Articles on: Defining Your Project

The Power of the Business Model Canvas in Leantime

The Power of the Business Model Canvas in Leantime

Created by Marcel Folaron,
Last Update: 27 Oct 2023 at 03:53 PM by Marcel Folaron

In today's ever changing business landscape, having a clear and effective business model is essential for success. The business model canvas is a powerful tool that enables companies in all stages to visualize, analyze, and refine their business models. It offers a holistic framework to understand the various aspects of a business and aligns them towards achieving cohesive strategic goals. In this article, we explore how to leverage the business model canvas in Leantime to connect strategy to project management.

What is a Business Model Canvas?

The Business Model is a framework that provides a guide to generating profit with your company. Since a business model has many factors, it is important to have a clear representation where everything is understandable and easily accessible. This is where the business model canvas comes in. In project management, the Business Model Canvas should be used to visualize the project in one place in order to present it clearly and thus create a successful end product.

How to Use the Business Model Canvas

Navigate to Leantime’s Business Model Canvas on the Blueprints tab. 

Visit our article here for help with navigating Leantime's Blueprints feature.

Leantime’s template is organized from left to right. On the right are the external factors, such as customers; on the left are the internal factors, such as the company itself; and in the middle are the interfaces. The business model canvas consists of nine key factors, each representing a vital aspect of the business.

The Key Factors

Customer Segments: Identify who your target customers are and which groups are most valuable to your revenue. This helps prioritize which strategy you’ll focus on.

Value Proposition: Define the unique value your product or service offers to customers.

Channels: With a target customer segment and a clear value proposition defined, you now need to prioritize the ways you’ll get that message to your ideal customers. Choose which channels you’ll use to reach them.

Key Resources: Identify the critical resources needed to ensure the success of your business.

Customer Relationships: Establish the types of relationships you intend to build with customers. Whether its high customer satisfaction, good customer care, or regular customer contact, retaining customers for as long as possible is the goal here.

Revenue Streams: Outline the different sources of revenue for your business.

Key Activities: Build on the information you’ve outlined in the Business Model canvas here and establish activities that will bring greater value to your proposition and create continued success.

Key Partnerships: Determine important partners, supporters, and stakeholders. Highlights those people who will help you on the path to success and how’ll you collaborate with them.

Cost Structure: Analyze the costs associated with your work such as fixed costs, costs per customer, and company size. Continually evaluating your costs and optimizing them is crucial for success. 

Fill each of these nine factors out with your team in Leantime’s template. This empowers your team to visualize, analyze, and refine your business model, fostering strategic thinking and enhancing decision-making.

Updated on: 28/05/2024

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