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