Understanding the components you need in your business and how they link to each other is an important part of designing a successful business model. The McKinsey 7S framework can be used as a reminder to identify the components you need in your business and how they relate to each other. In essence, this framework is a simplified version of the Business Model Canvas, but with relationships already identified:
Figure 3.6: The relationships of the seven components of a business.
The central component of your business are the goals and shared values that your business exists to fulfill. For some organizations, this is simply to make a profit, whereas other organizations such as charities and social enterprises place a higher priority on their social agendas. Understanding ambitions will allow you to accurately define the requirements of each of the other components in order to fulfill them.