Often innovation is regarded as applicable only to new products, but this is a dangerous way of thinking. Constant innovation is essential in every aspect of your business, from your products and services right through to the structure of your team and the procedures you use to get things done. If you are not constantly evaluating and improving the way things work, you will soon get superseded by another business with a fresher and more flexible approach. It makes sense to schedule time for innovation every week, at least.
One aspect of your business that could benefit from an innovative approach is your business model. Your business model is the way your organization creates, delivers and captures value. It looks at where the money comes from, who’s paying the money, what those customers want and how you give them what they want.
Using a business model canvas is a great way of laying out the current model and identifying areas for improvement. It also helps to highlight what is working well. Are there other ways in which you could be reaching your customers? Are there ways you could add value without increasing the cost? It is likely that many new ideas will result from the exercise.
You can download a free business model canvas template from www.businessmodelgeneration.com/canvas . The website describes it as: “a strategic management and entrepreneurial tool. It allows you to describe, design, challenge, invent, and pivot your business model”.
Take some time to check it out and keep innovating!
Click here to Download the Business Model Canvas.