Why Every Entrepreneur and Small Business Needs a Business Model Canvas
BMK Coaching Case Study
One of the best tools to fully understand your business and how it will launch, change & innovate as it grows and responds to new dynamics in the market, is the Business Model Canvas. The Canvas is one of many tools we will be walking BMK Coaching through as the business is getting ready to launch.
This will be accomplished through a multi-day Business Model Canvas PLUS consulting experience which I have developed through years of experience on executive teams and the launch of my own brand, Iron Age Athletics.
1) Quickly define the problem and solution (high level)
2) Complete first pass of the Business Model Canvas
3) Create an empathy map for main/top customer segment
4) Document driving forces and SWOT
5) Determine if a quick Blue Ocean four actions framework might provide differentiation options (now in in the future)
6) Complete two custom documents: Phases and Pillars
7) Draft an initial simplified One Page Strat Plan (capturing action items for the next 3 months)
8) Prep a future/working Model Business Model Canvas
This is a great exercise/process for entrepreneurs or small businesses who may not have had the time to slow down and think about the business outside of the initial product/service offering.
The following is a recap of our first session:
Employees (anyone really) are not being completely heard.
Managers/companies are not equipped with the skillset or processes and programs that will allow their team members to grow professionally or personally.
Introduce coaching programs into companies and educate leaders, managers and team members how to utilize bi-weekly sessions to ensure:
- Team members are being heard (completely)
- Offer professional and personal growth opportunities
- Replace antiquated performance review methods with a new model that ensure team members are happy, healthy and productive
- Increase individual, team and company accountability
- Improve top and bottom lines
BMK Business Model Canvas – for Launch
Summary of Session 1
While session 1 was short, we were able to quickly define the problem/opportunity and complete the first half of the Business Model Canvas.
- Getting specific on who BMK coaching is solving the problem for, lead right into section 1 of the Business Model Canvas – the customer segments
- This gave BMK clarity on who the initial target customers will be, providing focus for acquisition strategies and tactics
- Section 2, the value proposition now can be more focused as well – knowing exactly who BMK is providing this for
- BMK is taking a three tiered approach to it’s offering which may increase their ability to get executives onboard, if they are able to experience the benefits of this style of coaching themselves
- Section 3 outlines how BMK will reach its customer segments, understanding that some educating will have to take place here. BMK also realized that their large network will be a key starting point as getting referrals will be where they place their initial efforts
- Section 4 lead to some insights as to just how intensive and time consuming the relationships will be. With a commitment to so many 1 to 1 experiences, the number of clients served might be smaller than expected – and the size of companies might have to be much smaller than expected as well.
- Given that clarity, the revenue piece can be better understood, knowing that there will be a cap to number of experiences offered or number of company-wide introductions that can be realistically completed each year
The next session we have will focus on the second half of the Canvas, which will outline just how BMK will make all of this work.