TThe paper compares two approaches for analyzing conceptual metaphors: top down versus bottom up approaches. The article also proposes a modified model of analysis: a five-step method based on Steen’s model Metaphor Identification Procedure (1999, 2009). On the one hand, the top- down approach goes beyond the conceptual level, it analyses metaphor systematically and deductively, yet, the researcher may ignore the text and leave out metaphors that do not comply with the 5 step conceptual mapping. On the other hand, the inductive bottom up method prevents the researcher from seeing “(...) concrete manifestations of conceptual metaphors everywhere” (Steen, 2007:7). The proposed modified version of the five-step method splits step 4 to 4a and 4b incorporating both deductive and inductive analysis. The proposed model is tested on the metaphor: BUSINESS IS WAR and the three concepts which entails: win, battle and defense. The analysis shows that different source and target concepts are highlighted depending each time on the top down or bottom up process of analyzing the aforementioned concepts.