The Business Bulletin

A belated happy new year to you. How did last year go and what are your plans for 2024? A lot of networking sessions and coaching sessions I've been to these last few weeks have looked at business planning for the year ahead.

I believe having a plan is essential, but it doesn't have to be a 100 page document, in fact a 1 page outline would suffice over the next 12 months - as long as you're referencing it and tracking your performance against your key goals.

I love working with small business owners like you, helping you be clear on where you're heading, how you're going to get there and the 'now' and 'next' actions you're going to take to achieve that.

So, if you want a free strategy session to put some meat on the bones of your aspirations this year, then book a slot here: https://go.oncehub.com/paulgreen - be great to chat and learn about your business.

In the meantime, take a look at the following article which may be a useful tool for you.

The Business Model Canvas: A Simple Tool to Plan and Grow Your Small Business

As a small business owner, having a clear business model is crucial for success. The business model canvas is a simple, visual tool that allows you to map out the key elements of your business on a single page. Developed by Alexander Osterwalder in 2005, the business model canvas makes it easy to conceptualise, design, challenge, and pivot your business model as needed.

What is the Business Model Canvas?

The business model canvas is a one-page template divided into nine building blocks that represent the core aspects of any business. These nine elements are:

• Value Propositions: The products or services you offer to meet customer needs.
• Customer Segments: The groups you aim to reach and serve.
• Channels: How you communicate with and reach your customer segments.
• Customer Relationships: How you interact with customers through channels.
• Revenue Streams: How you generate revenue from each customer segment.
• Key Resources: The assets required to create and offer value propositions.
• Key Activities: The actions you must take to operate your business.
• Key Partnerships: The network of suppliers and partners to make the model work.
• Cost Structure: The costs incurred to operate your business model.

By visualising how these nine components fit together, you can map out how your company aims to create, deliver and capture value.

How to Use the Business Model Canvas

As a small business owner, you can follow these steps to implement the business model canvas:

1. Print out a large template of the canvas.
2. Gather notes, data, and other resources related to your current business model.
3. Start filling in the building blocks, beginning with the value proposition. Identify the core value you provide to customers.
4. Work clockwise filling in the other blocks. Analyse how each component contributes to delivering your value proposition.
5. Use sticky notes to capture initial ideas before completing the sections.
6. Once complete, study the canvas and look for potential gaps, inconsistencies, or areas for improvement.
7. Iterate on the canvas with partners, employees, and even customers to refine your model.
8. Review and update the canvas regularly as your business evolves.

The canvas provides a holistic, shared view of your business model that can be easily communicated and pivoted. By dedicating time to intentionally design your business using the canvas, you can drive strategic decision-making and growth for your small business.

You can download a business model canvas template here: https://www.canva.com/design/DAF41qlnDsY/BHlHs2I3V3p49dTJXhzD2g/edit?utm_content=DAF41qlnDsY

Don't forget to book a session with me: https://go.oncehub.com/paulgreen