JeffNock

Jeff Nock Provides Cash Flow Management Advice During a Company’s Startup Years

Jeff Nock, a leadership and business development consultant, offers five tips.

IOWA CITY, IA / ACCESSWIRE / March 24, 2020 / Jeff Nock is an internationally recognized executive and consultant with expertise in developing startups, small and mid-cap companies, and nonprofit organizations. His expertise has helped many companies create cash flow management plans and initiatives. As someone who has accumulated experience developing and implementing cash flow management plans for various types of companies, Jeff Nock offers an essential set of practical tips for companies that are just starting out.

Jeff Nock states that "When new businesses are launching, it’s an exciting time, and everyone involved is geared to succeed and make their mark on the world, but during these ramp-up months and first few years, it’s important not only to focus on revenue growth but also cash flow management. Not always an easy task, it’s essential to have a plan and to stick to that plan." Key components of a cash flow management plan and a revenue growth plan involve calculating the burn rate, runway, cash flow positive, and profitability point for the business, tracking and evaluating cash inflows and outflows, bringing the financial experts on board, hiring the right staff with the right skills, and leveraging technology.

Jeff Nock‘s First Tip for Cash Flow Management: Calculate the Burn Rate, Runway, Cash Flow Positive, and Profitability Points

As leaders and founders of startups can be focused on the overall vision of the company and initial revenue generation, it is important to not forget about key financial projections and then track actual versus projection. In addition to having a close eye on revenue, it is important to monitor the monthly burn rate. As startups spend or "burn" more money than they bring in, the monthly burn rate is revenue minus expense. So, if revenue is $1,000 for a month and expenses are $10,000 then the monthly burn rate is $9,000.

A startups runway is the amount of time they have under current projections before they run out of money. If a company has $1,000,000 in cash and a monthly burn rate of $100,000 then their runway is 10 months.

Many startups confuse cash flow positive with profitability. Cash flow positive is when a company is no longer burning cash on a monthly basis, but rather breaking even or generating a monthly profit. Companies don’t become profitable until they have generated enough positive cash flow to pay off any initial debt (from owners or investors).

Calculating these important financial projections is important as companies look at long term investment and are financial projections that potential investors use to determine whether a business is viable and worthy of investment. Once these projections are in place, startup business owners should track the progress towards the projections and make strategic business decisions to grow revenue and manage expenses accordingly. If revenue is slightly ahead of projections and expenses are on forecast then the business owner can decide to either save that excess cash or reinvest to spur faster revenue growth.

For investors (whether the owner, friends and family, angel or VC), these financials, combined with the strength of the business model and leadership team enable data from which to evaluate business viability. If a startup has a $100,000 in startup capital, a burn rate of $10,000 a month and has a plan to triple revenue with an influx of an additional $100,000 in funding, the investor can make an educated decision on whether to invest. If the startup has $100,000 and a monthly burn rate of $50,000 it may be too late for that company without a drastic reduction in expenses or a sizable new source of revenue that is imminent.

Jeff Nock‘s Second Tip: Review and Evaluate Cash Flows

Reviewing and evaluating cash flows starts with tracking expenses and revenues. While this seems basic, there are sophisticated cloud platforms and software applications that can help automate whether revenue and cost management techniques are being leveraged. While most startups are focused on living day to day and month to month, it is still important for mentors and investors/potential investors to see logically created financial projections. Software like PlanGuru can provide analytical budgeting tools, which can help startups make more accurate financial projections for up to ten years. Many of these applications also offer training packages to help business owners learn the capabilities of the applications and available forecasting tools.

Having forecasting tools can help startups that do not have an established history get a better handle on ways to optimize expenses and revenues. A lack of an established history of cost/revenue trends is one of the reasons why it is critical to frequently review cost and revenue data once it starts coming in. Adjustments to production, price points, and fixed and/or variable costs may need to be made quickly. As a best practice, Jeff Nock recommends startups begin by reviewing costs and revenues weekly and then back off to a monthly basis.

Jeff Nock‘s Third Tip: Call in the Experts

Startup founders have quite a bit on their plates and different hats to wear when getting a new business off the ground. It can be overwhelming to have to handle strategic management, human resources, and hiring/retention, technical infrastructures, and financial management. Even if the founders and leaders of a new business have training or experience in financial management, it is best to utilize mentors and when possible bring external consultants and experts on board.

Bringing in external financial experience is crucial as a startup business owner is too close to their business to have an objective perspective. As Nock advises, "many early-stage startups outsource the finance role to certified public accountants who can come in a few hours a week and handle accounting and cash flow management." Outsourcing the financials and cash flow management provides startup leaders with more time to focus on growing the business.

