Every Business Needs One of These!

Every Business Needs One of These!

If you have not heard the term “The Business Model Canvas” – let me introduce you to this amazing and simple outline of your “mini-business plan”.

The purpose of this tool is so that you/your organization can quickly and succinctly define (and then reference) who you are, what you do and why you do what you do.

If you already have a business/marketing plan, then consider this the “diet” version. However if you don’t have a plan, then consider this a great starting point to create one. This playbook (or “roadmap”) as I like to call it, identifies the 9 CRITICAL AREAS of your business that define your holistic purpose and vision.

The 9 CRITICAL AREAS OF YOUR BUSINESS MODEL are as follows:

1. Key Partners
2. Key Activities
3. Key Resources
4. Value Propositions
5. Customer Relationships
6. Channels
7. Customer Segments
8. Cost Structure
9. Revenue Streams

There is no sense in reinventing the wheel. This template provides you with the canvas in which to paint the picture of your business. Per the image provided above, here is the link:

https://www.businessmodelgeneration.com/downloads/business_model_canvas_poster.pdf

Under each of those key areas are questions that will help you define and identify each area of your business. Whether you are a start-up and have never done this before or a company that has been around forever; this is an amazing tool to develop and use time and time again.

Creating this canvas may not come as an easy task; it will take time to address each of these business aspects closely. You may not get this done in one sitting, so my recommendation is to review the entire canvas, start thinking about the questions, and take the time necessary to really think about your answers and strategy. Come back to it and fill it out as you develop your approach. Cut and paste and save all of the 9 critical areas and questions in a separate document. Use the canvas to then summarize your answers in a sentence or a few bullets in each of the 9 categories; making is easy to understand and reference at a glance. This should be so simple and straight forward that anyone inside and outside of your organization could grasp and understand (at a high-level) your strategic business model.

You will be amazed at how crystal-clear your business model will be after going through this exercise. It will be very comprehensive and rich in content – yet in a very simple format.

Nevertheless once you are done with your canvas, you will need to revisit it from time to time (once a quarter is a good amount of time). Businesses evolve; no business stays the exactly on same course over time; so your canvas should evolve as you do.

Keep your canvas easily accessible; after all, you will put a lot of work into this, make it work for you and help you day to day as you build and grow your business to make sure you are on the right path. I suggest printing it out and place in clear view and/or save it on your desktop for quick reference.

If you need any help and feel stuck, reach out for assistance. Sometimes a 3rd party can help assess and provide an outside perspective to create a clear picture based on your insights and information collected. They can help ask the questions, work with you to formulate the answers and/or help to summarize your vision. Get others in your organization to help as well as all parties have an important role to play to help bring this canvas to life. After all, you can’t do it alone; integrate and leverage the minds of those strategic partners, associates and colleagues to help guide you to your goals.

I hope you find this tool very useful in developing your business strategy and creating a sustainable business model with a clear vision.

If you have other tools you use, please share. I always hearing about best practices and improving growth strategies in business!

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Laura Wiley, Principal/CMO | MarketingLift.net | [email protected]