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

building systems

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

black systems automation

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

Know your customers and their needs. Assess success rates and more. Some reliable CRM tools include Zoho, Zendesk, Hubspot, and Salesforce.

 

  • Analytical tools

Helps analyze client’s engagements and leads to see success rates, patterns, and other big data.  The most popular analytics tool include Excel, R, Apache, Python, etc.

 

  • Project Management tools

Using project management tools like WorkFlowMax can help keep business operations and clients organized.

Quality Staffing

employee recrutiment

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.

Tools like Slack and Trello are great for building successful teams even remotely, file sharing, scheduling and more. Find out how Bill Gates and Richard Branson built successful teams.

Engage the Market

marketing

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.

 

Effective Leadership

strategic leadership

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
  • Visionary
  • 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!

 

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I bring 10 years of journalism experience and 4 years of guest post writing to help enlighten my audience.Writing is my life and I use my skills in identifying and solving real problems for people - #fillingdknowledgegap.

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