The creation of The Business Model Canvas tool was completed in 2010. If you are not familiar with it, you should be!
There are many benefits to using a Business Model Canvas: it’s visual, it’s easy to change your business assumptions and it provides a common language for team members from diverse backgrounds to communicate with each other about the business model.
This doesn’t mean we should throw out the business plan.
It is still a requirement for investors, bankers and other resource providers. However, if you want to be proactively developing your business model, the Business Model Canvas is a far superior tool.
The big growth in popularity over just the first four years in existence proves this. Check out these two trends in Google search terms:
The Google searches for the term ‘Business Plan‘ have decreased from about 500,000 searches per month to 250,000 searches per month from 2005 to 2014.
The searches for the term ‘Business Model Canvas” have increased from zero in 2010 to 50,000 in 2014.
It is now an integral part of our business strategy. How about your business strategy? If you’re interested in how to apply the Business Model Canvas to your business, drop us an email - firstname.lastname@example.org