This Black History Month, Black Businesses Need More than Lip Service

As we celebrate Black History Month, the call for authentic engagement with Black businesses resonates louder than ever. With the challenges to DEI, even some allies concerned with backlash have deprioritized black businesses. It's not enough for companies to limit their engagement to a social media post during this month; there is a continuous need to establish genuine connections with Black entrepreneurs. Beyond symbolic gestures, companies should actively seek opportunities to support and uplift Black-owned businesses, contributing to their growth and sustainability.

For Your Employees

Authentic support for Black-owned businesses involves more than performative actions—it requires tangible efforts that resonate. Fostering an environment where employees are encouraged to patronize and collaborate with Black-owned businesses can create a positive ripple effect. Black history month - if done right - is felt all year long through actions and decisions that resonate. What employers must do is help establish a culture of exploration, learning, and trust among racial groups. Beyond the individual impact on employees, this commitment serves as a powerful example within the company, showcasing a dedication to diversity and inclusion. Encouraging employees to share recommendations and experiences related to Black-owned products and services further amplifies the impact, creating a culture that values and celebrates diversity.

For Your Company

It is not enough to put a Black business in a supplier portal. Supporting Black-owned businesses goes beyond internal measures and extends to vendor relationships. Black businesses need capital, not just loans, but contracts— they need opportunities, not a handout. Actively seeking out partnerships with Black entrepreneurs not only contributes to a more diverse and inclusive supply chain but also distinguishes a company as a leader in promoting economic equality. At ABCD & Company, we proudly collaborate with 60% minority vendors in our events vertical and are consistently working towards increasing this percentage each year. This commitment not only sets a benchmark within the industry but also positions the company as a catalyst for change.

For Society

The impact of supporting Black entrepreneurship extends beyond individual businesses to societal perceptions and opportunities. Black culture is sexy, so why isn't black business? Actively engaging with and promoting Black-owned businesses helps break down stereotypes and fosters a positive association between Black success and creativity, determination, and excellence across various fields. It's crucial to question why, despite the undeniable appeal of Black culture, the same enthusiasm isn't consistently extended to Black-owned businesses. Encouraging community involvement through sponsorships, events, and partnerships with Black-owned enterprises not only boosts economic empowerment but also strengthens the social fabric, creating a more inclusive and supportive society. Implementing educational programs that highlight the historical contributions of Black entrepreneurs and their ongoing impact can foster a deeper understanding of the importance of ongoing support.

Consumer choices play a significant role in shaping the market. By actively supporting Black-owned businesses, consumers can use their purchasing power to influence business practices, promote diversity, and encourage ethical and socially responsible entrepreneurship. This consumer-driven change has a ripple effect, pushing businesses to adopt inclusive practices and contributing to a marketplace that reflects the values of equality and fairness.

For Future Generations

Successful Black-owned businesses serve as inspirational role models for aspiring entrepreneurs within the community. Visible success stories create a positive cycle by encouraging others to pursue their entrepreneurial dreams. This not only transforms individual lives but also contributes to building a legacy of success, resilience, and innovation within the Black community.?

Access to capital remains a significant hurdle for small business owners, particularly those from marginalized communities. Corporate initiatives can play a crucial role in addressing this issue, offering a glimmer of hope in the form of financial empowerment. Initiatives such as Macy's investing $30 million in the next five years, Target's commitment to spend $2 billion on Black-owned businesses by 2025, and Sephora dedicating shelf space to minority-owned businesses exemplify commendable steps toward increasing financial opportunities for underrepresented entrepreneurs. However, the key to lasting impact lies in accountability. Companies need to ensure that their promises translate into tangible results. Exploring direct investments in Black-owned startups goes beyond rhetoric, providing concrete support where it's needed the most.?

The journey to support Black-owned businesses is a collective responsibility that transcends a single month. It is a continuous commitment to foster economic empowerment, inclusivity, and equality within our communities. As we celebrate Black History Month, let us not merely commemorate the past but actively contribute to shaping a more equitable future. Each purchase, partnership, and initiative can be a catalyst for positive change. Together, let's turn our aspirations into actions, ensuring that support for Black-owned businesses becomes an enduring legacy that uplifts individuals, companies, and society at large. Embrace the power of genuine engagement and be a driving force in building a more inclusive and prosperous future for all. After all, we are better together… “Let us march on 'til victory is won.”