Jeff Nock is the CEO and Founder of Prescient Consulting, LLC, which he has used to help startups, established companies, and non-profit organizations push their limits of success. Often, this means helping businesses understand positive strategic planning and building a stronger foundation to work from.
Many businesses consider strategic planning a useful strategy for large, evolving corporations without understanding how it can help set all businesses up for success down the road. On the opposite end are businesses who consider strategic planning an essential component but don’t understand how to develop a truly useful plan. This is where Jeff Nock of Prescient Consulting, LLC lends a hand to teach companies and organizations of all sizes the proper way to strategize for the future.
“In a good strategy plan, businesses will set top priorities, make wise investment decisions, and lay out the plans that will help expand their reach and potential,” says Jeff Nock. “Poor strategic planning will be vague and indirect without any real insight to the market or the business.”
Strategic planning will serve as a company’s blueprint and will help all facets stay on track to achieve predetermined objectives in an evolving marketplace. It will identify key areas of growth and establish both short and long-term goals. A decent strategy plan will specifically call out the milestones you intend to meet within the next year as well as those you hope to meet in 5 or 10 years.
“If your company is new and has, let’s say, a few thousand followers and a city-wide reach, your next move is to double your following and extend your product or service to the whole state,” says Jeff Nock. “To get there, you must identify your strengths, weaknesses, opportunities for expansion (near and far) and what threats stand in the way of reaching your goal.”
He mentions that a good strategic plan will identify some essential components, namely distilling who and what the company is. It will encompass the mission, values, and vision for operation that will set the stage for production. This will help businesses stay on track when there are setbacks, new opportunities, or wide fluctuations in the market. Here, companies should identify why the business exists in the first place and what the guiding principles are that hold the organization together. For example, the Walt Disney Company doesn’t just want to be a source of good entertainment, they want to be the world’s leading source of entertainment and accomplish this by employing top creative innovators and artists while maintaining a family-centric focus.
After defining their mission, businesses must set up planned stages for achieving it with clear goals and milestones along the way to measure success. Strategic planning should have a sturdy foundation and core values, but flexible in terms of details. This will help prevent dead ends and upset over not sticking exactly to the plan as you grow.
“Good strategic planning will keep businesses on course to achieve early goals and will help them realize new ones when they encounter success,” says Jeff Nock. “It will serve as a road map, show bible, reference guide, and an important reminder to not lose sight of the original plan that made the whole business possible in the first place.”
Business developer and skillful leader Jeff Nock works with startups, established companies, and non-profit organizations to enhance their growth prospects and achieve their vision and goals. He encourages businesses to pursue social entrepreneurship strategies not only because it is the right thing to do but because it is good business.
Jeff Nock has spent decades crafting business models, enabling companies to grow, and helping leaders develop solid plans for success. He’s the CEO & Founder of Prescient Consulting, LLC, which uses this experience to help early-stage and mid-cap companies achieve their potential. As a demonstrated, versatile leader, he shares his learning experiences with other professionals in the hopes that they will take on positive leadership and drive their ventures to new heights.
“Now’s the time to integrate social entrepreneurship into each company’s core planning,” says Jeff Nock. “Companies like Toms and Warby Parker have proven that social entrepreneurship not only helps our world be a better place but also improves brand equity and drives revenue and bottom-line growth.” By donating one of their products to the lesser privileged for each product they sell, these companies provide shoes and glasses to people who otherwise would not have access to such important items we take for granted. In addition, because consumers value this philanthropy, both Toms and Warby Parker gain incredible brand value for their companies which ultimately drives revenue and profits. It is a true win/win.
According to the Schwab Foundation, “Put simply, social entrepreneurship is the use of new approaches to solving old social problems. Throughout history, there have been social change agents and activists who have put their societies on a better path.” For companies, this can mean donating their core skills to build websites for non-profits, holding quarterly fundraisers for a local charity or in the age-old model, banks donating to local youth groups to raise brand awareness amongst families.
