Recently, most organisations feel the need to modify existing business models and create new ones to adjust themselves to a dynamically changing business environment. However, a review of the business models literature reveals a lack of an effective business model construction tool and prioritisation framework. This despite the fact that the need for such a framework is clear, with recent studies revealing that most organisations are modifying existing business models and creating new ones. This paper utilises extant theory to construct a process-based tool whose objective is to enable organisations to construct effective business models. Furthermore, it applies Multi-Attribute Utility Theory to construct a Business Model Prioritisation framework, a rigorous decision making tool in enabling managers to prioritise the developed business models for implementation. Therefore, this paper not only contributes to theory but also has significant practical implications for organisations.