The Vision for Your Business
SBDC’s new Mastering Your Business Model with Business Model Canvas sessions provide additional insight for growing your business
To get to where you need to go on your journey, sometimes you need a map. With The
University of Scranton Small Business Development Center’s new Mastering Your Business Model with Business Model Canvas, entrepreneurs are given the chance to create a map specifically designed to get their businesses where they ultimately want them to be.
A business model canvas is a strategy and management tool that allows entrepreneurs to
describe, design, and correct their business models via a powerful visual chart that lays out the process for how they can make money and deliver products and services, forcing them to focus on strategic elements that matter most to their overall vision for their respective companies.
As program facilitator Leigh Fennie explained, the business model canvas is not meant to replace a business plan, but the two go hand in hand.
“A business plan and a business model canvas are two different things,” she explained. “The business model canvas helps determine how to take the value of your business and really get it to your customers in the most efficient, effective way.”
During the Introduction to Business Model Canvas sessions, Ms. Fennie will walk participants through the canvas’s nine elements and how they each work together. She will also show them how to incorporate their individualized canvases into strategic decisions for their respective businesses. Attendees will receive a PDF copy of the business model canvas following the presentation that they can bring to an in-depth workshop that will be held on Tuesday, Sept. 14, from noon to 1 p.m.; where Ms. Fennie will answer questions about filling out the canvas to your business’s unique needs.
“A business plan is more of a real narrative that tells you how you will run your business on a day-to-day basis, who’s going to do what, and how it will be done, but the business model canvas is more a high-level business strategy tool,” Ms. Fennie said. “The business model canvas isn’t long like a business plan, it is more of a visual tool that maps out your business.”
“It doesn’t take the place of a business plan,” she added. “The business model canvas is just a different way of envisioning your business, especially if you’re more of a visual person or if you’re starting your business and just want to sketch out the model of how you plan to do business. Nothing is set in stone on your canvas, either—because businesses are always changing and evolving, the canvas can also change.
The next Mastering Your Business Model with Business Model Canvas sessions will be held on Tuesday, June 8, from 9-10 a.m.; Wednesday, July 14, from noon to 1 p.m., and Thursday, Aug. 12, from 2-3 p.m. For more information, visit www.scrantonsbdc.com/training.