Leading the Way

Evaluating your Business Model Ecosystems Innovation isn’t easy. Fortunately there are a lot of tools available for accomplishing this task. Unfortunately they are often fragmented and emphasize different components of the business ecosystem, and so do not provide an adequate evaluation of how your Business Model compares to competitors. Best practices for developing your business model and efforts to support innovation change over time.

Mechanisms supporting innovation is not isolated to funding. It also involves public policy, legislation, regulatory frameworks, resources, training, values, culture, and other reinforcing mechanisms. Insisting on one vs. another mechanism without a proper understanding of history of innovation, values, and the marketplace is more akin to proposing a ‘one-size-fits-all’ model for innovation than seeking to understand how it can be accomplished. Evaluating the business model thus depends on industry changes, risks, and a number of other overlapping factors.

Creating a Business Culture that Supports Innovation

As an Input to this Business Ecosystem – The key is insuring that your business’ product and service offerings are relevant and solve a legitimate customer need. The infographic represents the different components of the business model ecosystem. Although not exhaustive, developing business model around these components will improve your business’ likelihood of success. Stronger components are those that not only represent industry standards and best practices but also lead the way to define and establish new standards and practices. Weaker components are those that not only lag behind industry standards and best practices but may even fail to realize the gap exists.

The Business Plan Generator includes the five stages below. Beginning with a review of the process map for using the Business Plan generator followed by phases that help evaluate your business model (in specific areas), identification of tools and frameworks to help introduce improvements (where needed), and an opportunity to actually draft your plan (and download) for the designated business area(s). Once all of these Business Ecosystem components have been incorporated in to your business model they can be ranked based on their strength and weaknesses.

The Steps

clock-404352_960_720

Step 1: Evaluate Your Business Model Area of Focus

clock-404352_960_720

Step 2: Select Business Model Tools to Use

clock-404352_960_720

Step 3:  Strengthen Your Business Model Area of Focus

clock-404352_960_720

Step 4: Identify Your Goals & Build Your Plan

Evaluate One Business Area at a Time

Overview of Strategic Plan Generator

On this page you can review the steps taken as you use the Strategic Plan Generator. Additional tools, resources, and options are available to paid members. More information regarding the available memberships (Free, Silver, & Gold Memberships) is also available here. Feel free to contact us with additional questions at Consulting@innovatevancouver.org

Leadership Model Canvas (access with Free Membership)

After signing up and choosing your membership level you will have a chance to explore this first tool: The Leadership Model Canvas. Use this tool to explore your organization's leadership in the areas of partners, strategies, experience, and more. Build out your leadership model and print out a copy for your records, then move on to exploring the business model competencies included in the following steps!

Step 1: Evaluate Your Business Model Components (access with Free Membership)

Beginning with this specific business model area start to review what components are needed to be successful. Think of your business' competitors in the area (local, national, or international). How does your Business Model compare to competitors for customer satisfaction, employee retention, industry leadership, flexibility, and ability to support Innovation?

Step 2: Review & Decide What Business Model Tools to Explore (access with a Silver Membership)

Deciding which tool will help to strengthen your business model (in a specific area) depends on the strengths & weaknesses of the business. You may find that some tools are more useful than others for strengthening your business model. Begin by exploring the individual tools available to discover what you can do to strengthen your Business Model components. 

Step 3: Strengthen & Build Your Key Business Model Areas (access with a Silver Membership)

This is where collaboration, teamwork, and your leadership come in. Begin to fill out the interactive on page Business Model tool. Identify business strengths and areas for improvement in each business area. Print out & save a copy for your records. Use these to facilitate leadership discussions when drafting your business plan & strategies (next step).  Go back to other areas once your done.

Step 4: Plan – Leverage Your Business Model to Support Your Business Strategies (access with a Gold Membership)

This is the final stage where you will apply what you learned in previous steps. Leverage your new Business Model components to support your strategic plan! Identify business strengths and areas for improvement in each business area. Print out & save a copy for your records. Begin to fill out the interactive on page business planning tool. Go back to previous steps if you discovered other business model tools or areas that need improvement. 

Addendum: Tools Available to Strengthen Your Business’ Performance (access with a Gold Membership)

There are many business areas to focus on. The following business models emphasize specific business areas, industries, and competencies needed to be a leader in your area. Starting with your business' primary area of focus (or priority) begin exploring what components are needed to strengthen your business in this area. Explore additional areas to build out your entire business ecosystem.

Addendum: Members Forum to Discuss Strategic Planning & Business Strategies (access with a Gold Membership)

A forum is available for individuals with a Gold Members account to post and answer questions to other experts in the group. Learn together or ask the administrator a specific question. Continue the process of continual organizational learning throughout the life-cycle.