A business model describes the rationale of how an project creates, delivers, and captures value. The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
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A business model describes the rationale of how a project creates, delivers and captures value. The process of business model construction and modification is also called business model innovation and forms a part of business strategy. The term business model is used to cover many aspects of a project.
In theory and practice, the term business model is used to describe many different core aspects of a project, including purpose, business process, target customers, offerings, strategies, infrastructure, organisational structures, sourcing, trading practices, and operational processes and policies including culture.
The business model canvas is a strategic planning tool used to illustrate and develop a business model. The business model canvas template clearly identifies the key elements that make up a business model. Additionally, it simplifies a business plan into a condensed form. The business model canvas template acts like an executive summary for the business plan.
The canvas divides the business model into nine building blocks across 3 pillars
- Viability – Is the business model commercially viable?
- Cost Structure
- Revenue Streams
- Feasibility – What is needed to deliver the business model?
- Key Partners
- Key Activities
- Key Resources
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Desirability – What is the value of the business model to a local authority?
- Value Propositions
- Customer Relationships
- Customer Segments
- Channels
The canvas lays these blocks out in a consistent way to create a repeatable approach.
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