The SPACES model can be used as a framework for defining your community's business value.
The below image briefly explains all the aspects of the SPACE Model.
According to the SPACE model all communities inherently derive their business values from one of the following areas:
In his blog post featured in CMX Hub, David Spinks has completely mentioned each and every aspect of the spaces model and choosing which objectives to focus on.
It is a must read for every community professional.