Business Mastery for Entrepreneurs – Part 16: How to Develop the Best Strategy for Your Business – Business Model Canvas Blueprint

In today’s blog post, I will show you the 9 elements of the business model canvas blueprint.

In my last blog post I shared what a business model canvas is, who created this tool, what the advantages are and how you can test your business model performance.

Now, let´s explore the 9 elements of the blueprint and how you can use it for your company.

Overview

⇒ What are the nine elements of the business model canvas blueprint?
⇒ How to compare the different business models
⇒ Summary

Business Model Canvas Blueprint

What are the nine elements?

Each of these nine elements contains a series of hypotheses about your business model that you need to test. To start, asked the following questions:

Element #1: Key Partners

Who is your key partner, and your key supplier?
Which key resources is your company acquiring from your partners?
Which key activities do partners perform?
List the partners that you can’t do business without.

Element #2: Key Activities

What key activities does your value proposition require?
What distribution channels is your company using?
How does your company build customer relationships?
What are the company’s revenue streams?
What do you do every day to run your business model?

Element #3: Key Resources

What key resources does your value proposition require?
List the top three revenue streams.

Element #4: Value Proposition

What value does your company deliver to your clients/ customers?
In other words, what need does your company satisfy?
Which of the clients/ customer challenges does your company help to solve?
What products and services does your company offer in each segment?
What is your company’s minimum viable product?

Element #5: Cost Structure

What are the most important costs inherent to your business model?
Which key resources and activities are most expensive?
List your top costs by looking at activities and resources.

Element #6: Customer Relationships

How does your company get, keep, and grow clients/customers?
Which client/customer relationships has your company established?
How are they integrated with the rest of your business model?
How costly are they?

Element #7: Channels

How would your clients / customers prefer to be reached?
How do other companies reach their clients/ customers?
What works best and is most cost-effective?
How do you communicate with your customers?
How do you deliver the value proposition?

Element #8: Customer Segments

For whom is your company creating value?
List the top three segments. Look for the segments that provide the most revenue.
Who are your most important clients/customers?

Element #9: Revenue Streams

For what value/product/services are your clients/ customer willing to pay?
For what do they currently pay?
What is your company´s revenue model?

How to compare different business models

Comparing different business models is useful in addressing and answer the following questions:

If your company enters a new market, how will this affect the revenues?
If your company stops providing certain services, will it decrease the costs?
Why is the competitor’s model more successful than yours?

Summary

A business model canvas has 9 distinct elements. They are:

Element #1: Key Partners
Element #2: Key Activities
Element #3: Key Resources
Element #4: Value Proposition
Element #5: Cost Structure
Element #6: Customer Relationships
Element #7: Channels
Element #8: Customer Segments
Element #9: Revenue Streams

Supporting you

I´m available to support you through this difficult time by re-imagine your business. The Business Model Canvas will help you to analyze your current business model.

Contact me for a complimentary 30-minute strategy session:

https://nextlevelcoach.as.me/schedule.php

Coming up next month

In my next blog post, I´ll share how to use the Business Model Innovation.

Stay tuned!

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