BMC Project Management 101 - Patrick Mosher

Introduction

This tutorial provides a comprehensive overview of project management principles based on the BMC (Business Model Canvas) framework, as presented by Patrick Mosher. Understanding these principles can enhance your ability to manage projects effectively, streamline processes, and improve outcomes in various professional settings.

Step 1: Understand the BMC Framework

• Familiarize yourself with the Business Model Canvas, which is a strategic management tool.

The BMC consists of nine building blocks that cover key aspects of a business or project

• Customer Segments
• Value Propositions
• Channels
• Customer Relationships
• Revenue Streams
• Key Resources
• Key Activities
• Key Partnerships
• Cost Structure
• Each block represents a fundamental element to consider when planning and executing a project.

Step 2: Define Your Customer Segments

• Identify who your target customers are.
• Segment your customers based on demographics, needs, and behaviors.
• Understand the importance of tailoring your project to meet the specific needs of these segments.

Step 3: Articulate Your Value Proposition

• Clearly define what value your project delivers to your customers.
• Consider the unique features and benefits that set your project apart from competitors.
• Use customer feedback to refine your value proposition and ensure it resonates with your target audience.

Step 4: Identify Channels for Delivery

• Determine the channels through which you will reach your customer segments.
• Options may include online platforms, direct sales, or partnerships.
• Assess the effectiveness of each channel in terms of customer reach and engagement.

Step 5: Build Customer Relationships

• Establish how you will interact with customers throughout the project lifecycle.
• Consider various relationship types, such as personal assistance, self-service, or automated services.
• Foster strong relationships to enhance customer loyalty and retention.

Step 6: Define Revenue Streams

• Identify how your project will generate income.
• Consider different revenue models, such as subscription fees, sales, or advertising.
• Analyze the potential profitability of each revenue stream and prioritize accordingly.

Step 7: Assess Key Resources

• List the critical resources required to deliver your value proposition.
• Resources can be physical (equipment, facilities), intellectual (brand, patents), human (skilled personnel), or financial.
• Ensure you have access to these resources or a plan to acquire them.

Step 8: Plan Key Activities

• Identify the essential activities that must be performed to deliver your project.
• Activities may include production, marketing, sales, and customer support.
• Allocate resources effectively to ensure these activities run smoothly.

Step 9: Establish Key Partnerships

• Identify other organizations or individuals that can help you achieve your project goals.
• Partnerships can enhance your capabilities and provide access to additional resources or markets.
• Consider strategic alliances, suppliers, or joint ventures.

Step 10: Analyze Cost Structure

• Assess the costs associated with your project.
• Break down costs into fixed (e.g., salaries, rent) and variable (e.g., materials, marketing).
• Monitor and manage costs to maintain profitability and ensure project viability.

Conclusion

By applying the BMC framework, you can develop a structured approach to project management that emphasizes clarity and strategic alignment. Focus on understanding your customer segments, articulating your value proposition, and effectively managing resources and partnerships. As a next step, consider creating a visual representation of your BMC to facilitate planning and communication with stakeholders.