Black owned businesses can enjoy access to greater business opportunities today with the great recession been over. Approximately, 5 million businesses exist in the US. African Americans accounts for 13% of US population but only 7% of business ownership. Unfortunately, of the 2 million black owned businesses only about 107,000 (2%) have actual employees.
So, why are some black-owned businesses less successful than others? Here are 5 unique tips for Black business owners to thrive in today’s fast-moving economy.
How Black Owned Businesses Can Boost Productivity
Build Systems and Structures
Most successful businesses today are built around systems. It makes it easier for the company to create work strategies and stay on course to succeed. Black-owned businesses need to build a structure to excel. Structures should include having a working business plan with value proposition and statement, etc. Ontask is a tool that can help you build a virile workflow.
It is one thing to build systems, but it is another thing to ensure sustainability. And that’s where you want to be as a black business owner – visionary leadership.
Automate business operations
Today’s business world is not only highly competitive but fast-paced. To succeed you need to own and automate the processes for business survival and growth. And that includes having the necessary business tools for faster and more efficient business decisions. Here are some tools you need to succeed:
- Accounting software
No business succeeds without clear knowledge of its financial standing. A virile business must plan for its financial future through effective financial analysis and budgeting. Accounting software like QuickBooks can help.
- HR software
Recruitment is a complex process and you need to be on top of your game at all times with staff issues. Goco is an exceptional tool for organizing your staff.
- CRM tools
- Analytical tools
- Project Management tools
Using project management tools like WorkFlowMax can help keep business operations and clients organized.
No company is bigger or better than the quality of its employees. However, today’s businesses have gone beyond the four walls of the company. Therefore, black entrepreneurs can have remote teams working from anywhere in the world. While you might have some staffs working from a local office, remote staff will also help cut down cost considerably.
Engage the Market
No business can grow without reaching out to new markets while expanding existing ones. But with the plethora of requirements, even a black-owned business can become overwhelmed. However, you can rely on tools like Evernote for note-taking and cloud storage systems, GSuite for email management and more.
The bulk stops always at the black business owner’s table, therefore, you need to hone your leadership skills. A black leader must be a:
- Strategic thinker
- Team builder
- Effective decision-making
- Delegation skills
- Conflict resolution skills
- A dynamic and innovative approach
Black owned businesses have all it takes to become a Fortune 500 company and more. It will only require a little more commitment, innovation, dexterity and the will to survive. Let’s see more black business owner raise the bar from 7% to 14% and more, it’s possible!