Selection criteria for a certified public accountant or financial consultant should consist of criteria like experience, recommendations, availability, services, and goal alignment as well as affordability. Examine what type of experience an accountant or consultant has with other successful startups and determine whether that person’s experience is similar to the startup’s industry, product or service line, and organizational form or type. Ask whether the person’s work ethic and philosophy match the organization’s culture. Review testimonials from current and former clients and ask for references.

Jeff Nock‘s Fourth Tip: Hire Financial Help at the Right Time

While most early stage startups can’t afford to hire a full-time accountant right away and use external accountants for a few hours a week, eventually, as the company grows, the amount of accounting will also grow. As outside accountants will usually charge more per hour than in house accounts cost (not including benefit), it is important to realize when the outside consulting work has reached the point where it can be replaced by hiring an accountant. This can be done part-time at first and eventually ramped up to full-time.

When considering this initial hire, make sure to invest in not only the individual’s expertise but their fit with the company’s culture. Often, whether it is a financial person or any other role, people in general do not understand the need for adaptability when working with startups. This isn’t to say that anything should be done outside of accounting rules or laws by any means. It just means that it is quite different working as an accountant for a Fortune 500 company than it is working for a startup and some people just don’t have the ability or desire to work in such a fluid environment.

Since startup cultures are drastically different from established companies, those with startup experience will be used to working in an environment with a lot of uncertainty and little direction or supervision. A startup often requires working at a fast pace, the ability to grasp new concepts and responsibilities quickly, and the ability to see what needs to be done and the willingness to do it, even if it is not part of the person’s job description.

Jeff Nock‘s Fifth Tip: Leverage Technology

Leveraging technology involves looking at what financial technical resources will help the startup grow and what resources will help the startup optimize operations, both internal and external. Thinking beyond physical hardware and software applications, startup leaders should consider how technology will be used and leveraged. Cybersecurity risks are prevalent today and financial data, just as customer data, must be kept secure, especially when investors are involved. Establishing procedures for secure financial data storage to customer relationship management, these secure procedures and strategies should guide the purchase of financial technology-related resources.

While many startups use Excel spreadsheets and other rudimentary tools, it is important to quickly migrate to a secure cloud-based platform like Quickbooks. By using such a third-party platform that is focused on maintaining data security and constantly upgrading features, business owners can securely input and access accounting data 24×7 wherever they can access the Internet.

With more than 30.7 million small businesses and startups in the United States as of 2019, cash flow and revenue management is an important key to long-term sustainability. Approximately only 20 percent of small businesses are still in existence after five years. Ensuring the business idea and strategy is viable and sustainable in the long-term can be more easily accomplished by implementing Nock’s tips.

Jeffrey Nock‘s experience includes being the CEO of multiple companies, part of multiple successful startups and as CEO and Founder of Prescient Consulting, LLC. His company has helped over 200 companies that are in the early stage of development, as well as mid-cap companies. As an experienced consultant, Nock strives to assist organizations with achieving visions and growth objectives through services such as mentoring for the C-Suite, strategic and financial planning, business planning, business model ideation and evolution, competitive niche analysis, business development, operational efficiencies, and brand evolution.

Nock‘s repertoire also includes growing startups, growing nonprofit organizations, and helping established companies achieve new growth targets. His skills include leadership development, strategic planning, business development, financial oversight, and presentation development. Outside the consulting world, he enjoys spending time with his four children, supporting his children’s events, participating in physical fitness activities, reading, watching sports, and finding ways to give back to his community.

Jeff Nock Provides Cash Flow Management Advice During a Company’s Startup Years

Jeff Nock, a leadership and business development consultant, offers five tips.

IOWA CITY, IA / ACCESSWIRE / March 24, 2020 / Jeff Nock is an internationally recognized executive and consultant with expertise in developing startups, small and mid-cap companies, and nonprofit organizations. His expertise has helped many companies create cash flow management plans and initiatives. As someone who has accumulated experience developing and implementing cash flow management plans for various types of companies, Jeff Nock offers an essential set of practical tips for companies that are just starting out.

Jeff Nock states that "When new businesses are launching, it’s an exciting time, and everyone involved is geared to succeed and make their mark on the world, but during these ramp-up months and first few years, it’s important not only to focus on revenue growth but also cash flow management. Not always an easy task, it’s essential to have a plan and to stick to that plan." Key components of a cash flow management plan and a revenue growth plan involve calculating the burn rate, runway, cash flow positive, and profitability point for the business, tracking and evaluating cash inflows and outflows, bringing the financial experts on board, hiring the right staff with the right skills, and leveraging technology.

