While a business model canvas can provide you with an in-depth, holistic framework for your business model, Lean canvas aims to tackle this task in a faster fashion. The Lean Canvas is a powerful tool that helps entrepreneurs and business owners map out their business ideas and validate their assumptions in an efficient manner. In this article, you will learn how to use Leantime’s Lean Canvas to define the customer-problem-solution fit and the details of your business plan.
What is a Lean Canvas? #
The Lean canvas aims to eliminate the time that is spent when developing a business model canvas. The idea of a Lean startup is centered around limiting time, processes, inventory, and money. As such, the Lean Canvas is a faster way to get ideas from your head and onto ‘paper’. Beyond being an alternative to the Business Model Canvas, Leantime’s template aims to identify real problems customers are facing and find solutions that actually solve their problems, otherwise known as the customer-problem-solution fit.
How to Use the Lean Canvas #
Leantime’s Lean Canvas consists of 12 different factors to consider when creating your hypotheses for an actionable business plan. Navigate to Leantime’s Lean Canvas template under the Blueprints feature to begin creating your plan. Read our article on Blueprints here to fully understand how to navigate the tool.
The 12 Factors #
Problem: Clearly define the problems or challenges your project aims to solve. The best practice is to list up to three problems in order of priority here.
Solution: Identify the unique solution your project offers for each defined problem.
Key Metrics: Determine the key performance indicators that will measure the success of your project.
Unique Value Proposition: Define the unique value your project brings to stakeholders or customers. Explain why this specific customer segment should invest in you.
Unfair Advantage: Identify any unique advantages or strengths your project possesses over competitors. What makes you stand out?
Channels: With a solution and customer segments clearly defined, you now need to prioritize the ways you’ll get that message to your ideal customers. Choose which channels you’ll use to reach them.
Customer Segments: Identify who your target customers are and which groups are most valuable to your revenue. This helps prioritize which strategy you’ll focus on.
Cost Structure: Analyze the costs associated with your work such as fixed costs, costs per customer, and company size. Continually evaluating your costs and optimizing them is crucial for success.
Revenue Streams: Outline the different sources of revenue for your business.
Existing Alternatives: These refer to the current solutions or options available in the market that address the same specific problem as your product.
High-Level Concept: Provide a broad overview of your idea, product, or project capturing the core features without going into detailed specifics.
Early Adopters: These are individuals or organizations who are among the first to embrace your new products, technologies, or ideas. They are typically open to innovation and willing to take risks by trying new and unproven solutions.
Utilizing the Lean Canvas template provides project managers with a fast and collaborative approach to streamlined planning and execution. By following Leantime’s template, you can effectively leverage the power of the Lean Canvas template to identify key project elements, align stakeholders, and drive successful project outcomes.