October 3, 2022
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Business Model Canvas a great for financial success

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Marc L. Goldberg

Of all of the start-up tools out there, the Business Model Canvas (www.strategyzer.com) is one of the most well-known and relied-upon to help entrepreneurs transform an idea into an organized strategy and an actionable business plan. The Business Model Canvas gives entrepreneurs a wide snapshot of all aspects of their business — everything from the value proposition and customer segments to operations and the financials.

The tool itself, however, is no more complex than a series of nine boxes representing business segments drawn across one sheet of paper. A large part of its effectiveness is in its simplicity. The exercise forces owners to stay focused and concise as they map out their business according to each of the boxes to hone in on their business strategy and plan.

Marc Goldberg, honorary board member of the Cape & Islands Veterans Outreach Center (nonprofit notes)

A Business Model Canvas lets you put your entire business down on paper and assess your strategy, planning gaps and exposure to risk. According to Mark Lowenstein, SCORE mentor and business development expert, the Business Model Canvas can help entrepreneurs address specific risks and acquire more information about competitors, costs, customer segments or a market niche.

“This tool sets an overarching framework for developing a business strategy, a detailed business plan, and/or a prioritized action plan,” he said.



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