This week we were with Accelerator rather than Regular Practice going through the business side of our Summer Show proposals.
Business Model Canvas is a strategic management and startup template for developing new or documenting existing business models. It is a visual chart with elements describing a firm’s or product’s value proposition, infrastructure, customers, and finances.
- Key Activities: important activities in executing a company’s value proposition.
- Key Resources: resources that are necessary to create value for the customer. These resources could be human, financial, physical and intellectual.
- Partner Network: in order to optimise operations and reduce risks of a business model, organisation usually cultivate buyer-supplier relationships so they can focus on their core activity.
- Value Propositions: the collection of products and services a business offers to meet the needs of its customers.
- Customer Segments: various sets of customers can be segmented based on the different needs and attributes to ensure appropriate implementation of corporate strategy meets the characteristics of selected group of clients.
- Channels: can deliver its value proposition to its targeted customers through different channels.
- Customer Relationships: ensure the survival and success of any businesses, companies must identify the type of relationship they want to create with their customer segments.
- Cost Structure: the most important monetary consequences while operating under different business models.
- Revenue Streams: the way a company makes income from each customer segment.
All of these elements of the canvas were useful in seeing what kinds of things we need to do more research into for the outcoming pitch. For us I think it was getting a grips on more solid numbers for our costings and then how else we will fund money in order make the Summer Show the best it can be. I’m pretty confident that with research and our understanding of the downfalls of last years Summer Show that we can put together a strong plan and proposal.