In this episode of Both Success And Integrity With Bessi Graham, Bessi chats with Business Advisor, Isaac Jeffries about the Business Model Canvas.
Isaac explains that IDEO’s three words – desirability, feasibility, and viability – help to understand what a business model is. Every business owner needs a sustainable way to find and delight customers, run the business smoothly, and make more money than they spend. The Business Model Canvas is an extrapolation of these three ideas and is a tool to understand who the customers are, their first interaction with the business, and the value proposition for why someone should shop with the business. The Canvas helps to identify the incentive for customers to try something new and switch from what they are doing today. Isaac Jeffries suggests that starting with the customer and their needs is the best place to begin building a business model.
Also in this episode:
- Desirability, feasibility, and viability are the three things every business owner needs to sustainably do every day.
- While the personal mission may not always be part of the marketing message, it inspires entrepreneurs to keep refining their value proposition and improving their business to boost their sales.
- Employee-owned companies generate higher stock returns, but it’s important to evaluate their employee retention rates to ensure they’re truly a great place to work.
- The Canvas is a useful tool for quickly adapting and changing a business plan, as it allows you to easily make adjustments based on changes in partners, location, customer target, revenue streams, and more.
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About Isaac Jeffries:
Isaac works with social entrepreneurs around the world, helping them design businesses that are both sustainable and impactful. He was the first employee Bessi hired at The Difference Incubator, where he still facilitates accelerators and investment readiness programs all these years later. Isaac also delivers two university programs (Startup Ideation + Entrepreneurial Mindset) and coaches a wide variety of businesses across Australia, Asia and the South Pacific. You can learn more about Isaac and his ideas at www.isaacjeffries.com
How To Fill In A Business Model Canvas: https://isaacjeffries.com/blog/2018/9/8/how-to-fill-in-a-business-model-canvas
How To Make Good Decisions With The Business Model Canvas: https://isaacjeffries.com/blog/2019/5/6/how-to-make-good-decisions-with-the-business-model-canvas
The Three Ways A Business Can Create Impact: https://isaacjeffries.com/blog/2018/5/1/the-three-ways-a-business-can-create-impact
About Bessi Graham:
With over 20 years of experience working with business owners, governments, and large funding bodies to bring “doing good” and “making money” back together, my experience spans from the grassroots of sitting in the dirt working with business owners across the Pacific Islands through to the United Nations in Geneva. This has given me an unparalleled perspective on what makes change happen.
You know you were born to do something significant, so don’t leave it to chance.
Beyond Profit: Creating a Business Model that Prioritizes Purpose and Impact | feat. Isaac Jeffries
Both Success And Integrity: Doing Well By Doing Good Inside Your Business with Bessi Graham