Identifying potential productivity improvements in highly co-created services is a challenge for practitioners and researchers alike. In our contribution, we focus on corporate education services that are designed and delivered in close collaboration between service providers and service customers. We demonstrate how adopting a business-model lens facilitates the search for productivity improvements in this setting. In our discussion, we use a business-model-based approach to derive ideas for productivity improvement. Afterwards we derive implications for future research on improving the productivity of highly co-created services.