Episode 14: Business Model Canvas - moving from a business idea to a viable plan
Welcome to another episode of Her Business is Our Business where we, Gayatri and Aparna look at Women Entrepreneurship beyond funding – sharing expertise, experiences and tools to grow your business.
In this episode, we discuss and explain in detail about a tool that is paramount to any Business, the Business Model Canvas (BMC).
We start by explaining what a Business Model Canvas is and its important elements. Gayatri then shares some insights and experiences from a Business planning workshop she led recently. We also share some ideas on resources that can help you build the BMC.
Key aspects of a business are partners, customers, revenue and costing.
Business Model Canvas is a strategic management and lean startup template/ tools for developing new business models or documenting existing ones.
It is the cornerstone of any business and an essential tool irrespective of the size or nature of your business.
Critical elements of BMC are the Value Proposition of your business & Customers/ target audience description.
Once the Value proposition becomes clear, everything thing will fall in place.
From the BMC evolves your daily plan and activities. It helps you prioritise.
Tips for entrepreneurs:
Set time aside, clear your calendar and focus on building this
Read the structure, work on it and not worry about how it shows you
Check your BMC 2-3 times a year and make minor tweaks if required
If you make any changes, ensure you go through all the squares on the BMC and see if they align
Many resources are available in the form of apps, blogs, software, books, case studies that can help you build the BMC