Business Model Strategy

 

Developing a business model is the first step in turning your ideas into reality or reevaluating the profitability of a new or existing product/service. A well-developed business model provides the rationale about how you intend to build, grow, sustain and profit (or support if a non-profit) from your endeavor. Your business model will help you define:

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• Value Proposition: What value do you deliver to your customers and why will they choose you over your competition?

• Customer Segments: Whom do you plan to serve?

• Channels: How will you reach and communicate your value proposition to customers?

• Customer Relationships: How will you interact with your customers? Automated, personal, co-created, etc.?

• Revenue Streams: How will you generate revenue and will there be multiple streams?

• Key:

  • Resources, Actives, and Partnerships: What specific resources, activities, and partnerships will you require to bring your value proposition to customers?

• Cost Structure: What are the most important costs associated with operating your business model?

 

This is a critical part of the strategic business planning process. We use innovative planning tools like the Business Model Canvas (see below) to help illustrate the synergy between all areas of your model while keeping the process as simple and efficient as possible.

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