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:
Inspired? Get involved with Cardiff University Enterprise and Start-up!
Do you have entrepreneurial inspirations and aspirations? Cardiff University Enterprise and Start-up could help you realise your full potential in business and entrepreneurship. It’s all about thinking creatively, spotting opportunities, making things happen and developing skills for life. It’s not just about business; it’s about helping you to make the most of yourself.
We run workshops, competitions and sessions to help you develop skills and knowledge. Find out about all our courses and sessions on the intranet, follow us on Facebook and Twitter, with #ideastolife, or email us at firstname.lastname@example.org.
Your feedback and help please
Have you found this blog post useful? Please help us by commenting in the comments bar below, and if there is anything further you’d like to know ask your questions there too.
We’d also be grateful if you can share this information by re-tweeting or sharing with your fellow students who may find this useful – you can do this by using the share buttons or via twitter and facebook.
The Enterprise Team
Your Student Life, Supported.
The Student Support Centre has a range of services dedicated to helping students make the most of their time at University, including: Advice and Money, Careers and Employability, Counselling, Health and Wellbeing, Disability and Dyslexia and International Student Support.
For further details of services, events, opening times and more find us on the University Intranet.