As companies are spending more and more time on culture and determining and living their values, they are realizing that they have an obligation to give back to the communities and world that has been so good to them and Jeff Nock says that incorporating a social responsibility component into a company’s business plan not only helps the world be a better place, builds brand equity, drives top and bottom line growth but also helps recruit great people who want to be part of a culture that values social responsibility.
“Social entrepreneurship is a fast-growing part of much good company’s business plans. While the long-standing model of giving to United Way, who then gives the money to non-profits, is still a valuable model, companies today should think like Toms and Warby Parker and incorporate social responsibility into their main business model. The result can be an increase in brand equity, revenue, and profits. But more importantly, the company’s business model helps make the world a better place… every day.” – Jeff Nock
Jeff Nock Explains the Importance of Market Analysis and How to Conduct Thorough Research
Jeff Nock is an experienced leader with years of dedicated work as an executive and consultant to growing startups, established companies, and non-profit organizations. He shares critical insight into market analysis below and explains how it benefits businesses of all sizes.
Through years of experience helping companies improve and expand their potential, Jeff Nock has developed a well-rounded understanding of the vital pieces of a growing business. Apart from a few other critical characteristics, Mr. Nock is convinced that businesses can only achieve their potential if they have a full understanding of the market they are operating within.
Market analysis, says Jeff Nock, is both a quantitative and qualitative assessment of your business’ market, which considers customer segments, buying patterns, market volume, economic environment, competitors, and more.
“Using market analysis, companies define their niche and gain insight into the hurdles and barriers in the way of success and what effective means should be taken to reach success,” says Jeff Nock.
He explains that a market analysis will help companies to understand that they are clearly solving a problem as Kleenex did with tissues, or incrementally improving the market like Google did with an Internet search. Once they have confirmed their value proposition, companies need to identify their target market, or who has the problem or needs the incremental improvement. Then market analysis or customer discovery should be done to confirm proper product/market fit. Companies simply can’t do with their products or services what other companies are already doing. Those companies already have market share. Companies must identify a sweet spot or niche where they are better than anyone else or create a product or service that is exponentially better than the competition’s in order to be successful.
“It all begins by understanding your value proposition and being willing to listen to your target market to learn,” says Jeff Nock. “From there, you should start by identifying customer personas and build user profiles and consistently get feedback from people within those profiles as you build your product or service.”
The target customers will be the ones most likely to buy your product and the people who will convert into loyal (hopefully lifelong) customers. Business leaders should discover what it is the target audience wants and needs as well as their interests and general demographics. Jeff Nock encourages including data on their spending habits, the potential growth of your market, where your customer is physically located, what their daily behaviors are and the trends that define them.
“Any market analysis should be data-driven,” says Jeff Nock. “The more solid, unbiased customer discovery data you gather, the more useful your eventual results will be in business planning.”
Before building any products or services, it is imperative to get enough positive, objective customer/prospect feedback on the market demand for what you are planning to build. Too many startups and even more established companies build products or services before having a good understanding of their competition. A thorough competitive analysis should result in a clear understanding of where the product or service will fit in the market and why it will stand out to potential buyers.
From there, Jeff Nock says, businesses have to iteratively continue to conduct market analysis to ensure that next-generation versions of their product or service are desired by the target market and that the company is continually up to speed on the competition.
“Good market analysis, including customer discovery and ongoing competitive analysis, can save companies hundreds of thousands and even millions of dollars and months or years of time developing products or services that aren’t ultimately desired by the target market. Good market analysis is like a lighthouse that leads you to success” says Jeff Nock.
Jeff Nock has spent years demonstrating key leadership qualities in a range of positions, improving both small-scale businesses and corporation-style establishments. Here, he shares insight on what makes a good leader and how these characteristics promote growth and stability.
Jeff Nock, the CEO & Founder of Prescient Consulting, LLC, understands good leadership. His business helps early-stage and mid-cap companies grow and ultimately achieve their goals by offering a range of services, notably business planning, and software application development. He teaches companies how a positive leader will affect the entire business from the top down, strengthening their production and encouraging healthy growth with time.
