August is Black Business Month, a time to celebrate and support Black-owned businesses. This month highlights the critical role of Black entrepreneurs in driving economic growth and innovation while addressing systemic barriers and promoting fair opportunities.
Experts say there are 3.7 million Black-owned businesses in the United States alone.
Originating in 2004, Black Business Month spotlights the challenges and successes of Black entrepreneurs. Despite their significant contributions, Black-owned businesses often face hurdles like limited access to capital, discrimination, and a slower path to scalability. This month aims to bridge those gaps and create a more level playing field.
Research shows that companies prioritizing inclusivity are more likely to attract top talent, build stronger customer relationships, and enjoy long-term success.
Organizations have a myriad of ways to engage and support Black Business Month. Extending reach through diversification of the supplier base is a huge opportunity to achieve diversity goals. Supporting Black-owned businesses strengthens community connections, boosts brand reputation, and aligns with broader diversity, equity, and inclusion (DEI) goals. Additionally, embracing this strategy shows a genuine commitment to fostering a fair and inclusive business environment and can drive meaningful change within and beyond your organization.
Here are five ways your business can make a difference during Black Business Month—and beyond:
1. Prioritize Opportunities To Engage With Black-Owned Businesses
One of the most impactful ways to support Black Business Month is by forming long-term partnerships with Black-owned businesses. Consider utilizing Black-owned businesses if you need suppliers, consultants, or creative services. By integrating these businesses into your supply chain, you're diversifying your business operations and helping foster economic equity.
Why This Matters: Supporting Black-owned businesses contributes to a more diverse and resilient economy. It is not only a concrete way to invest in historically marginalized communities, but it also demonstrates the company's commitment to inclusivity in a meaningful and lasting way.
2. Host Events Highlighting Black Entrepreneurs
Take the initiative to spotlight Black entrepreneurs by hosting events that showcase their stories and successes. Examples include panel discussions, webinars, or virtual meet-and-greets that allow your network to learn from and connect with Black business leaders.
Why This Matters: Providing a platform for Black entrepreneurs raises their visibility and offers inspiration and insight to your employees and partners. It sends a strong message that your company values diverse perspectives and demonstrates the commitment to promoting underrepresented voices in the business world.
3. Provide Financial Support and Resources
Consider creating or contributing to grant programs, scholarships, or business development funds to support Black entrepreneurs. Additionally, offering pro bono services or mentorship can provide valuable support that helps Black-owned businesses grow and thrive.
Why This Matters: Access to capital and resources is a significant barrier for many Black entrepreneurs. By offering financial support and mentorship, your business can help level the playing field and empower Black entrepreneurs to succeed.
4. Promote Black-Owned Businesses to Your Network
Use your company's platforms—social media, newsletters, and internal communications—to highlight Black-owned businesses. Share their stories, promote their products, and encourage your network to support them.
Why This Matters: Visibility is crucial for business success. Promoting Black-owned businesses to a broader audience helps drive traffic, increase sales, and elevate their profiles. This simple act of amplifying black brands demonstrates a commitment to tangibly supporting Black entrepreneurs.
5. Evaluate and Improve Internal Practices
Look closely at your company's supplier diversity, hiring practices, and DEI (Diversity, Equity, and Inclusion) initiatives. Set clear goals for increasing the representation of Black-owned businesses in your supply chain and Black professionals in leadership roles. The opportunity exists to partner with organizations dedicated to fostering black business growth. Organizations focused on Black empowerment include the National Black Chamber of Commerce and the National Minority Supplier Development Council.
Why This Matters: True inclusivity starts within. By evaluating and improving your internal practices, you ensure that your company isn't just paying lip service to inclusivity but is actively working to create a more diverse and equitable workplace.
As a Black-Owned Business since 2015, Simone Morris Enterprises has appreciated organizations that invest in education and strategic growth to create longevity for our business. In the past year, I have participated in the Goldman Sachs Black in Business complimentary education program, aiming to invest in one million black women. Program scholars receive education, a strategic growth advisor, a growth group, and a financial stipend. This opportunity has helped grow my skills as a CEO and provided access to a strategic network. Programs like these are beneficial for businesses that traditionally are overlooked.
Why Is This Important?
Supporting Black Business Month shows a commitment to fostering a more equitable business environment. By taking these actions, your company contributes to Black entrepreneurs' success and demonstrates inclusive leadership. This commitment to diversity and inclusion is not only good for society—it's good for business. Research shows that companies prioritizing inclusivity are more likely to attract top talent, build stronger customer relationships, and enjoy long-term success.
At the core of inclusive leadership is recognizing that diversity enriches our communities and workplaces. By actively supporting Black-owned businesses during Black Business Month and beyond, your company can promote economic equity and create a more just and inclusive society.
At Simone Morris Enterprises, we remain open to collaborative opportunities that extend past Black Business Month. We are in the inclusive leadership business for the long haul. If you'd like to discuss the engagement of Black Businesses, please book a call with Simone.