Introduced in 2010 Alexander Osterwalder’s Business Model Canvas (BMC) slowly becomes a standard work in business literature. Not only that the startup community is using this brilliant tool which is accompanied by the book Business Model Generation but also more and more traditional companies apply the powerful mindset creating new business models to innovate the future.
Ease of Use
The ease of use in combination with the one page approach makes the tool powerful to visualize the idea at a glance.
High Level View
The Canvas provides a high level view on a business model.
The mindset brings people together to exchange their opinions and to communicate in a collaborative way.
The canvas can easily be used to iterate or to pivot business models. Try the constrained versions. It gives you the opportunity to generate multiple options and increase the chances for success.
It should be used in innovation environments to be visually and constantly displayed on boards to work with the issues every day.
Good Business Knowledge
The easy access to use the tool is a chance and threat at the same time. Only professionals with good business knowledge will succeed in good results.
The prototype character gives it an incomplete appearance. Thus criticism is not being taken too seriously and it is easier to cope with it and change criticism into opportunities. The Business Model Canvas is not a fashionable one way tool. It is a mindset which must suit the corporate culture. It is often the beginning of a transformation in the company.
The commitment of the canvas to value creation and benefits for the customers rather than focusing on technical issues makes the approach so valuable.
Third party software tools support further development of the Business Model Canvas into business plans.
Good knowledge of other business tools like SWOT, BCG Matrix, Value proposition, Brand Steering Wheel, Personas, Empathy Map, Osborne, Design Thinking, Blue Ocean or the St. Galler Business Model Navigator help to succeed in applying the Business Model Canvas.
Good Starting Position
To get good results it is important to understand the exact meaning of the words in the raised questions. What exactly is a value, a benefit, a feature, a relation, a channel, a value proposition, a unique selling proposition? How do they differ? Make sure that your team has the same understanding.