8 minute read
Why Black Business Matters
from MOSO Summer 2020
As President & CEO of the Atlanta Black Chambers Inc., I help lead a mission to serve as an advocate for the creation and growth of competitive, profitable and sustainable Black-owned entities. As business owners, we can influence and make a positive impact in the country while gaining economic control of our community. Opening the door for black business owners and making it equitable leads to the wealth needed for our community to access quality education for quality job creation.
Black Business matters because it is imperative that we become the backbone of economic wellbeing in our communities. Now is the time for us as business owners to wield the power that we must to influence change. And that means our young voices, too, many of whom are active in the racial justice protests. We are extending the conversation to the public to confront this issue with ongoing discussions, using our platform as a place to amplify our voice to realize real-world results.
Simultaneously, there is an achievement gap where many of us do not receive the best education possible to matriculate onward to higher learning institutions. Our lack of ownership—real and perceived—is wreaking economic havoc, and police brutality as a bullying tactic only exacerbates our ills. It is up to us to make changes in our community that benefit us by demanding for a
transformational public policy change that benefits our black community.
Our measure of wealth in comparison is staggering and negatively affects the amount of startup capital we must initially invest in our businesses. Black Americans are not benefiting because of systemic racial barriers. It is an underlying economic crisis plaguing our community. This unequal access is the epidemic affecting our schools, income, health care, social status in this nation that directly affects the status of our black businesses.
that tackle policies across the board to create more economic opportunities for us. These opportunities should translate into job creation and long-term wealth for those in our community.
The Atlanta Black Chambers will continue to address racial bias in the pursuit of equal treatment for our businesses. We are taking action to foster this cause. We have worked hard to create an environment conducive to our satisfaction. Now, it is time to use our voice as business leaders, amplifying our message to close the racial wealth gap. Our pain is an opportunity to emerge stronger, becoming a manager of wealth for our culture and the future
of our community.
According to the Federal Reserve Survey of Consumer Finances:
The median Black household’s net worth is $17,600, while the median net worth for White households is $171,000. Black business owners, unfortunately, do not fare better.
The annual revenue for Black businesses is $58,118 in comparison to non-minority White business owners, which generate $552,079 annually, according to the U.S. Department of Commerce’s Minority Business Development Agency.
Black household income averages just over $41,000 next to white households, which average over $87,000.
The homeownership rate is about 41%.
Markee Tate is President and CEO of Atlanta Black Chambers Inc., a non-profit organization consisting of individuals engaging in business, community and government activities. The organization’s mission is to serve as an advocate for the creation and growth of competitive, profitable and sustainable Black owned entities.
Power Moves to Maximize Your Virtual Conference Experience
While virtual conferences have been gaining popularity in recent years, COVID-19 has rendered them our only conference option. Business owners now have never-ending options of virtual conferences to choose from, as in-person events have been shut down. This is an exciting time for virtual events and business owners to benefit in multiple ways by attending one.
The business benefits include: > Learn fr om and engage with industry experts. > The opportunity to e xpand your network geographically > Incr ease your visibility by being a speaker, sponsor, or by engaging with live programming.
Let’s be honest, virtual events are not the same as attending an event inperson. That is not to say one experience is better than the other. They both have their own advantages and disadvantages. Since most people have a lot less experience with attending virtual events, they may find it challenging to get the maximum value from them. With that in mind, we want to share our power moves for getting the most out of your next virtual conference. These are some of the lessons we learned in producing the Small Business Grit Summit Series.
VIRTUAL CONFERENCE POWER MOVES
Buy your tickets early — Not only will you get the best price, but as organizers, we notice and appreciate our early ticket commitments. To show our businesses special recognition on social media and during the event. They also benefit from early bird pricing, giveaway entries, and other bonuses. Engage with the event itself — By following the event on social media, following their hashtags, joining Facebook Group and sharing the event with your network, you become involved. Again, as event organizers, this is going to get our attention and spark our interest in you and your business.
Don’t rely on the recorded content — You will miss all the action. Block off your calendar so you can attend the live event programming. Live programming is where you meet others, expand your network, ask personalized questions and increase your visibility. After our first virtual summit, we noticed attendees strengthening their fostered relationships. We saw them guesting on each other’s podcasts, participating on Facebook Lives, enlisting each other’s services, and becoming strategic partners.
Connect with the speakers and attendees on LinkedIn and other social channels — appreciation, we will give them and their
Let speakers know how you benefited from their presentation and let attendees know how you would like to connect further. Bonus points for giving the speakers you enjoyed a LinkedIn Recommendation.
Be a Sponsor — Look for virtual conferences that cater to your target market. Your business can gain tremendous visibility as a virtual conference sponsor. Sponsorship levels are typically less expensive than in-person events and have a longer tail, as most virtual conferences have a recorded component in addition to the live dates. As summit organizers, we have found many ways to showcase our sponsors in a way that integrates them into the event.
Not all virtual events are the same, so do your research to find the ones that align best with your business goals. After that, commit to being an active participant and enjoy all the amazing benefits from your virtual experience.
We met at a women’s networking event a year ago and discovered our mutual love for helping small business owners. Since then, we have built a friendship, developed a strategic partnership, and created the Small Business Grit Summit Series. Our next SBG virtual experience is the “Six-Figure Salon: For Women Who Love Their Figures Large,” scheduled for Sept. 14-18, 2020.
During COVID-19, we wanted to find a way to help other small business owners conquer the challenges we were facing as a direct result of the pandemic. We felt we could achieve terrific outcomes for our attendees by designing interactive opportunities with their immediate needs in mind. Here are what we identified as the three most immediate needs in the small business community: 1. Structured, innovative, goal-based networking 2. Relationships with potential referral partners, strategic partners, collaborators, and leads 3. Tactical knowledge on how to grow their businesses
Mary Sue Dahill and Jennifer Crawford are the founders of the Small Business Grit Summit Series. Dahill is the founder of Work Smarter Digital, which helps small businesses and passion-preneurs design efficient systems within their business so they are more productive and profitable. Crawford is co-founder of Sparent, a virtual assistant agency staffed entirely by highly-skilled stay-at-home moms taking a break from corporate careers and businesses to raise their families. Sparent helps business owners delegate day-to-day operations to an elite virtual team so they can grow their business more quickly.
S E P T . 1 4 - 1 8 , 2 0 2 0 S E P T . 1 4 - 1 8 , 2 0 2 0 SIX-FIGURE SALON SIX-FIGURE SALON
A Small Business Grit Virtual Experience. A Small Business Grit Virtual Experience.
FOR WOMEN WHO LOVE THEIR FIGURES LARGE FOR WOMEN WHO LOVE THEIR FIGURES LARGE
Join other ambitious women building their Fempires! The SixJoin other ambitious women building their Fempires! The SixFigure Salon virtual experience combines access to Figure Salon virtual experience combines access to successful women with programming designed to foster successful women with programming designed to foster strategic partnerships, referral partners, and collaborat strategic partnerships, referral partners, and collaborat ive ive r r elationships. #sixfiguresalon elationships. #sixfiguresalon
Live Presentations + Live Presentations + Interractive Events + Creative Interractive Events + Creative Networking + Digital Gifts + Live Networking + Digital Gifts + Live Q&A + Coaches Crush + Q&A + Coaches Crush + Relationship Building + Salon Relationship Building + Salon Playbook + Strategic Sessions Playbook + Strategic Sessions Who Is Six-Figure Salon For? Who Is Six-Figure Salon For?
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