Business Model Canvas for Innovation to be the core for value creation

Year 2021 ended with an onset of a transformational endeavor for small and medium enterprises (SME). Namely, Sri Lanka Small and Medium Enterprises (SLSME), a fully immersed initiative set up to enable Sri Lankan SME development through value creation by means of adopting the business model canvas for innovation (BMC). It is a timely introduction by Dr. Ravi Bamunusinghe, Founder of SLSME and SME Business Adviser and Coach, after having observed a growing inadequacy of SMEs in the country to contribute to the GDP sufficiently and provide further employment.

The need of increasing SME contribution to GDP is imminent, considering the current economic status of the country. They make up a large part of Sri Lanka's economy, accounting for 90% of all businesses and are an essential source of employment opportunities contributing to 45% of jobs in the country, showing that SMEs play an important role in promoting inclusive growth. Currently, the GDP contribution of SMEs in Sri Lanka is approximately 52% with only 5% contribution to exports while the total GDP contribution from SMEs in successful economies is over 90%.

According to scholars, the country will not be economically sustainable without reaching at least 75% GDP contribution by the SME sector alone. Moreover, Sri Lankan SMEs are either reluctant or unable to grow a respective business or the venture fails to succeed within 3-5 years of its inception. Thus, SLSME comes in as a platform that reaches out to businesses to be an active participant in providing solutions to their business-related queries and obstacles.

The vision of SLSME is primarily to enable SMEs to be the key contributor to the GDP of Sri Lanka with a mission of stakeholder core-creation through business model canvas innovation for them to better perform business prospect development and planning, operational organization, leading with effective business decision making and monitoring and controlling business practices. In doing so, the business ventures can bridge the gap between the role of SME business guidance and implementation, thus enabling their development through core-creation and coaching.

Additionally, the SLSME has introduced an interactive website that is designed to facilitate as a change agent using the BMC. The model describes how businesses make money within their respective markets through particular products and/or service and will assist you to make choices with an understanding of possible implications as it questions your decisions, thus making the strategies that you are take based on reasonable logic rather than haphazard.

This need of the hour was conceptualized by Dr. Ravi Bamunusinghe after garnering decades of experience having working with and in varied business Sri Lanka and abroad coupled with a timely trigger by Dr. Lester C Massingham, an International Management Consultant, Trainer and Speaker who has worked extensively throughout Europe, Asia and the Middle East for over 30 years. Currently, SLSME has partnered with Dr. Samantha Rathnayake, faculty Member/Management Consultant at the Postgraduate Institute of Management, University of Sri Jayewardenepura, to aid in transforming SMEs.

“SLSME is a catalyst to navigate businesses through the current commercial and economic environment and bring together likeminded professionals to raise the performance of the country’s GDP and thereby further justifying the future of SME’s and its place in the economy.” Dr. Ravi Bamunusinghe elucidated.

Dr. Ravi Bamunusinghe (Ph.D): A SME Business Adviser/Coach and visiting faculty member of the Postgraduate Institute of   Management and University of Sri Jayewardenepura, who  has commenced lecturing after three decades of industry exposure in business research   and consultancy. He is responsible for having initiated two business research agencies that cater to local, international, and multinational companies focused on providing strategic direction and brand positioning. He is a founder member of Chartered Institute of Marketing (UK) Sri Lanka branch. He was a Past President of the Sri Lanka Association for the Advancement of Science (Social Science), Secretary of the Sri Lanka Institute of Marketing and the Founder President of Market Research Society of Sri Lanka. His doctorate from Malaysia University of Science and Technology is dedicated on enabling growth of SMEs, business modeling and entrepreneurship. He holds Master’s degrees from University of Surrey, UK and University of Kelaniya, Sri Lanka. He was a regular member of the panel of judges for Brand Excellence Awards conducted by Sri Lanka Institute of Marketing (SLIM). Currently he is engaged in development of SMEs in Sri Lanka as well as in the blueprint committee and the jury of SME Development Awards.

To reach out or know more about SLSME, visit www.slsme.org  or mail ravibamunusinghe@gmail.com.