How can you simplify your business model canvas?

Part of crafting a strong value proposition is doing a competitor analysis, many entrepreneurs get blindsided by the competition, because they focus too much on what they have to offer and don’t consider what other products or services are on the market. Entrepreneurs should take the time to see what businesses in the same industry are offering their potential customers and compare their offerings to the competition by taking note of their competitors’: - Product ranges - Product quality - Price - Product features - Primary & Secondary buyer - Free plans / Sample - Promotional strategy - Customer support infrastructure - People / Team - Partnerships Then identify gaps they can use to get into the same market.

Best Practices ?: - Prioritize Key Activities: Identify the most critical activities that drive value and focus on them. - Streamline Value Propositions: Have a clear and concise value proposition that addresses the core needs of your customer segments. - Eliminate Redundancies: Remove any elements that don't directly contribute to your value proposition or customer relationships. Tools ??: - Lean Canvas: A simplified version of the business model canvas, focusing on problem-solving and direct impact. - SWOT Analysis: Helps you focus on your strengths, weaknesses, opportunities, and threats. - Pareto Analysis: Helps you focus on the 20% of activities that yield 80% of the results.

Customer Segment definition should answer the question (asked from a potential customer): - Why should I buy from you? Far to often I see Customer Segment described by socioeconomic factors, geographics, age, gender etc. That has it’s place in the Marketing Plan as a way to describe where you most likely will find your Customer Segments, but not in your Business Model. Think ”Jobs-to-be-done” when you describe your Customer Segments.

Best Practices ?: - Avoid Jargon: Use language that is easily understandable by all stakeholders. - Be Concise: Use short sentences and bullet points for easy reading. - Use Active Voice: Makes your statements more direct and easier to understand. Tools ??: - Hemingway App: Helps simplify complex sentences. - Grammarly: For grammar checks and readability scores. - Plain Language Guidelines: A set of guidelines to help simplify language.

Best Practices ?: - Quarterly Reviews: Update your canvas at least every quarter to reflect any changes in strategy. - After Major Milestones: Update the canvas after achieving significant milestones or pivots. - Collect Data: Use metrics and KPIs to inform updates. Tools ??: - Google Sheets: For real-time updates and collaboration. - Trello: To track milestones and tasks. - Tableau: For data visualization and KPI tracking.

Best Practices ? : - Color Coding: Use colors to differentiate between different elements like revenue streams, customer segments, etc. - Icons and Symbols: Use these for quicker comprehension. - Hierarchy and Flow: Use arrows or lines to indicate relationships and flow between elements. Tools ??: - Canva: For designing visually appealing canvases. - Lucidchart: For creating flowcharts and diagrams. - Miro: For collaborative, real-time visual planning.

As I ventured into simplifying my business model canvas, I realized that seeking feedback was crucial. This step was like opening a door to a room full of insights waiting to be discovered. To achieve simplicity and clarity, I needed input. So, I reached out to my network of mentors, peers, and even some loyal customers. I asked specific questions. The feedback I received was enlightening. Some pointed out areas that needed refinement. It was like having a team of collaborators, each contributing their unique expertise. With their insights, I was able to refine my canvas, filling in the gaps and erasing the confusion. It was now compelling, telling a story that was easy to understand.

Best Practices ? : - Stakeholder Reviews: Regularly review the canvas with key stakeholders for feedback. - Customer Validation: Test your assumptions with real customers. - Peer Reviews: Have other entrepreneurs or mentors review your canvas. Tools ?? : - SurveyMonkey: For collecting customer feedback. - Slack: For internal communication and feedback. - Mentimeter: For real-time feedback during presentations.