The truth is, not every entrepreneur needs a full business plan, but they do at least need a strategy to help direct their business. If you’re thinking of starting a company, but want to make sure it has the potential to be viable, business mapping can help you, without having to invest the time to develop a full plan.
What is Business Mapping?
The important thing about creating a business strategy is that everyone needs to understand it. If there is no understanding, then how can you work by it? This is where business mapping comes into play. It segments your business into nine simple building blocks:
- Key Partners
- Key Activities
- Key Resources
- Value Propositions
- Customer Relationships
- Channels
- Customer Segments
- Cost Structure
- Revenue Streams
Its focus is simply: how you create value.
Now you have identified these categories, you are tasked with answering the questions associated with them. Which one of our customer’s problems are you helping to solve? Which needs are you satisfying? What value do you deliver to your customer? How will you reach your customers? Which channels are most cost efficient? Who are your key partners/suppliers? And who are the most costly?
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