The next key component is in how to work with the canvas. Besides the tool, it was suggested that business leaders need to operate in a different way -- be more keenly observant, use visual tools, imagine the future through studying trends, prototype new ideas, and think like a designer. That will allow them to start seeing new ways to re-configure, redirect or re-imagine their firm; make better assumptions; and create stronger differentiators.

One particular canvas technique that was discussed was the epicenter technique which asks that you focus on one of the building blocks of your business model and start your creative thinking process from there: What would your firm be like if….you used different resources, changed to different customer segments, adjusted your value prop?

Real world examples were used from Nespresso, Amazon and a typical accounting firm to illustrate how firms can work through the canvas. For those that missed the webinar and want to see the detailed examples, a recording of the webinar is available here.

It was mentioned that once you put your firm through this level of scrutiny and challenge, you will begin to better understand your firm’s dynamics and realize the benefits of systematizing the canvas exercise into a consistent business practice; revisiting and working through the canvass every three to six months. It will develop a way of thinking and provide guidance on how to best develop your firm. It will make you have different conversations with your customers. It will direct you away from one-dimensional thinking and more to finding what is” the job that needs to be done” for the client versus just randomly adding new services or features.

It was recommended that, to maximize success, it is best to do the business model canvass with a mix of people and departments, especially client-facing ones, throughout the firm. This will ensure a greater range of perspectives and be able to generate more and better ideas.

Once you have determined changes to your business model, start small by testing changes in the market with customers to see if your new assumptions are true. As a basically iterative process, you go back with what you learned and make adjustments and then go out and test again.

On being asked if the business model canvas doesn’t work as well in certain industries or non-profits, the answer was that, based on their experiences and new cross-industry research on how business leaders are using the canvas, they haven’t seen where it didn’t add value.

The Institute will dive deeper into the different Business Model Canvas frameworks and processes available and how they can be applied to Institute Founding Innovator members’ businesses. Articles are being added into the Institute's Innovation Library for more exploration into the topic of business model innovation.

The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial services firms. We position our members with the necessary ongoing innovation resources and coaching to drive and facilitate their growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors--Innovation Equity Partners, Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, MeridianIQ/AdviceIQ, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines). For more information or to join click here.

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