How May a Business Model Canvas Help You?
The Business Model Canvas helps you establish design or remodel a business idea or solution while vetting your risks, hypotheses and assumptions. It saves considerable time before you invest money, time and effort.
What’s exciting about the canvas it that it addresses many business issues, criteria and factors in one place, creating a one-stop view of how key business dimensions will effect or relate to your plans to launch a new idea, breakthrough or solution. You can also use the canvas to improve your conversations and engagement with investors, internal stakeholders and customers on business cases and product strategy. The Canvas not only supports collaborative brainstorming, it also creates a shared language, framework and understanding of the opportunities and issues of going to market.
The canvas uses nine building blocks mapped in one poster as illustrated. Each of these nine components contains a series of hypotheses about your business model that you need to test. Keep in mind, a business model is never finished. It is iterative. It continually evolving as business activities, customer markets and needs change.
There are no hard and fast rules about using the Business Model Canvas. But best practices from our interviews, experiences and reviews of other new product development programs identified the following tips to be most effective and efficient for you.
A great place to start is developing the questions to test your hypotheses, assumptions and unknowns.