Different approaches to the interpretation of the concept of "business model" are considered. Based on them, the essence of this concept is characterized, namely: the business model is a system that combines many elements that in their relationship determine the necessary directions of the firm, which creates value, financial results and consolidates positions on the market. An example of the formation of such a system based on the Busines Model Canvas by Osterwalder was considered in order to highlight key elements. The main elements are analyzed: Key Partners, Key Activities, Key Resources, Value Propositions, Customer relationships, Channels, Customer Segments, Cost Structure and Revenue Streams. It is determined that a business model of the enterprise is a reflection of the internal environment of the enterprise, but at the same time is strongly influenced by environmental factors. The consequences of the Covid-19 pandemic in terms of business in European countries are considered. According to results of the study, it was determined that the greatest impact of the pandemic was reflected on the income of enterprises. Based on the selected key elements of the business model of the enterprise, the impact of the pandemic on each element is analyzed. The main consequences are: the risk of losing partners, reducing the relevance of certain activities, the inexpediency of focusing only on tangible assets, changes in value propositions, loss of customer loyalty, reducing the efficiency of old sales channels and so on. Accordingly, the main trends in business models of enterprises are identified: reorientation of activities, sales channels, customer relationships online, emphasis on the importance of human capital, the introduction of elements of risk management. Thus, the Covid-19 pandemic has a significant impact on the success of enterprises, even in highly developed countries. In an environment of unpredictability, business leaders should pay an attention for creating and improving business models to ensure their sustainability and efficiency.