The Business Model Roadmap helps you to successfully implement a new business model by creating a practical action plan and roadmap. Designing a new business model is one thing, but how do you actually put it into practice? How do you move from your current model to a new business model? With a clear Business Model Roadmap, you can make it happen.
Download the Business Model Roadmap Canvas and make a printout. Use sticky notes to write down required actions and place them on the canvas to create the roadmap.
A Business Model Roadmap can be made alone or in a group. The group must contain people that are familiar with the current business and operations. In a Business Model Roadmap you go from a new business model description to practical actions for implementation. A new Business Model often means new technologies, people, partners and financial structures. Some changes are real `points-of-no-return’, for instance if you fire a part of your staff.
By following the steps below, you will be able to complete the Business Model Roadmap:
Step 1: Define the core changes in the business model
First, you should analyse the key differences between your current and future business model. Try to come up with one to three key changes. For example: a new service/product, target market or revenue model. If you have made a Business Model Canvas, look at it and think: What are the key differences with our business model today?
Step 2. Write down specific actions
What are the actions needed to make the new business model happen? This is a brainstorming phase. Write down any actions that could be needed. Some examples:
- People: Do your people have the right skills and competences? Do you need to hire new people? Do you need to train your employees? Should you think about letting go some of your workers? Or outsource a part of your company?
- Partners: Do you need new partners? Can you distribute your new product or service with your existing partners? Who can help you?
- Technology: Can your technologies deliver your new business model? Do you need to upgrade, buy or make new technology? What about your IT systems?
- Finance: Do you need financial capital to make the new business model happen? Do you need new billing processes to cope with a change in revenue model? Should you restructure your expenditures?
Step 3: Make the ideal path
Put down the post-its on the Business Model Roadmap Canvas. Make sure to put them on the right layer. Think about the order. What should be done first? Or can things be done in parallel?
Step 4: Define your critical points in time
Some actions will have great impacts on your business. Highlight the actions that are critical.
Critical actions are:
- Actions that cannot be undone. Think about selling a department or letting go of a staff member,
- Actions that create huge risks. For instance, developing a new technology that requires a large investment,
- Actions that make it impossible to go back to the old business model. For instance, reducing the price of your product.
Step 5: Analyse and improve
In this step you analyse the roadmap. Are the actions in the right order? Can you postpone some of the critical actions that you are unsure about? Do you still think your new business model is a good idea?
Step 6: Divide the actions
Make an action list. Who is in charge of which action? Which deadline do you put on it?
Step 7: Follow-up!
You can’t predict the future. Your business may change. Your competitors will change. Maybe halfway your roadmap you have learned new things. So: Hang your roadmap on the wall. But make sure it is not carved in stone. Sit down a few months from now and update it.