come back ready lemons today we're going through transforming a business plan into an action plan here's another one for term three I hope you enjoy [Music] hi everyone my name is teacher Elona welcome back to my channel and if you are new here welcome to my channel I create videos for business study students for grades 10 11 and grade 12. as mentioned today's one for the grade 11s this is the second topic that you'll be going through in term three I want you to know that I don't take any credit for the information given in these slides and this video today I have received this from the Western Cape education department website and am able to use them as it is accurate correct and relevant for the curriculum for the grade 11s for business studies I have put the resources links down below as well as at the end of my video that I've made use of to create this video today alright let's dive in transforming a business plan into an action plan all right so here's just a nice little mind map before we dive into it of all the aspects that we will be going through so we'll be looking at the meaning of an action plan the purpose of an action plan we'll also be looking at the importance of an action plan and the stages of an action plan as well as looking at timelines again charts planning project planning steps all right so a business plan I'm sure you heard of this in grade 10 even before taking business studies I'm sure you've heard of this concept so the definition of a business plan it is a written document which gives a comprehensive overview of a proposed business a business plan explains the objective of a business what the business is all about and how there will be financed and resourced so each business will have a business plan and it's very important to have a business plan if you want to get Finance from Banks and receive Investments then it is crucial to have a business plan to show them what your business is all about what will you be selling it also includes the costing of your products as well as the markups and then just before we move on this is a very nice um introduction to make use of for the essay unless they ask you for the meaning and the definition of a business plan specifically the purpose of a business plan it offers direction of a proposed business it is a written document as you mentioned which gives a comprehensive overview of a proposed business it explains the business objectives how it will operate how the finances and resources will be handled and what the business aims to achieve it's used to check performance it's a tool used to sell and Market the business to identify possible strengths weaknesses opportunities and strengths so SWOT analysis it's used to convince other people of the profitability of the business such as apply for finance from a bank then we have action plan the meaning of an action plan again a nice one for an essay for an introduction an action plan is a record of activities showing how those activities will be organized to achieve the goals set out in the business plan it is a planning and monitoring tool that specifies what tasks must be done by whom when and with what resources to reach specific goals it is a process that will help to focus ideas and decide on the steps to achieve a particular goal so a play on words here if we're taking a business plan and making it into an action plan we are taking that plan and putting it into action so a lot of times in business just try and remember it like that if you're not too sure what an action plan is the keywords might help with putting the business plan into action and then it shows how will this be done all right so questions to think about when drawing up an action plan so we can think about how will it happen who's responsible when will it be done why are we doing this where will it be done what methodology will we use how much will it cost and what must happen then the importance of an action plan so we can look at why do we need an action plan that's what this is explaining why do we need it why is it important to have an action plan in place so it enables projects to be achieved within the specified time it helps the person responsible for achieving certain goals to be organized it's a control measure against which standards and performance can be measured it prioritizes activities according to importance it turns plans into actions like I mentioned it identifies problems that could occur it acts as a monitoring tool and makes it possible to check the progress it enables businesses to transfer their plans into actions it enables businesses to think logically and identify gaps in the plan it serves as a monitoring tool to check on progress continuing it provides an opportunity for reflection on what has happened before and what actions can not helped have not helped sorry it can bring together individuals experts that are knowledgeable in the area of work it clarifies the objective and brings opportunity to identify areas that need change it both consensus as everyone involved can contribute their ideas it creates ownership accountability by creating a sense of individual and Collective ownership for the action plan it clarifies time scales that need to be done to achieve a particular objective it identifies measures of success by providing a way of measuring progress towards the goal all right then the steps that we need to follow when drawing up an action plan the steps or the stages I just want to go back one slide so with the importance remember this is a very nice six Mark or eight mark question where they might phrase it as discuss the importance of drawing up an action plan or discuss the import or outline the importance of an action plan um elaborate on the um importance of an action plan advise a business on the importance of an action plan and remembering in business studies unfortunately it isn't your own words so be careful for words like advice suggest and recommend those make us think that it is our own words but unfortunately it isn't so just be careful because this one could also be worded as suggest to a business the importance of an action plan all right then we're back so the steps the summary of a vision mission long-term and short-term goals must be defined the final steps you would take to get there start with what must be done first so prioritize okay I like to use the example of building a house so when we're building a house we can't be installing Windows when we don't even have walls okay this type of example so we need to prioritize also when starting a business as well there's certain things that we need to do and certain things that need to be done so we can't be hiring employees for our business if we haven't even registered our business we don't have a premises so that's what they're talking about with the steps is we need to have it in a logical order and prioritize certain events that need to happen identify the end point of each step arrange the steps in a logical order like I said think about any problems that may happen review the progress regularly and identify indicators to confirm progress all right project planning right with with project planning we're looking at the meaning first project planning is a tool that can be used to turn an idea into an action plan it is a detailed description of all activities that need to be completed to execute a project successfully the startup of the business can be viewed as a project which must be planned project managers