Jeff Nock‘s First Tip for Cash Flow Management: Calculate the Burn Rate, Runway, Cash Flow Positive, and Profitability Points

As leaders and founders of startups can be focused on the overall vision of the company and initial revenue generation, it is important to not forget about key financial projections and then track actual versus projection. In addition to having a close eye on revenue, it is important to monitor the monthly burn rate. As startups spend or "burn" more money than they bring in, the monthly burn rate is revenue minus expense. So, if revenue is $1,000 for a month and expenses are $10,000 then the monthly burn rate is $9,000.

A startups runway is the amount of time they have under current projections before they run out of money. If a company has $1,000,000 in cash and a monthly burn rate of $100,000 then their runway is 10 months.

Many startups confuse cash flow positive with profitability. Cash flow positive is when a company is no longer burning cash on a monthly basis, but rather breaking even or generating a monthly profit. Companies don’t become profitable until they have generated enough positive cash flow to pay off any initial debt (from owners or investors).

Calculating these important financial projections is important as companies look at long term investment and are financial projections that potential investors use to determine whether a business is viable and worthy of investment. Once these projections are in place, startup business owners should track the progress towards the projections and make strategic business decisions to grow revenue and manage expenses accordingly. If revenue is slightly ahead of projections and expenses are on forecast then the business owner can decide to either save that excess cash or reinvest to spur faster revenue growth.

For investors (whether the owner, friends and family, angel or VC), these financials, combined with the strength of the business model and leadership team enable data from which to evaluate business viability. If a startup has a $100,000 in startup capital, a burn rate of $10,000 a month and has a plan to triple revenue with an influx of an additional $100,000 in funding, the investor can make an educated decision on whether to invest. If the startup has $100,000 and a monthly burn rate of $50,000 it may be too late for that company without a drastic reduction in expenses or a sizable new source of revenue that is imminent.

Jeff Nock‘s Second Tip: Review and Evaluate Cash Flows

Reviewing and evaluating cash flows starts with tracking expenses and revenues. While this seems basic, there are sophisticated cloud platforms and software applications that can help automate whether revenue and cost management techniques are being leveraged. While most startups are focused on living day to day and month to month, it is still important for mentors and investors/potential investors to see logically created financial projections. Software like PlanGuru can provide analytical budgeting tools, which can help startups make more accurate financial projections for up to ten years. Many of these applications also offer training packages to help business owners learn the capabilities of the applications and available forecasting tools.

Having forecasting tools can help startups that do not have an established history get a better handle on ways to optimize expenses and revenues. A lack of an established history of cost/revenue trends is one of the reasons why it is critical to frequently review cost and revenue data once it starts coming in. Adjustments to production, price points, and fixed and/or variable costs may need to be made quickly. As a best practice, Jeff Nock recommends startups begin by reviewing costs and revenues weekly and then back off to a monthly basis.

Jeff Nock‘s Third Tip: Call in the Experts

Startup founders have quite a bit on their plates and different hats to wear when getting a new business off the ground. It can be overwhelming to have to handle strategic management, human resources, and hiring/retention, technical infrastructures, and financial management. Even if the founders and leaders of a new business have training or experience in financial management, it is best to utilize mentors and when possible bring external consultants and experts on board.

Bringing in external financial experience is crucial as a startup business owner is too close to their business to have an objective perspective. As Nock advises, "many early-stage startups outsource the finance role to certified public accountants who can come in a few hours a week and handle accounting and cash flow management." Outsourcing the financials and cash flow management provides startup leaders with more time to focus on growing the business.

Selection criteria for a certified public accountant or financial consultant should consist of criteria like experience, recommendations, availability, services, and goal alignment as well as affordability. Examine what type of experience an accountant or consultant has with other successful startups and determine whether that person’s experience is similar to the startup’s industry, product or service line, and organizational form or type. Ask whether the person’s work ethic and philosophy match the organization’s culture. Review testimonials from current and former clients and ask for references.

Jeff Nock‘s Fourth Tip: Hire Financial Help at the Right Time

While most early stage startups can’t afford to hire a full-time accountant right away and use external accountants for a few hours a week, eventually, as the company grows, the amount of accounting will also grow. As outside accountants will usually charge more per hour than in house accounts cost (not including benefit), it is important to realize when the outside consulting work has reached the point where it can be replaced by hiring an accountant. This can be done part-time at first and eventually ramped up to full-time.

