James Devlin and Alex Bartholomaus present on a key strategic exercise they run clients through to evaluate their business model and if it is ready to grow/scale. A company’s business model can make the difference between stellar success and dismal failure. Most businesses don’t spend much time thinking about their business model, preferring instead to focus on their strategy and plans. While those are important and necessary, the business model is the fundamental underpinning that must come first – it is the foundation upon which a great business strategy and plan may be built.
Fortunately, there is an effective method and tool to help you design your business model – it’s called The Business Model Canvas. It is a strategic management and entrepreneurial approach that allows you to describe, design, challenge and pivot your business model. It provides a one-page visual chart with nine core building blocks, each of which represents key elements of your business model.
If you would like to learn more about the business model canvas, here is a video: