The Business Model Canvas is an incredibly valuable tool for businesses, big and small, young and old. In this article, by First Round Review, they talk about why the Business Model Canvas is so important and how to best use it to your advantage.
Here are some of the points they made, and why we think it’s best to use the BMC in an online, silent environment, like Stormboard:
- “It standardizes the elements of business models and turns them into modules that predictably interact with and influence one another.” Putting the pieces of the puzzle together when it comes to how different aspects of a business interact can be difficult, especially if there is a large group involved in determining those elements. Having the clear outlines of the BMC and an environment where everyone can contribute and be equally heard will make it easier.
- “The canvas gives you a systematic way to organize guesses so that they can be researched and tested.” Having all the information in one place makes it easier to turn ideas into actionable steps and actionable steps into accountable participants. It’s especially useful if your whiteboard won’t get erased following a brainstorm and participants can continue to re-visit the canvas.
- “You can take a snapshot of a week in the life of your business — it’s what you thought was the best possible plan at the time with hypotheses you tested,” You can re-visit the BMC often to evaluate where your business is at now and where you want it to go. If you do this consistently you will be able to look back and see the path the business has taken. This is especially easy with an online whiteboard like Stormboard, because reporting is instant and no transcribing is required.
We hope this has helped you better understand the need for a Business Model Canvas and how to optimize it using an online tool, like Stormboard. We would recommend giving the original post a read to glean more information and we welcome any questions you might have about using the Business Model Canvas on Stormboard.