When considering this initial hire, make sure to invest in not only the individual’s expertise but their fit with the company’s culture. Often, whether it is a financial person or any other role, people in general do not understand the need for adaptability when working with startups. This isn’t to say that anything should be done outside of accounting rules or laws by any means. It just means that it is quite different working as an accountant for a Fortune 500 company than it is working for a startup and some people just don’t have the ability or desire to work in such a fluid environment.

Since startup cultures are drastically different from established companies, those with startup experience will be used to working in an environment with a lot of uncertainty and little direction or supervision. A startup often requires working at a fast pace, the ability to grasp new concepts and responsibilities quickly, and the ability to see what needs to be done and the willingness to do it, even if it is not part of the person’s job description.

Jeff Nock‘s Fifth Tip: Leverage Technology

Leveraging technology involves looking at what financial technical resources will help the startup grow and what resources will help the startup optimize operations, both internal and external. Thinking beyond physical hardware and software applications, startup leaders should consider how technology will be used and leveraged. Cybersecurity risks are prevalent today and financial data, just as customer data, must be kept secure, especially when investors are involved. Establishing procedures for secure financial data storage to customer relationship management, these secure procedures and strategies should guide the purchase of financial technology-related resources.

While many startups use Excel spreadsheets and other rudimentary tools, it is important to quickly migrate to a secure cloud-based platform like Quickbooks. By using such a third-party platform that is focused on maintaining data security and constantly upgrading features, business owners can securely input and access accounting data 24×7 wherever they can access the Internet.

With more than 30.7 million small businesses and startups in the United States as of 2019, cash flow and revenue management is an important key to long-term sustainability. Approximately only 20 percent of small businesses are still in existence after five years. Ensuring the business idea and strategy is viable and sustainable in the long-term can be more easily accomplished by implementing Nock’s tips.

Jeffrey Nock‘s experience includes being the CEO of multiple companies, part of multiple successful startups and as CEO and Founder of Prescient Consulting, LLC. His company has helped over 200 companies that are in the early stage of development, as well as mid-cap companies. As an experienced consultant, Nock strives to assist organizations with achieving visions and growth objectives through services such as mentoring for the C-Suite, strategic and financial planning, business planning, business model ideation and evolution, competitive niche analysis, business development, operational efficiencies, and brand evolution.

Nock‘s repertoire also includes growing startups, growing nonprofit organizations, and helping established companies achieve new growth targets. His skills include leadership development, strategic planning, business development, financial oversight, and presentation development. Outside the consulting world, he enjoys spending time with his four children, supporting his children’s events, participating in physical fitness activities, reading, watching sports, and finding ways to give back to his community.

Jeff Nock

Jeff Nock demonstrates how to get the right people in the right seats of a company

Business consultant Jeff Nock, from Iowa City, Iowa, explains how to get the right people in the right seats at your company.

Getting the right people in the right seats is essential for the success of any company. That’s according to business consultant Jeff Nock, from Iowa City, Iowa, as he outlines a number of key ways to both attract and retain the best people, and to ensure that they’re in precisely the right seats for success.

Attracting the right people is Jeff Nock‘s first area of focus. “I often recommend that any company or organization should aim to boast at least five benefits tailored toward attracting the right people in the first instance,” says the business consultant and marketing expert, speaking from his office in Iowa City, Iowa.

Business owners are, he says, free to choose the five or more benefits which they see most fit. As a business consultant and expert in the field, however, Jeff Nock has, he believes, whittled down dozens of possible benefits to the five which he believes have the best potential in getting the right people in the right seats of a company. “These,” he reveals, “are culture, fair pay, recognition, variety, and rewards.”

“People want to be happy in their work,” Jeff Nock continues, “and from establishing a winning corporate culture to ensuring variety, fair pay, and recognition more generally, a truly rewarding working environment is, I believe, the best way to get the right people through the door.”

The secret, meanwhile, to ensuring that people are, and remain, in the right seats at your company is, according to Jeff Nock, also partly down to cementing in place effective processes, supported, wherever possible, by the appropriate tools, software, and other systems.

It’s essential, he says, that clear roles are defined if people’s skills are to be utilized as best as possible. “Define clear roles at all levels and match the appropriate skills to each of these,” suggests the Iowa-based business consultant.

“The correct structure and defined skills and roles will, then,” he adds, wrapping up, “allow a company’s systems and processes to, as a result, operate as effectively as possible, with just the right people in exactly the right seats at your business.”

Founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa, Jeff Nock boasts a demonstrated history of growing nonprofit organizations, startups, and established companies alike. Skilled in business and strategic planning, branding, sales, and marketing, now-established Iowa resident Nock also holds a master’s degree in management from Colorado’s Regis University and is a specialist in management development. To learn more, visit https://prescient.us/.