are usually in charge of developing and monitoring the implementation of projects the project management skills are the use of knowledge skills tools to plan and Implement activities to meet the goals of every project then project planning steps so we first need to find the scope of the plan so the scope basically means in a nutshell what has to be done what is the purpose what are the first activities and the lost activities identify project supporters we break down the project into activities said time frames and determine how long each activity is going to take save Milestone targets what are the main completion points determine accountabilities the people responsible for the decisions being made calculate the financial human Technical Resources that will be needed plot the activity schedule into a Gantt chart execute the project plan monitor progress communicate and review project progress and then keep records of all activities all right then we have the planning tools before we dive in too much there are three planning tools we are first going to look at timelines and schedules then we're looking at work breakdown structures and then we're going to move on to get shots so just remember in case in a paper they do ask you list the three planning tools those are the three of them I'm just going to repeat them again timelines work breakdown structure and game charts let's look at timelines a timeline is a representation of all the tasks that must be completed when these tasks and when these tasks can be completed timelines helped team members to know what Milestones need to be achieved and by when the entries on the timeline need to be accurate and the information needs to be well organized timelines often involve making projections so it sounds silly but a timeline we are literally putting the time that things need to be done into a line to say this needs to be here done by the stage this needs to be done with the stage and this needs to be done by that stage all right examples of timelines okay let's go through this a timeline is also known as a schedule for example here we're looking at implementing a business so we're going to start up a business all right so here we have we need to register the business we're going to do that when from the first to the 4th of September then we need to find a premises we're doing that from the 7th to the 18th of September and leasing equipment 25th of September and then so on and so forth so we're going to take these timelines and put them into what we're calling a schedule so you can see here at any point if the manager or if the director is asking us so in this situation we are implementing a business but it could be anything it could be a bake sale it could be hosting a launch party whatever the project may be the manager would ask us at any given point when is the stage happening and the timeline is quite nice because we can see exactly at any given point when things are going to happen so in the first week of September we are registering the business the second and third week we are finding a premises and so on and so on so should the manager come and say listen when are we actually going to start this business oh we are starting this business in the second week of October so do you see how the timeline and it's a nice representation visually that you can see a lot of companies to be honest make use of timelines with bars that go horizontally instead of the X's but either way there isn't a correct or incorrect way so this is just an example of this timeline for this um implementing of a business all right then the second planning tool a work a breakdown structure okay don't let these big words confuse you a work breakdown structure we are taking the work project and we are breaking it down into smaller bits that's in a nutshell what a work breakdown structure is because on knowing business studies you see these terms work breakdown structure and your mind just goes into a fog don't let it do that just a lot of the time you could take the word and just split it and break it up and make sense of it so that's an example and hopefully that triggers all the keywords and the facts when you're writing a testing exam a work breakdown structure is used to schedule the timelines for a project to decide what tasks need to happen to happen when and in what order it is the first step in dividing the business plan into smaller project stages it organizes a plan into manageable stages that can be carried out individually it also organizes the tasks in a logical sequence there is there exactly is my example of house can't be putting on a roof if we don't have walls if we don't have a foundation it can be also be used to develop again chart it allocates responsibilities to staff members okay just a few keywords here we see the word timelines we see the word Gantt chart so with that we're going to create our timeline our timeline can be used to create a work breakdown structure we use the work breakdown structure to create the can chart so as much as use of the three planning tools then we can use individually they do also flow into each other so just remember that as well so we can see as we mentioned we use the schedule of the timelines for a project and then the word breakdown structure can be used to develop again charts and it also lastly allocates the responsibilities to staff members then a nice example of a work breakdown structure okay we're going to get into the steps in the next slide but here's a nice visual representation of all of um the stages that need to happen so what is our project we are creating a company holiday party okay sounds quite nice so here are Key activities that we are doing this initiation this preparation this execution and follow-up so initiation is ages in a project then we go into preparation so it's just just before the project is about to be executed and actually happen then we look at execution so that's actually on the day that this project will happen we are executing the project and follow-up is once the project has happened so initiation we need to choose the party date and time very important before we can do anything before we can send out invites before we arrive to the venue we need to choose the dates and time then we need to decide on the food and beverages okay are we going to have a three-course meal are we going to have appetizers and tappers decide on the party activities if any cost estimation create party invites okay then the preparation we need to send out these invites now that we have chosen a date and the time we've also created the potty invites we need to send them out acquire food and beverages book The Venue create a party playlist then execution on the day that everything is going to happen we arrive at the venue for setup we're welcoming the guests we enjoy the party and then we are going to clean up after the party follow up after the event so party has happened everyone's leaving we're going to thank the guests for coming we're going to do a follow-up survey then we're going to discuss improvements for next year so we do a follow-up did you enjoy the party what were the things you liked what were things you don't like what would be something you'd want to see next year then we can document those and use them for the project next year alright I'm going to come back to this once we have gone through all the steps as well okay so the steps so the first thing we need to do is identify the key activity then