“Without good leadership, the culture fall apart and the business can’t scale from a start-up to a sustainable, growth oriented company,” says Jeff Nock.
The first quality of a great leader he mentions is integrity, which he tells us sets the stage for the entire process. Integrity in business may mean unwavering decision making or the ability to put safety and quality before all else. Having a leader who employees can rely on to make solid, informed decisions without compromising the original intention of the business is essential.
“Every leader should display integrity,” says Jeff Nock, “but they also need to be able to communicate effectively with their team to to gain buy in for the plan and execute the plan.”
It’s the role of leaders to motivate their team and teach them to take charge of their roles as well as listen and accept feedback while being able to give their own. All of this requires that they exercise great communication skills as bad communication will likely lead to negative outcomes including employee turnover and poor operational results. A great leader will know what words to use and the tone of voice that’s most appropriate for the situation, but they will also be able to listen just as effectively (as listening is an integral part of positive communication anywhere).
In order for a leader to be prepared to make the appropriate decisions, they must display a certain decisiveness. They must prove they’re empowered to make decisions and are willing to take risks, understanding that they will hold themselves accountable for end results. A leader who falters on decision making or who is too timid about executive decisions will hinder progress across the board. They should accept opinions or counsel and be open to debate but also be prepared to make the tough call when the time comes.
“A great leader will also empower their team,” says Jeff Nock, “instead of creating fear, doubt, or animosity.”
Many people in leadership roles don’t spend time strengthening their employees (and ultimately the whole business) by empowering their choices and actions. However, a great leader will constantly encourage their team to make decisions that are in the best interest of the company and customers.
“And lastly, and maybe most importantly, a great leader must be patient,” says Jeff Nock. “All the other qualities will certainly make for a good leader in the moment, but it’s patience that ensures they continue being a good leader for years to come.”
CEO and Founder of Prescient Consulting, LLC, Jeff Nock has helped grow businesses and startups by teaching them core basics for years. Here, he shares his own insight on strategic planning to encourage businesses to take the reins on their growth and find success in their ventures.
Jeff Nock is an experienced executive, consultant, and world-class leader who has demonstrated a history of growing startups, non-profits and established companies. Mr. Nock is skilled in areas such as business planning, the strategic planning process, management development, comprehensive marketing, sales, and presentation development. He has a strong, well-rounded background in business and applies a Master of Science in Management to all his professional projects.
Jeff Nock is also the CEO & Founder of Prescient Consulting, LLC, which is a consultancy that helps early stage and mid-cap companies achieve their vision and growth goals. Prescient is able to accomplish this by offering services such as C-Level mentoring, strategic planning, business planning, software development, business model ideation/evolution, market analysis, competitive niche analysis, business development, operational efficiencies and brand evolution.
He believes that every business should begin with strategic planning to align goals and determine the proper course of action to reach high returns. This, Jeff Nock says, begins with the vision statement, which outlines the scope and purpose of the business as well as determines the eventual destination. It will function as a roadmap later on if things get bumpy but also as a critical foundation for understanding the business.
“After they’ve determined their vision,” says Jeff Nock,” businesses should clearly define their core values. It will help them make better hiring decisions and determine what actions to take on their next steps.”
Once the values and the vision are put down to paper, businesses need to work on expectations and outcomes for milestones such as months or years. This, he says, will assist them to stay on track to reach their goals, especially if things become uncertain along the way. Outcomes can be set for weeks, months, years, or some other time window so long as they are realistic and achievable through business means.
“Every business needs clearly defined goals, outcomes, and expectations,” says Jeff Nock. “And from there, each business needs to be able to pick up on performance indicators that let them know they’re on the right track to success.”
Key performance indicators (KPIs) are a tricky but necessary addition to any business plan. Businesses only need a KPI or two for each focus area (such as mentions or shares on social media or a certain number of visits to the website within a specific time frame). However, they will serve as impertinent landmarks on the journey to success.
“From there,” Jeff Nock says, “it’s all about establishing accountability in each position and holding those people to their responsibilities. Doing this will inevitably lead to better service, better performance, and business growth in the end.”