Jeff Nock

Jeff Nock explains developing an operating system to help scale a business

Iowa City-based consultant Jeff Nock reveals the basics of developing an operating system to help scale a business that’s truly effective.

 Often companies that successfully launch hit a ceiling. This is because while the business model can be sound and customer base may embrace the product or service, the company can’t scale because their business doesn’t have a scalable operating system. That’s according to marketing and product development specialist Jeff Nock, a business consultant from Iowa City, Iowa, as he explains more about the process.

“In essence, companies can “wing it” in an entrepreneurial way and often get far due to hard work. But, eventually, there will be a need for more formal, documented processes that ensure that work is done in a prioritized and efficient manner,” suggests Jeff Nock, an Iowa City-based business consultant and marketing and product development specialist.

Beyond this, a business operating system should include a formalized method of using data to monitor success. There are a number of different scorecard methodologies that can be implemented to help companies know if what they are doing is working or needs adjustment. is what defines a company’s approach to everything from operations and going to market, to dealing with customers and clients, according to the expert. “It is proven that when companies pick the right metrics and consistently monitor those metrics, this enables teams to focus on making sure the results are positive. The emphasis on measurement is not intended to be punitive but rather a motivating reminder to excel in the prioritized areas,” Jeff Nock explains.

In addition to formalized processes and a scorecard, a business operating system should also include a personnel component that ensures that people who are added to the team not only have the skills to do their jobs successfully but also are compatible with the company’s culture. “Too often as company’s grow beyond a startup to a later stage company, they rush to hire and fill openings and end up bringing aboard people who don’t mesh with their culture. This inevitably affects the company negatively even to the extent of changing the company culture for the worse,” adds the expert.

Touching more deeply on personnel, Jeff Nock shared, “It’s essential to take the time to identify roles and responsibilities at a more specialized level. When companies first start, everyone is doing a little of everything. But as they scale, roles need to become more specialized organizational charts, without becoming overly bureaucratic, have to reflex these new, more defined roles,” suggests the Iowa-based business consultant, speaking from his office in Iowa City, Iowa.

Jeff Nock is the founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Renowned for helping early-stage and mid-cap companies to achieve their visions and growth goals, Nock and his stellar group of partners have, together, now assisted more than 250 companies in building and executing successful strategic, business and annual operating plans. To find out more, visit https://prescient.us/

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Jeff Nock

Jeff Nock Wraps up Another Successful Year at Prescient Consulting, LLC

After another successful year for Jeff Nock and his partners at Prescient Consulting, LLC, the business consultant wraps up 2019 and looks forward to 2020 and beyond

Following another successful year for business consultant Jeff Nock and his firm, Prescient Consulting, LLC, the Regis University graduate and specialist in management development has this week thanked his clients and stellar group of partners for a fantastic 2019. Wrapping up the year in style, Nock revisits the last 12 months and looks forward to the New Year.

“This has been another fantastic year for myself and my partners at Prescient Consulting, LLC,” said business consultant Jeff Nock recently, “and I’d like to thank them, my wonderful clients, and my family for the last 12 months as we look forward to the holidays, New Year, and 2020 and beyond.”

Throughout 2019, Nock has generously and selflessly shared numerous behind the scenes looks at his work at Prescient Consulting, LLC, explaining leadership team development, delving into brand consulting strategies, highlighting the importance of partnership development, revealing how to create a channel strategy, and much more. “From sharing proven pricing strategy examples to helping to define successful business model development, I think it’s important,” says Nock, “to offer an insight into the worlds of strategic planning, branding, sales, and marketing for those who wish to learn more.”

The selfless business consultant has also offered proven tips on how best to scale a business while explaining the concept of social entrepreneurship, describing how to evolve a company’s brand, and revealing the value of conducting periodic SWOT analyses. “Sharing years of business plan development knowledge, I’ve enjoyed providing an insight into business at Prescient Consulting, LLC,” Nock explains, “and look forward to doing more of the same during 2020 and beyond.”

Other topics touched on by business consultant Jeff Nock this year include market analysis, how to develop a leadership team within an organization, the importance of evolving culture within a company, the benefits of leadership development for individual leaders, and how consultants can help companies with internal operational efficiencies.

He’s also spoken openly and at length on Christian leadership, business and startup mentoring, the importance of flexible focus for startups, and how to balance being a father and a CEO.

“It can be a challenge to designate enough time to both your family and work, but it’s not impossible,” said Nock at the time. “The key, I believe,” he adds, wrapping up, “is good communication and scheduling.”

