Photos: Wealth Management\YouTube Screenshots\Facebook
August is National Black Business Month, which highlights and appreciates the contributions of Black-owned businesses to the U.S. economy and in promoting diversity and equity. About 3 percent of American businesses are Black-owned, according to the Pew Research Center, and nearly 58 percent of Black adults believe supporting Black businesses is a highly effective way to advance equality for Black individuals in the U.S.
As a business owner, you can support Black businesses to express solidarity with Black pride, unity, and self-determination. Here are six ways your small business can celebrate Black Business Month.
1. Promote Black-owned businesses on social media
If you’re interested in — or use — a product or service created by a Black-owned business, promote them on your social media accounts, which can significantly impact their visibility and market reach. You can increase engagement and awareness by creating video clips, inviting the owner or owners to share their stories on your podcast (if you have one), or posting about the business on social platforms.
A well-executed campaign across multiple channels can generate long-term engagement and opportunities. Regardless of how many followers you have, your promotion can make a differen2. Showcase Black-owned products at your business
You can feature your favorite Black business products on your shelf, in your restaurant’s kitchen, or out on the showroom floor. For local shops, you can create a relationship with Black-owned businesses in the community by displaying their products in your store. The Sistah Shop, for example, highlights brands by women of color, which can help boost sales and promote a diverse range of products.
Encourage your customers to prioritize reviews and ratings on digital platforms. The higher the rating a product receives, the more visible it becomes to a broader audience.
Additionally, committing to sourcing supplies or ingredients from Black-owned vendors strengthens community support and fosters long-term success for small businesses.
3.Share Black-owned business products with your colleagues
Patronizing Black businesses or sharing the business’s products with others is another simple but impactful way to show your support. By spreading the word through social circles and colleagues, you can help amplify the message of Black-owned businesses, expand their reach, and introduce them to new customers. Best of all, sharing their products or services is a cost-effective way of supporting Black-owned small businesses.
4. Celebrate diversity in your workplace
Embracing diversity and inclusion in your own workplace is essential for organizations to thrive, as it brings a wealth of ideas and experiences. According to Deloitte Insights, diverse companies are more financially successful — being twice as likely to meet or surpass financial goals — and promoting diversity requires celebrating and supporting every employee.
Four effective strategies to implement diversity and inclusion include the following:
- Ensure pay equity.
- Prioritize employee advancement for workers from underrepresented groups.
- Organize cultural events.
- Provide diversity education and resources
By fostering a culture of celebration and support, businesses can harness the power of diversity to drive success and create an inclusive environment for all.
5. Acknowledge Black entrepreneurs
To celebrate Black entrepreneurs, you can organize events like charity dinners or educational talks and engage local media to raise awareness about Black-owned businesses not only during Black Business but year-round. Creating a directory of Black-owned businesses in your community can help increase consumer awareness and interest in Black businesses and prioritize support for their businesses.
If you’re a Black business owner, resources like the U.S. Black Chambers’ ByBlack initiative provide opportunities to list your business in a national directory and gain certification as a Black business owner.
6. Share resources
Black-owned businesses often face significant challenges when it comes to accessing resources and achieving economic success. You can promote economic justice and business opportunities for Black entrepreneurs in your community by sharing your resources.
This aim can be achieved by connecting Black-owned business ventures with loan and grant opportunities, organizing educational workshops to share valuable knowledge, supporting community events and funds that assist Black entrepreneurs, and leveraging your network to create connections and opportunities. By actively supporting and empowering Black-owned businesses, you can contribute to their growth and help bridge the wealth gap.
Source: U.S. Chamber of Commerce\Lauren Kubiak