we need to subdivide the toss into secondary tasks we'll break down each secondary task into more detail and then fourthly we need to check for logic sequence and details nice little diagram down here below that you can draw and make use of it's a nice way to just remember the four stages okay let's go back to the party so they said step one was to identify the key Key activities so these were the four Key activities that you mentioned so let's go to let's work on Preparation okay preparation is our key activity now we need to break that down to secondary activities we're sending out invites acquiring beverages booking the venue and creating a party playlist then not in this example but what you would do is you would actually break this down further if we go back break down each secondary task into more detail so you would actually break down each of these into more detail so send out invite you might have a list there of the guest list the acquire Beverages and Foods you might have the exact list of what you are going to order what you are going to have them book The Venue there we are going to have maybe a list of different venues and their prices and then we need to select one and book it all right then check for logic and sequence so we need to check for logic and sequence okay um within the preparation these can all happen simultaneously but we cannot be sending out invites before we've booked a venue before because we are these people going to go they don't know which party they're coming to but creating a party playlist that can happen lost once everything else has happened also we can't be acquiring and buying the food and beverages if we haven't decided what food and beverages that we need so we also the last step need to check for logic and sequence All Right Moving On then the last one Gantt charts it is a bar chart that illustrates a project schedule it shows the start and finish date of the terminal elements and a summary element of a project these elements consist of a work breakdown structure of the project see how they all tie in it's an easy way to view projects as it shows a series of dates across the top of the page with solid bars below it so you're going to have the dates at the top and below it we're going to have the bars I will show you an example I'll show the duration of each task so they're going to show how long the task is the starting and the ending of every task the names are written in the column on the left vertical axis which contain the name of the person responsible for completing the task they have different lengths to represent the order or the timing and period of each task okay here's each task Made Simple a b c and d in this example we don't have the person responsible but we'll bear with it there's start dates there's the end dates even at the bottom it shows how many days are needed to complete so here you can see here as it said on the horizontal axis is going to be the dates so from the second to the 19th a that's where project a is going to be Project B do you see starts when project a isn't even finished so you can have that these two projects are happening concurrently 10. so there's a simple example of again chart and it is done horizontally so again at any point a manager can or project manager or a director can ask where how far are we with this project how long is it supposed to take and we can show it here to him then constructing a Gantt chart we just saw an example so let's go through the facts we need to write down all the activities that must be carried out to complete a project so we need to write down all the activities that must be carried out to complete a project decide how much time you will need for each activity just like we did with the implementing a business example determine which activities need to be completed before another activity can be started and which activities can be carried out simultaneously drive a table with a row for each activity and columns for the days and weeks these columns indicate the timeline again showing the interrelationship between the three write each activity in in order down the rows and indicate in the left column all right nice example of again chart here all right so at the top here is a nice example of an action plan I didn't mention it earlier but this is a nice example of the action plan so here are all of our activities we are naming them tasks these are the people responsible this is how long it'll take and this is the date of completion okay generally with projects we will actually have a specific date it won't be the last week of April type of vibes but every project is different and everyone who works on the project do it differently so here we are planning musa's wedding so we need to inspect the venue Samuel will do that it'll take her three weeks so the third week of April to the first week of May we need new quotations from the first to the third week of April and so on and so on so again at any given point if the manager comes to us when are we sourcing a caterer okay we are sourcing a caterer from week two to week three who is involved gracing all right the importance of the Gantt chart it's easy to prepare and understand events are shown in chronological order the time needed for an activity is shown visually managers and team members can see which activities run concurrently team members can see who is responsible for each activity they show progress on activities and enable managers to monitor the progress interrelated tasks can be used at a glance okay here's another example of again chance so we can see here's the key activity that we did in the work breakdown structure so evaluates current requirements okay we can see there's the duration okay from the first to the fifth of January then each of the secondary tasks are plotted here below so again do you see at a glance it's quite nice that you can see when everything is happening I do like the scan chart as well because it shows for the key areas how long they're going to take and then individually their secondary tasks too then the importance of timelines they help the planners to project dates in advance it is just in determining the sequence order in which activities and tasks must be completed it keeps information in the order that it has to be in assist project managers in keeping their tasks and exceeding clients expectations and project managers tools to get their job done many of which are specific to a single project or product and there's a nice example of the timelines here's a recap of everything that we went through for the video so it's a nice mind map to just jot down if you'd like to I wouldn't study from this alone like I mentioned in my previous videos but it's nice as a glance and a mind map to have in your business studies book to just review and go over these are the resources that I mentioned the beginning of my video that I've made use of in this video today so we've reached the end of the video I want to thank you so much for watching this video today I hope it's going well with term 3 so far we've got exams and tests coming up soon so that's quite exciting but also nerve-wracking I hope my videos are helping you guys please if you like this video please give it a thumbs up and please remember to subscribe to my channel I'd really love to hear your feedback let me know which topics you would like to see in my next videos or if you have a good one and I hope to see you in my next video bye for now please