A graduate of Regis University in Denver, Colorado, Jeff Nock is the founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Renowned for helping early-stage and mid-cap companies to achieve their visions and growth goals, Nock and his stellar group of partners have, together, now assisted more than 250 companies in building and executing successful strategic and business plans. To find out more, visit https://prescient.us/.

 

Jeff Nock

Jeff Nock Reexamines Concept and Growth of Social Entrepreneurship

Iowa City business consultant Jeff Nock revisits the topic of social entrepreneurship, its goals, and the spread of the concept.

An approach used most commonly by startup companies, social entrepreneurship involves developing, funding, and implementing solutions to environmental, cultural, or social issues. Jeff Nock, a business consultant from Iowa City, Iowa, having previously spoken at length about the fundamental aspects of social entrepreneurship, takes a closer look at the concept.

“Social entrepreneurship is said by the Institute for Social Entrepreneurs to be the art of simultaneously pursuing a financial and social return on investment,” explains Nock. The concept, he says, is on the rise, both in the United States and globally. “Social entrepreneurship,” adds Nock, who’s based in Iowa City, Iowa, “can be demonstrated by a wide range of organizations which vary not just in terms of size, but also in terms of their aims and beliefs.”

Business consultant Jeff Nock goes on to explain that the beliefs, metrics, and goals of social entrepreneurship efforts range from community development to poverty alleviation. “Common goals of social entrepreneurship range from broad cultural, social, and environmental aims to more tailored efforts tied to, for example, community development, poverty alleviation, or access to medical care,” says the expert.

According to Nock, the popularity and spread of social entrepreneurship has grown massively in recent years. “Over the course of the last ten years or so, social entrepreneurship has grown massively,” he explains. This, the expert believes, has been facilitated to a large degree by the internet, and, in particular, social media.

“Social media has been hugely beneficial to all manner of social entrepreneurship efforts worldwide,” says Nock. Enabling companies to reach potentially many millions of like-minded individuals, social media websites and apps such as Twitter, Facebook, and Instagram have, he suggests, been a significant catalyst for collaboration, fundraising, the promotion of raised awareness, general networking, and much more.

Prominent social entrepreneurship organizations include the Omidyar Network, the Global Social Benefit Institute, Athgo, Echoing Green, and the Skoll Foundation, created by eBay’s first president, Jeff Skoll. “Organizations such as these,” Nock explains, “promote and provide resources designed to help advance the efforts of social entrepreneurs around the world.”

The Skoll Foundation, for example, provides grants to already-established but still-growing endeavors committed to social entrepreneurship, according to the business consultant. “It’s currently estimated,” adds Jeff Nock, wrapping up, “that the foundation, created by Jeff Skoll, makes grants totaling as much as $40 million annually.”

A graduate of Colorado’s Regis University, Jeff Nock is the founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. Renowned for helping early-stage and mid-cap companies to achieve their visions and growth goals, Nock and his stellar group of partners have now assisted more than 250 companies in building and executing successful strategic and business plans. To find out more, visit https://prescient.us/.

Jeff Nock

Jeff Nock Defines Business Model Development

The way in which a company creates a compelling value proposition for customers, business consultant Jeff Nock outlines business model development basics. 

 

Most commonly known as business model development, the process, according to business consultant Jeff Nock, involves creating and sharing a value proposition that’s attractive to customers across the board. Delving deeper into the process as he outlines more closely what’s involved, the leading business expert, who’s based in Iowa City, Iowa, defines business model development and shares a number of tips for developing a business model in the first instance. 

 

“In the simplest sense, business model development involves the creation and distribution of what we might call a compelling proposition, value-wise, that customers will be happy to pay for,” explains Nock, “but at a price, importantly, that still yields an appropriate and acceptable profit for the company or organization developing the model in question.” 

 

Business model development is especially crucial, Nock says, when exploring or anticipating the launch of a new product idea or service. “Further to value proposition and profit, it’s vital,” he explains, “to ensure demand, first and foremost, and, also, to have the necessary distribution channels and other key infrastructure either prepared or already in place.” 

 

Thankfully, Jeff Nock reveals, there are a number of helpful tips that can help when tackling the business model development process. “Start by defining a target market,” suggests the successful Iowa City-based business consultant, “and consider how you might be able to further segment this market moving forward.” 

 

Next, he says, define marketing and distribution channels, before carefully considering revenue streams. “How, for example,” asks Nock, somewhat rhetorically, “are prices being set, and how is revenue ultimately collected?” 

