Perhaps a canvas model can serve as inspiration for innovation within your business.
What is a business model canvas?
According to Business Model Generation, “A business model describes the rationale of how an organization creates, delivers, and captures value.”
Applied to an existing company, a business model and its corresponding canvas can be used as a blueprint for a strategy to be implemented through organizational structures, processes, and systems.
A business model canvas is a guiding tool to vet ideas and build out components of an idea or solution. It’s simpler than a complex business plan and can help start strategic conversations and identify areas for opportunity.
A canvas can be used…
> In establishing a new process or product
> To develop a segment or identify a growth engine
> In evaluating divisions within a company
> To add clarity to a concept
> To manage strategy
Sections of the canvas explore nine building blocks for identifying revenue opportunities. The segments include: customer segments, value propositions, channels, customer relationships, revenue streams, key resources, key activities, key partnerships, and cost structure.
The focus of each segment of the canvas is to define each block as narrowly as possible but broad enough to create a viable market opportunity.
1. Download a business model canvas.
2. Plan work sessions to strategize and build out the canvas.
3. Take your team on the path to innovation.
Sterling National Bank can work closely with your business to help you meet and exceed your goals. Contact your relationship manager or Client Services for more information, at 855.274.2800.