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Viewing: What are key metrics

It is now rare to find a startup in Silicon Valley that still has a business plan. Simply, everything we had in the early days of our startup was a series of untested assumptions, so it would be a waste of time to write a grand plan with no real, valueless numbers for our business. startup survival. Instead, a summary of those assumptions is made in a model called Lean Canvas. This is a simulation of how to create value for the business and for its customers.

A Lean Canvas model consists of nine columns: Problem, Solution, Key Metrics, Unique Value Proposition, Unfair Advantage, and Unfair Advantage. exclusivity), Channels, Customer Segments, Cost Structure, Revenue Streams. In the middle is a line that divides the model into 2 parts: Product and Market.

Here is a brief introduction to the column statement and the order in which the content is completed:

Problem: Briefly explain the 3 key problems that the startup is trying to solve for customers.Customer Segments: Who are the main customers/users in the startup project? this career? Is there a way to specify these segments? For example: Photographer, Amateur Photographer or Professional Photographer. Some experts suggest that if you have different clients, such as programmers and lawyers, create separate models for each of these.Unique Value Proposition difference): What is the main promotional message for your products and services? What makes the difference and the reason for customers to buy and use your product? The criteria here are: Simple, clear.Solution: Identify the 3 minimum available product characteristics that match the difference value statement outlined above.

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Key Metrics: Digitize key user activities that bring in revenue for the company and make users continue to use, even recommend products to acquaintances.Channels ( Sales Channels): Make a list of all channels of communication and distribution of your products/services to your customers, including both free and paid channels.Cost structure : Table of Contents everything that costs the company money. For example: Customer Acquisition Costs (CAC), Distribution Cost, Website host, Salary/bonus, etc.Revenue Stream Determine the source of the company’s income : franchising, direct income from sales, installment fees, etc. Then try to make a specific calculation based on the information gathered and also guess the profit, breakeven point ( break-even point), etc. Unfair Advantage (Exclusive trash edge advantage): For most startups, this is the hardest column to fill out correctly. Founders have a habit of putting in traits that they consider a competitive advantage but are not. What your company does well cannot be considered a competitive advantage, unless you do it better than the competition. Remember, a monopolistic competitive advantage is not something that can be imitated or bought.

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Despite its many advantages, Lean Canvas is not an indefinite use. There will be a lot of information in the first model that will need to be constantly revised based on data gathered from the company’s market performance or customer feedback. Start by finding the best business model and develop an operating plan and financial forecast based on that.

You can practice how to set up a Lean Canvas model online here

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According to up-co.vn (translated from leanstack.com)

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