 

Any well-developed business model will also consider all possible resources which may be required for success, including human resources, financial resources, suppliers, vendors, and more, according to Nock. “Ask yourself, what level of investment will be involved, financially?” suggests the expert. “Also consider costs tied to training, branding, and maintaining vital technologies, for example, too,” he adds. 

 

Finally, and perhaps most critically, Jeff Nock stresses the importance of identifying what a company plans to do to deliver on a competitive strategy front. “How does the company differentiate itself against and from the existing competition?” he asks, again somewhat rhetorically. “If it isn’t immediately evident,” adds Nock, wrapping up, “take a much closer look and consider all of your options, even if it takes numerous attempts to get things just right.”

Jeff Nock Reveals how to Create a Channel Strategy

Business consultant Jeff Nock, based in Iowa City, Iowa, explains the basics of creating an effective channel strategy

Loosely defined, channel strategy is how a company gets its product or service through their business process to the customer. For example, if a company produces a physical product and sells that product to individual consumers, they have multiple channels to choose from (direct online, direct in their own store, through a retail partner, through Amazon, etc). In the business to business space, channel options can include selling direct, through partners, value added resellers (VARs) and other options explains marketing and product development specialist Jeff Nock.

“Often startups or companies launching new products have to start with a direct channel strategy because it is hard to get on the shelf at bigger stores and initially hard to gain traction on Amazon or other online marketplaces. Thinking through a channel strategy that can help generate much needed cashflow initially but can also scale to optimize potential sales is both an art and a science,” suggests Nock, the founder of a successful business consultancy firm located in Iowa City, Iowa.

From determining the correct target market or individual buyer to outlining so-called ‘value propositions’ of a product, service, or other offerings, creating a successful channel strategy relies on a number of distinct steps, according to Jeff Nock. “First, it’s important to define one-or possibly more-channel or channels,” says the expert. These channels today can involve many different options as partnerships continue to diversify. The challenge is not to bite off too much as managing channel partners can take just as much time as providing great customer service to customers.

“For many firms looking to implement a channel strategy,” Nock continues, “knowing their target market and how that target market prefers to purchase products or services like theirs is huge.”

Doing proper “customer discovery” when choosing a channel strategy is just as important as it is when doing customer discovery when designing the product or service in the first place. It is imperative that companies not only know that what they are offering is wanted by their target market but also how (channel) that target market prefers to buy,” suggests Nock.

Once a company has learned from their target market how that market prefers to purchase products or services like theirs, the company should then conduct a thorough analysis of all the different ways that channel could be implemented. Once this analysis has been conducted and the best, defined as most desirable to the target market, and economically advantageous to the company, channel strategy is determined, a well thought out implementation plan should be executed. “Too often companies go with the easiest channel to enter and suffer long term repercussions for such short sided thinking,” suggests the expert, “conducting good customer discovery, analyzing the best implementation strategy and executing that strategy helps avoid this pitfall.”

Often is necessary to avoid channel conflict, Jeff Nock says, as a company doesn’t want to find itself competing for sales with its own partners. Channel segmentation according to Nock, may see a company target exclusively larger enterprises through its direct sales channel strategy while, when looking to sell to smaller and midsized firms, employing only partners.

Jeff Nock

Jeff Nock Highlights Importance of Partnership Development

Branding, sales, and marketing expert Jeff Nock outlines the partnership development process and its importance in business.

 

A successful Iowa City-based businessman and founder of Prescient Consulting, Jeff Nock boasts a demonstrated history of growing established companies, startups, and nonprofit organizations alike. Here, business consultant Nock outlines the importance of partnership development.

 

“The essence of partnership development is that businesses execute their core competencies in-house and partner for everything else,” explains Nock, founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa. 

 

Partner development or partnership development is a so-called customer-centric approach to business development. According to Jeff Nock, the process draws from the customer development framework popularized by Steve Blank, a Silicon Valley entrepreneur based in Pescadero, California. “Blank is best known,” adds Nock, “for being a national advocate for the Business Model Canvas, of which Partnerhips Development is a key component.”

 

The Business Model Canvas process recognized, and continues to recognize, that startups and early stage companies  are not merely smaller versions of large businesses, but rather that they require their own set of tools and processes to be successful.

 

Partnership development  is where companies collaborate with other companies to round out their product or service offering. For example, a retail company may have many locations and be excellent at sourcing products and selling products but they are not good at transport logistics. So they partner with an outside trucking logistics company to move equipment and merchandise from store to store. “Partnership development relies on creating win/win scenarios where the two partners together bring forward a better product or service than the one company can by itself,” Nock explains, “the value add creates higher demand from customers .”

