rudd consulting
The Business Model Canvas
Understanding the landscape of your business is the first step to streamlining. Learn more about the Business Model Canvas and how it works!
The Business Model Canvas is a tool for documenting your business and creating the value proposition for new ones. It was developed in 2005 by Alexander Osterwalder, and has been improved upon in the business arena ever since. We use the Business Model Canvas to communicate the eight distinct areas of a business, and how they all support what is considered the ninth area, the Value Proposition.
I use the Business Model Canvas (BMC) in my Growth Accelerator coaching program to help understand the Value Proposition of a business (what the key differentiating factor is) and also to identify opportunities to scale within the current framework. Often, when business owners are looking to scale and add new income streams, they try to think "outside the box" and find completely different avenues to drive revenue. But oftentimes, they are not properly capturing revenue streams that are already in their sphere of influence.
Basically, they don't look at the value they already offer that they can capture without trying to market to entirely different customer segments or create entirely new facets of their business.
The BMC is also a helpful tool to see if the business is already spread too thin. Perhaps it is offering too many services, serving too many customer segments, or otherwise trying to cover too many bases. This means the business needs to be reigned in and we need to start trimming.
If nothing else, it helps one better understand what the business is actually doing in one concise page.
I use the Business Model Canvas (BMC) in my Growth Accelerator coaching program to help understand the Value Proposition of a business (what the key differentiating factor is) and also to identify opportunities to scale within the current framework. Often, when business owners are looking to scale and add new income streams, they try to think "outside the box" and find completely different avenues to drive revenue. But oftentimes, they are not properly capturing revenue streams that are already in their sphere of influence.
Basically, they don't look at the value they already offer that they can capture without trying to market to entirely different customer segments or create entirely new facets of their business.
The BMC is also a helpful tool to see if the business is already spread too thin. Perhaps it is offering too many services, serving too many customer segments, or otherwise trying to cover too many bases. This means the business needs to be reigned in and we need to start trimming.
If nothing else, it helps one better understand what the business is actually doing in one concise page.
The BMC comes in various layouts and formats, but they all have the same sections in common. They include the Value Proposition, Key Partners, Key Activities, Key Resources, Customer Relationships, Channels, Customer Segments, Cost Structure, and Revenue Streams.
All nine sections are equally important to understand, and the eight sections should support each other as well as the Value Proposition of the business. You may have heard the term Unique Selling Proposition (USP), which is similar, but using the term Value Proposition identifies that it's not just about the selling aspects, but the true value the business brings to it's environment.
There are many tools that you can use to understand and communicate the value of your business, but the BMC is a
All nine sections are equally important to understand, and the eight sections should support each other as well as the Value Proposition of the business. You may have heard the term Unique Selling Proposition (USP), which is similar, but using the term Value Proposition identifies that it's not just about the selling aspects, but the true value the business brings to it's environment.
There are many tools that you can use to understand and communicate the value of your business, but the BMC is a
The Business Model Canvas
foundational tool to understand the very essence of your business. Running through the exercise of understanding your business plan, and the business' Value Proposition is key to taking your business to new heights.
No matter where you are in your business journey, the BMC is an amazing opportunity to really think through all the various aspects of your business.
I have created my own Business Model Canvas (complete with explanations of every section of the canvas. I use it in my coaching program, but I also have it as a free download for you here! Just enter your email address and name below, and it will be sent to your inbox so you can get started on your BMC right away!
No matter where you are in your business journey, the BMC is an amazing opportunity to really think through all the various aspects of your business.
I have created my own Business Model Canvas (complete with explanations of every section of the canvas. I use it in my coaching program, but I also have it as a free download for you here! Just enter your email address and name below, and it will be sent to your inbox so you can get started on your BMC right away!
