Your Key Activities should feed into each other to create a "flywheel."
Key activities represent the most critical actions a company must perform to operate successfully and fulfill its value proposition . They are the "verbs" of your business—the bridge between your idea and a functional plan that generates revenue.
If you list nouns in your Key Activities box, you have made a category error. Always use action verbs: Managing, Designing, Negotiating, Coding, Delivering, Consulting.
To effectively define key activities, a business must align them with its broader strategic goals. This involves:
As shown in the IKEA example, what is "key" depends entirely on your value proposition: Software Giants (e.g., Microsoft): Their primary key activity is Software Development and continuous innovation. Consultancy Firms (e.g., McKinsey): Their core activity is Problem-Solving for unique client challenges. Manufacturers (e.g., Dell): Success hinges on Supply Chain Management to ensure parts arrive exactly when needed. Retailers/Bakery: A local bakery focuses on