 

Jeff Nock has previously written at length on topics ranging from business plan development, the concept of social entrepreneurship, and market analysis, to the value of conducting periodic SWOT analyses, internal operational efficiencies, the importance of evolving culture within a company, and leadership team development.

 

Nock most recently spoke, however, about the importance of brand consulting strategies. According to the expert, typically, when starting out, small businesses fail to prioritize the resources needed to establish an effective brand. This happens, Jeff Nock suggests, because resources—during the early stages—are often put predominantly into working on product development and sales relationships. “Many companies, particularly in the technology space, focus on what their product does,” says Nock. “Prospective clients, though, want to know what that product can do for them,” reveals the Iowa-based business consultant.  

 

Nock and his firm, Prescient Consulting, LLC, are based in the Johnson County city of Iowa City, Iowa. Home of the University of Iowa and the state’s fifth-largest city, it’s also the county seat of Johnson County. “The largest employer here in Iowa City by a significant margin is the University of Iowa,” reveals Nock, “followed by the Iowa City Community School District and the Iowa City VA Medical Center.”

 

“Iowa City,” he adds, wrapping up, “has also previously been named the third Best Small Metropolitan Area in the United States by famous bi-weekly business magazine, Forbes.”

 

Founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa, Jeff Nock boasts a demonstrated history of growing nonprofit organizations, startups, and established companies alike. Skilled in business and strategic planning, branding, sales, and marketing, now-established Iowa resident Nock also holds a master’s degree in management from Colorado’s Regis University and is a specialist in management development. To learn more, visit https://prescient.us/.

Jeff Nock

Jeff Nock Delves into Brand Consulting Strategies

Business Expert and Successful Consultancy Firm CEO Jeff Nock Explains Brand Consulting

From helping to establish brand identity for startups to evolving brands for more established companies, it is a combination of art and science when brand consulting, according to Jeff Nock. Owner and founder of a highly successful consultancy firm based in Iowa City, Iowa. Nock provides an expert look at the brand consulting process.

“In the end, why should someone want to work with your company? Your brand has to identify why you are different, better than others who provide similar products or services,” explains Nock, CEO and founder of Prescient Consulting, headquartered in Iowa City, Iowa. “Marketing is often misunderstood as simply advertising but true branding includes how a company goes about product strategy, lead generation, content, customer service, innovation, measurement, social proof, and reputation management It’s ultimately about any touch you have a with potential client or client which impacts how they feel about your company, which is your brand,” he adds.

According to Jeff Nock, typically when starting out, small businesses don’t prioritize the resources needed to establish an effective brand. This happens because people and financial resources at the early stages of companies are typically working on product development and sales relationships. Marketing is often an after thought as it is easy to throw up a website and post on social media. But in terms of establishing an effective brand, there is so much more to consider. “Many companies, particularly in the tech space, focus on what they can do. Prospective clients want to know what you can do for them,” reveals the expert.

Companies, via their comprehensive marketing strategies that incorporate every touch they have with prospects and clients, have to be consistently articulating what their business uniquely provides for their clients, according to Nock. “Whether online via website or social media, in person, via email or on the phone, companies have to consistently be sharing value added messages that enable clients and prospects to have confidence that they will be making the right decision by working with your organization,” he adds.

Regardless of what business you are in, branding is more than just your company name and logo. Your brand needs to reflect your commitment to your customers in a way that differentiates you from your competition. “Your brand needs to be memorable, in the way you want customers to think of you and it needs to be represented consistently to all of your prospective clients and customers,” he suggests.

Jeff Nock and his consultancy firm, Prescient Consulting, LLC, are based in Iowa City in Johnson County, Iowa. The city is the home of the University of Iowa and is the county seat of Johnson County. It’s also the state’s fifth-largest city. “The top employer in Iowa City by a large margin is the University of Iowa and University of Iowa Hospitals and Clinics,” reveals the local business consultant, “followed by Iowa City VA Medical Center and Iowa City Community School District.”

“The city,” adds Nock, wrapping up, “has also previously been named the third Best Small Metropolitan Area in the United States by Forbes magazine.”

Founder and CEO of Prescient Consulting, LLC, based in Iowa City, Iowa, Jeff Nock boasts a demonstrated history of growing startups, established companies, nonprofit organizations, alike. Skilled in business and strategic planning, branding, sales, marketing, and software development, now-established Iowa resident Nock also holds a master’s degree in management from Colorado’s Regis University and is a specialist in leadership development. To learn more, visit https://prescient.us/.