3,200.00
Payment to supplies 2,140.66
Net Cash Generated by Operating Activities ₱ 1,059.34
Net Increase in Cash 1,059.34
Cash, April 17, 2024 0
Cash, April 19, 2024 ₱ 1,059.34

Closing Entry
Date Account Title and Explanation Debit Credit
2024
April 19 Sales ₱3,200.00
Income and Expense Summary ₱3,200.00

Income and Expense Summary 2,460.66

Advertising Expense 70.00
Miscellaneous Expense 170.00
Supplies Expense 2,140.66
Transportation Expense 80.00

Total ₱5,660.66 ₱5,660.66

Proft or loss of a business

After 3 days of selling peelicious siomai, JACE Company generated a net

income of ₱665.41.

34
Overall Report and Reflection

On April 22, 2024, we decided to discontinue operations, leading to the

distribution of capital and income among the owners. As part of our culminating

activity, 10% of the income was given to the canteen. Each owner received an

equal share of the remaining capital and income, ensuring fairness in the

distribution process.

Alvarez, Chello Ann (2024)

My highlight as an entrepreneur is appreciate what the importance of

communication in everyday life Because in the future, I will not be able to have a

good job or works if I don't know how to communicate as well by different kind of

people. In the world of business, success isn't just about having a great product

or service; it's also about effectively communicating its value to customers.

Businesses often discover that building strong relationships with clients and

fostering trust are just as important as the quality of their offerings. Furthermore,

the ability to adapt and innovate in response to changing market demands can

mean the difference between thriving and faltering in today's competitive

landscape.

Tenerife, Ehra Jane (2024)

Selling our siomai made of banana peel within 3 days is a great

experience that has provided me with many lessons and insights. It has taught

me a lot about entrepreneurship, customer service, marketing, and finance. I

have also learned the importance of keeping track of budgets and creating

effective strategies for sustainable growth. Additionally, I have gained valuable

35
knowledge and understanding of different perspectives and needs from our

customers. I also realized that before we start selling, we need to have all the

stock of ingredients ready and have made the mixture and wrapped it for the

siomai so that we don't panic when the customers are there. I also realized how

tiring it is to sell, especially if you lack manpower, and how stressful it's to serve

when there's a rush of customers, but we got through it because of helping and

guiding each other.

Valenzuela, Angelu (2024)

By selling peelicious siomai, I've learned that handling the money and

sales is not easy. At first, I thought it was just about convincing people to buy our

product, but it's more than that. It's about managing inventory, keeping track of

sales, and handling cash. One challenge I faced was ensuring we had enough

products to meet demand without overstocking. It's a delicate balance because

we don't want to run out and disappoint customers, but we also don't want to

waste money on excess inventory. Another thing I realized is the importance of

handling money carefully. People trust us with their hard-earned cash, so it's

important to be honest and accurate when making transactions. Plus, keeping

track of every peso coming in and going out requires attention to detail. Selling

Peelicious Siomai has taught me valuable lessons about business and

responsibility. It's not always easy but seeing happy customers enjoying our

product makes it all worth it.

Vallada, Jezreel Eliza Ain (2024)

36
 The first lesson I learned during our culminating project was the

importance of being prepared and expecting the unexpected. On the very first

day, we found ourselves in a difficult situation when we ran out of ingredients due

to unexpectedly high demand for the siomai we were preparing. This left us

feeling both frustrated and furious because we were not permitted to leave the

premises to buy more supplies. This experience highlighted the necessity of

planning ahead and having contingency plans in place to handle unforeseen

challenges. The shortage of ingredients incident was a wake-up call for our team,

highlighting the importance of anticipating challenges and having contingency

plans in place for any project or task. We discovered the significance of proactive

thinking and preparation to avoid unnecessary stress and difficulties.

Furthermore, it underscored the need for strong communication within the team

to ensure everyone is informed and ready to adapt to unforeseen changes

promptly. This experience provided us with valuable insights into resilience,

adaptability, and teamwork, which we have applied to our future endeavors.

37
APPENDICS

38
 Appendix A:

Letter to the Principal

39
40
 Appendix B:

Approval Letter for Food

Tasting

41
42
Appendix C:

Results of

Target Market

43
Results of target market

44
Results of target market

45
Appendix D:

Trials

46
 First trial of making Peelicious Siomai

Second trial of making Peelicious Siomai

47
The final product of Peelicious Siomai

48
Appendix E:

Food Tasting

49
Food Tasting

50
 Appendix F:

Results of Food Tasting

51
 How would you rate the taste of our Peelicious Siomai?

93

131

Excellent Good Average Below Average Poor

What do you think abou the appearance of our product?

97

127

Very Appealing Somewhat Appealing Not Very Appealing Unappealing

Results of Food Tasting

52
How satisfied are you with the packaging of our Peelicious
Siomai?

103
121

Very Satisfied Satisfied Dissatisfied Very Dissatisfied

*No Recommendations*

If we were to sell our Peelicious Siomai, would you consider

purchasing them?

191

Yes No

Results of Food Tasting

53