Nope. Not that kind of modelling.
Not that kind either.
Ahhh, that’s more like it. Business modelling.
You could be forgiven for not associating me with this kind of thing, but as I’m reinvigorating and growing the business I’ve become increasingly aware of the need for a little rigour, a little business planning. I’ve always planned and prepared for the delivery of my work, this is about investing time and effort to understand my business better, and how to make it work better, for me and my customers. You might remember I switched to Mazuma Money for my accounting support a while back. As part of their service, they provide me with monthly management accounts where my previous accountant just sent me an annual report. I am much better informed now thanks to Mazuma, and this modelling is in a way, an extension of that desire to be informed, and act in a more informed way. Don’t worry, I still love to experiment and make mistakes – it’s a vital part of what makes work better!
Back to the modelling. This particular model is something called The Business Model Canvas (BMC). I’m finding this a useful tool to play with, here’s a short (under 3 minutes) video to introduce the model.
The BMC was introduced to me by Colin Newlyn at a workshop this week over at 90 mainyard. Colin runs a business called new edge through which, among other things, he facilitates workshops on business development. Thanks to him, I’m enjoying playing with this model very much. It is helping me think differently about how I work and prompting me to think, act and invest more decisively. I’m using it both to look at the business as a whole, and also at specific services and offerings.
You could do this too – the BMC isn’t just for small businesses, any company, team or department would find it a useful tool to help frame and develop an opportunity. It’s quick and adaptable too. If you think your business could do with a remodel and a rethink, or even just a checkover to make sure you’re investing in and developing the right things, I suggest you drop Colin a line. Based on my experience I’m confident he could help you too.
Catwalk photo credit
Plasticine photo credit
I know it’s probably not the done thing but I watched this without the sound and it was very soothing. Slightly more challenging with the sound.
As a worker bee for a big organisation I wonder if you could expand on the thought process behind making the break from big corporate to working for yourself? I imagine that to many of us it seems like a total leap of faith when we still have mortgages and bills to pay.
Hi Meej – I like that soundless suggestion very much thanks – the background music is a bit shit eh?
Something I like about BMC is that it feels very adaptable. So I am using it now as an overview and to go much deeper into specifics. Your suggestion feels like it would work very well too. Perhaps you’d like to try it in that context? And here I am, four and a half years into running my own business and one of the toughest things to see past is the financial uncertainty. Accepting and even embracing that is vital. Thanks for your comment – really helpful.
Cheers – Doug