Updating Your Business Model Canvas During a Crisis
With the long-term implications of the COVID-19 pandemic unfolding, it’s critical to understand how your business model currently operates and how it will need to change moving forward. Re-evaluating your model will better prepare your venture for success in both the short and long term.
The Business Model Canvas (BMC), by Strategyzer, is a quick and easy “do-it-yourself tool” that you can use to re-plan your business to cope with the current crisis. The canvas itself is comprised of 9 sections that make up the core activities of any business. These sections include value proposition, key partners, key activities, key resources, customer relationships, channels, customer segments, cost structure and revenue streams.