Do less, better.
What is the one thing your company can do better than any of its competitors? (OK, maybe two things—sometimes.) Are you fundamentally a delivery company that exists to get physical goods into the hands of your customers as conveniently as possible? Are you in a problem-solving business like consulting? Are you in a production business —that is, actually making something, either the price or the quality of which is your core value? By asking these questions, you’ll zero in on that one key activity that’s truly essential to your business model.
There are also plenty of activities that don’t need to be listed under “Key Activities.” Bookkeeping and accounting should never be listed here—unless, of course, you’re an accounting firm. Every small business needs to maintain good books; that’s why you flipped the pyramid and hired an outsourced CFO. But don’t for a second confuse the importance of that particular back-office task with the key activities that your in-house team must become expert at in order to make your business model work.