The business model canvas is a strategic management template used to describe, design, challenge, invent, and pivot business models. It was created by Alexander Osterwalder and Yves Pigneur in their book Business Model Generation.
The //sphinxbusiness.com/ is a visual tool that helps businesses to understand their business model in terms of nine key components:
- Customer segments: Who are your target customers?
- Value propositions: What value do you offer to your customers?
- Channels: How do you reach your customers?
- Customer relationships: How do you interact with your customers?
- Revenue streams: How do you make money?
- Key resources: What resources do you need to operate your business?
- Key activities: What activities do you need to carry out to deliver your value proposition?
- Key partnerships: Who are your key partners?
- Cost structure: What are your major costs?
The business model canvas can be used to:
- Describe your current business model: By filling out the canvas, you can get a clear understanding of how your business works today.
- Design a new business model: If you are looking to start a new business or pivot your existing business, the business model canvas can help you to brainstorm new ideas.
- Challenge your existing business model: By regularly reviewing your business model canvas, you can identify areas for improvement.
- Invent new business models: The business model canvas can be used to invent completely new business models.
- Pivot your business model: If your business is not performing as well as you would like, you can use the business model canvas to identify areas for improvement and pivot your business model accordingly.
How to Use the Business Model Canvas
The business model canvas can be used by businesses of all sizes and in all industries. To use the canvas, simply fill out each of the nine boxes with information about your business.
There is no right or wrong way to fill out the canvas. The most important thing is to be as specific as possible. For example, when describing your customer segments, be sure to identify your target customers by demographics, psychographics, and behavior.
Once you have filled out the canvas, take some time to review it. Are there any areas where you could improve your business model? Are there any new opportunities that you could pursue?
The business model canvas is a powerful tool that can help you to improve your business. By taking the time to fill out the canvas, you can gain a clear understanding of how your business works and identify areas for improvement.
Conclusion
The business model canvas is a valuable tool for businesses of all sizes. By taking the time to fill out the canvas, you can gain a clear understanding of how your business works and identify areas for improvement.
If you are looking for a way to improve your business, the business model canvas is a great place to start.
