August is Black Business Month, which can be the perfect opportunity for your small business to show support for Black-owned companies in your community. While significant strides have been made in support of Black-owned businesses in recent years, disparity still exists in the business world. Businesses must continue striving for diversity and equality. Not sure how to get started showing your support during Black Business Month? Below are a few ways to do your part.
Reaffirm Your Commitment to the Support of Black Staff and Culture
Showing your support for your Black employees shouldn’t be reserved for only August, but the month can be an excellent time to reaffirm your commitment to supporting cultural diversity and inclusivity in your work environment. Use the month to come up with a plan for continued support throughout the year so that all employees feel comfortable being themselves and celebrating their respective cultures any month.1
Consider Black-Owned Business When Sourcing Vendors
Take time to review your vendors and see if some local Black-owned businesses could supply your company with needed products or services. If you don't have an extensive vendor list and are not in need of new suppliers, consider utilizing Black-owned businesses for special events for your company.1
Recognize Black Owners and Entrepreneurs
Showing your support for Black-owned businesses may be as simple as recognizing area company owners and entrepreneurs. Representation is crucial for any business and businessperson, and spotlighting Black-owned businesses and their owners is a great way to show support meaningfully. You could host or sponsor a local event that recognizes Black entrepreneurs or use your social media channels to spotlight companies and owners to offer support and build awareness of the companies and their achievements.2
Showcase Black-Owned Products and Brands
What better way to show appreciation for Black-owned businesses this month than by becoming a venue for their products and brands? Feature products, services, or brands from local Black-owned companies to bring awareness to their companies and help them get their products in front of more people. Encourage customers to provide reviews and ratings for the featured services and products so that they will become more visible to a broader audience.2
Share Your Business Resources
Securing necessary resources is a significant struggle for any small business and an even more difficult struggle for Black-owned small businesses. These resource barriers make business ownership significantly more challenging for people of color, so overcoming this difficulty is a top priority. Use this time to share resources with your local Black-owned businesses. You could invest in lending platforms that assist Black entrepreneurs or help connect Black owners with funding or grant opportunities. You could also share your network, providing them with customer databases, vendors, and distributors to help improve their business.2
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
This article was prepared by WriterAccess.
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1 “Six Tips To Help Your Company Celebrate Black History Month In A Meaningful Way,” Forbes, https://www.forbes.com/sites/forbesbusinesscouncil/2023/01/12/six-tips-to-help-your-company-celebrate-black-history-month-in-a-meaningful-way/
2 “How your small business can celebrate Black Business Month,” Nextdoor Business,https://business.nextdoor.com/en-us/small-business/resources/blog/how-your-small-business-can-celebrate-black-business-month