What is a Business Model Canvas
A Business Model Canvas (BMC) is a strategic management template used to describe, design, assess, and helps businesses understand how they create, deliver, and capture value. It provides a visual, one-page framework, divided into nine building blocks that cover the essential aspects of a business. These blocks are: key partners, cost structure, key activities, key resources, value proposition, customer relationships, channels, revenue streams and customers segment.
How to create your own BMC
If you have more than one business plan in your account, start by selecting the business plan for which you want to create a BMC. If you are not sure where to find the list of all your plans, you can refer back to this helpful article.
Once you have selected the business plan for which you want to create a BMC, you can either click on the Business Plan tile, situated on the home page, or click on Business Plan, from the left hand-side menu of your dashboard. This action will bring you into your business plan.
At the top left of your business plan dashboard, you will see Business Plan with a small arrow next to it. Once you click this arrow a drown down menu will appear, with two options: Business Plan and Business Model Canvas. The Business Model Canvas section opens up further into two more options; either to to create your BMC from scratch, or you can select to have the AI create your BMC for you, based on the information contained in your business plan.
How to customize your BMC
Whether you opt to create your BMC from scratch or have the AI build it for you, every component can be edited and fine tuned to your particular needs.
If you run your mouse along the top of each block, a small green circle with the letter "i" will appear. This is an information drop down that will provide you a breakdown of the type of information that is contained in that particular block.
Next, by running your mouse up and down over the list of element in any one block, a small series of 6 gray dots will appear on the left hand side. If you click and hold these dots, you will be able to move that line of information.
Click on any phrase in order to edit it, either manually, or by clicking the small blue star that will appear at the bottom right corner of that phrase block in order to engage the AI to rephrase an element for you.
Benefits of using the Business Model Canvas
In conclusion, the Business Model Canvas is a valuable tool for businesses to understand and analyze their business model. By identifying key elements and their relationships, businesses can make informed decisions and develop effective strategies for success. Whether you are starting a new business or evaluating an existing one, the BMC can help you create a clear and comprehensive overview of your business model.