Sage are here to give you the full lowdown on why a Business Model Canvas IS the new Business Plan
If you’re looking to start a business or want to expand, writing a plan is a key part of the process. An effective business plan will outline what you want to achieve and highlight problems that might appear on your road to success. If you can identify potential problems before they occur, you’ll be able to create proactive strategies in order to ensure the survival of your business.
A strong business plan can also be great for sharing information about your business and will come in handy if you’re applying for finance.
Despite its advantages, many businesses avoid creating a plan because they believe it will be a time-consuming process. This is where the Business Model Canvas can benefit your business.
Developed by Swiss business theorist, author and consultant Alexander Osterwalder, the Business Model Canvas is a straight-forward tool that shortens the planning process, condensing the final plan into one page. Because it allows you to plan in a highly visual way, the Business Model Canvas can be a great tool to use in a group planning session.
While it’s recommended to still have a full business plan in place, the model can act as a supplement for a larger plan. Its usability and simplicity allows business owners to quickly test the viability of different strategies. It can even be adapted for businesses not pursuing revenue growth as their primary goal, for example charities.
Accounting software expert Sage has provided a handy guide with information on the benefits provided by the Business Model Canvas for new and existing organisations. The visual also includes tips on how to fill in the different sections of the template.
Check out the guide below:
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