Plan with a business model canvas – Bundaberg Today

A Business Model Canvas (BMC) is a one-page document that summarises the key strategic details needed to get your business or product successfully to market.
This model is particularly appealing for start-ups, as it helps you iron out the nitty-gritty details of your business from the beginning.
The BMC is also more visually pleasing and allows you to see how your business will make money, at a glance.
The right side of the canvas focuses on the customer (external factors out of your control) and the left side focuses on the business (internal factors mostly in your control).
Both external and internal factors meet around the value proposition (in the middle of your canvas), which is the exchange of value between your business and customer/clients.
Your BMC will get you thinking about who your customers are, what problem you think your customers have and how you plan to solve it and how much it costs to operate your business.
Why you need a Business Model Canvas ASAP.
While traditional business plans are great, one shortcoming of those plans is that it becomes outdated almost as soon as the plan has been approved.
For start-ups and businesses experiencing rapid growth, plans are forever changing so if you’re relying on a traditional business plan, you’ll find yourself wasting time updating the whole document time after time.
The BMC gives you the flexibility your start-up needs. Through this model, you’ll be provided with a quick overview of your business plan but without all the bells and whistles of a traditional business plan.
Not only is a BMC easier to understand but it’s also easier to edit and share with your stakeholders and employees.
If you need to make changes or re-prioritise your business activities, as many start-ups do, it’s much easier when the document is only one page.
How do you make a Business Model Canvas?
Think of your BMC as the mission statement for your product or service strategy roadmap.
It’s a handy document you can refer back to, to make sure your strategy roadmap is always accurately reflecting the elements needed for your business’ success.
With all your key business information displayed in nine different categories, the BMC gives traditional business plans a run for their money.
The key elements (or categories) in a BMC usually involve:
– Value proposition.
– Customer segments.
– Customer relationships.
– Channels.
– Revenue streams.
– Key activities.
– Key resources.
– Key partners.
– Cost structure.
You can draw a BMC up on a large piece of paper, a whiteboard or the back of a napkin which is where all the truly great ideas come from as we all know.

source

brucemeyernet

Learn More →

Leave a Reply

Your email address will not be published. Required fields are marked *