Tip 2: Do you know what are the nine components of any business?

You can visualize any business and how it works on paper by using what is called a ‘Business Model’. Business Models are used to be able to visualize the different components of any business and how they work. Understanding such components and their interaction is key to be able to improve and automate any business.

There are usually nine main elements shaping any business: Customer value proposition, customer segments, channels, customer relationships, revenue streams, key resources, key partners, key activities, and cost structure.

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