The current paper describes the results of research that compared two ways of describing and presenting business models: the business model canvas and new mind mapping representation of business models. The proposed approach was called CAVIS (CAnvas VISualization) and it combines all nine elements of the business model canvas into four large groups (meta-concepts): products; environment; finances; customers. To evaluate the proposed framework's efficiency, the authors conducted a pilot study involving a survey of experienced top-managers of Russian companies and examined their perceptions of two business model representations: Canvas business model by Osterwalder, and a business model mind mapping template in accordance with certain criteria formulated. These six criteria include: easiness to use, speed of perception, clarity and understandability, aesthetic pleasure, opportunity to use of operational activities, capacity to provide new insights. Research has showed that the visualization tool with a mind map may be considered a graphical template for a cognitive framework that positively affects the comprehension and understanding of business model easiness to use, speed of perception, clarity and understandability, aesthetic pleasure. These results are consistent with those of other studies.