What is Black Business Month? How can Your Business Show Support?
What is Black Business Month?
August is the national black business month in America. It is a time where individuals and businesses recognize black-owned businesses across the country. In 2004, Frederick E Jordan and John William Templeton together pushed for a cause that’s dear to their hearts: supporting and celebrating black businesses. They started the national black business month to highlight the importance of supporting black-owned businesses. There are 2 million black-owned businesses in the US. However, according to the Minority Business Development Agency, those 2 million companies only generated more than $150 billion in gross revenue, which is less than 1% of the more than $2 trillion in the 2019 reported gross revenue nationwide.
So, how can your business show support for black-owned businesses?
As a result of COVID-19, black-owned businesses are twice more likely to be permanently closed than other businesses. To help and support black businesses is crucial in undoing centuries of injustice and discrimination against African Americans.
Here are ways to support black-owned businesses:
1. Put black-owned products on shelves
The simplest way to support black-owned businesses is by putting them on shelves in stores. Aurora James challenged companies to put more black-owned products on shelves by saying, “we represent 15% of the population, and we need to represent 15% of your shelf space.” Major retailers such as Macy’s, Sephora, and Gap all decide to do so. Now that you see more representations of black-owned brands and products in-store, it’s time to use your buying power to support black entrepreneurs. By purchasing black-owned products, you’re helping the business grow and expand.
2. Support black business associations or organizations
With advanced technology, the global economy is shifting to the digital marketplace. Some small black-owned businesses are having trouble adapting to the digital world and creating a digital presence. To help black-owned companies develop their digital presence, your business can donate to organizations that incubate small black-owned businesses. An organization like MainStreet RISE offers services and tools for free to help small businesses to learn and become more competitive in the market.
3. Create diversity in your business operation
Before we feel the anger of injustice outside, we need to look inward at our business operations. If you’re a business owner, take a chance to work for inclusivity in your business. Look at your suppliers; are they all large businesses? Why not give small black-owned businesses a chance? Look at your employees; are they diverse? Take a chance to bring different perspectives and diversity into your workplace.
4. Use services from companies that support black-owned businesses
Many businesses now partner up with and support black-owned businesses, and some even donate a percentage of their revenue to charities that help the black community. At Vacayz, we help small businesses save money by offering big corporate discounts on hotel stays to small businesses. We make a conscious choice in partnering up with black-owned hotels and Airbnb hosts to help generate ongoing cash flow from booking. We provide a variety of hotels and Airbnb stays to choose from, and all options offer free cancellation and change for any uncertainty. Check out Vacayz.com to book your next business trip!