As many of you will know I talk about the business model canvas A LOT!
That is because it is really important that you (a) understand your business model and (b) are aware of the potential threats and risks to your business model – both internal and external.
Covid has obviously has a huge impact on many businesses – threatning the survival of many but also providing growth opportunities for others.
I read an interesting article in the newspaper this weekend that commented on the current economy and the retailers who are ‘winning’. With households accumulating £180bn in unplanned savings during lockdown many are expecting a bumper summer/autumn boost to the high street.
Primark are often referred to as the barometer of the overall health of the high street as it has no online presence. Whilst trading performane was hampered by Covid it has still been opening new stores. H&M are similarly seeing a strong recovery. Greggs continues to open new stores and create jobs and who hasn’t eaten their body weight in Domino’s? (Just me??).
What all these successful businesses have in common is a strong business model. They know their audience and don’t lose sight of their value proposition.
Do you know yours?