Business model as a starting point for all businesses, presents a first thing after an initial idea that you must to make. It is one of the most important business elements, because many other things as a business strategy, business plan or action steps will be based on your model.
It can be a simple picture with the diagram that will connect different business elements as your value, distribution of that value, communication and distribution channels, customers, competitors, stakeholders…
It also can be on a piece of paper with several words or sentences that narrative describe the same connection from above.
I found that many businesses suffer because of the lack of a clearly defined business model, because without it, they cannot produce proper strategy or business plan that will support that strategy.