Religious and spiritual books and every book about success discuss the power of words. The most effective leaders in our world, past and present, have made changes and moved masses with their words. What we say and believe will eventually manifest and perpetuate itself over time.
Why then do we continue to verbally uphold poor standards and stereotypes about black people in business and scratch our heads or get upset when, in too many cases, they turn out to be true?
Our statements, jokes and expectations that a black-owned business will be “bootleg,†poorly run, always out of a product it is supposed to have, or unsafe – or that a black businessperson will be late, unprepared or expecting arbitrary discounts – are completely unacceptable. If you believe the precepts that “thoughts are things†and “words have power†then you know every time we speak this nonsense and dap each other up or affirm the statement with that “girl, I know what you mean†look, we are dooming ourselves to staying trapped on the bottom rung of business success.
When I say it is nonsense, I don’t mean it never happens. I mean that it happens at businesses run by all types of people and I mean that for whatever truth there is to those statements we ought to
be focused on using our words, energy and finances in the most powerful way we can: By speaking about, patronizing and operating black-owned businesses that are models of excellence – and demanding that those who are not there yet rise to the standard, starting with self.There are root causes that create these problems. Let’s solve them:
“Bootleg†and poorly run: Usually a business facing these problems is underfunded and not well managed. To solve this problem, find the capital your business needs in order to run properly or change your business model or scale back and operate only the part of the business that you can operate well at all times based on the capital you have or the cash flow you can generate from sales. Never give arbitrary discounts to anyone–including family or friends. It is the responsibility of business owners to break this culture of expecting a hook up. You are running a business, your prices are set to recoup costs and provide profit. Arbitrary discounts, which are discounts you haven’t analyzed and prepared the business to make up for, will zap your bottom line. If your business is not well managed your systems and/or staff need to be reviewed and replaced or upgraded. If you don’t know how to make these changes get help immediately to figure it out. The U.S. Small Business Administration and SCORE offer free or low-cost help to entrepreneurs. Take advantage of it; taxpayer dollars are covering the costs so use these services so much that they know you on a first name basis.
Always out of a product you are supposed to have or unable to provide a service you supposedly offer: If you are facing this problem it may mean that you have a financing problem, pricing problem or an inventory management problem.
If you order products from a supplier and retail them or use them to make a product that you retail, ask your supplier about financing or terms. For example, UPS has a special division of its company (UPS Capital) that consults with small businesses and provides terms to help them get beyond supply and distribution problems. That’s not their core business but it makes sense for them to use their expertise to help the businesses that use their shipping services. The more those businesses prosper the longer they will be UPS customers. List all the businesses you buy from and negotiate or research services they can offer that will help you make your business systematic, sound and successful. If your business is service based and you’re always stretched or unable to provide the service upon request
Unsafe: If your business is located in an area that doesn’t have the greatest reputation for safety you ought to band together with other business owners in the area and find out how much you collectively pay in city and state taxes. Start a business association (which you can easily do simply by naming the group) and appoint a spokesperson. Send letters to the city council and state elected officials and let them know that you are financially powerful bloc because money talks. Let them know you need more lighting in your area, potholes repaired, roads paved and painted, trash cans on corners, and whatever else you and the other business owners believe will visually demonstrate concern and safety.
Also, make your business an organized, clean and welcoming environment and encourage the other business owners to do the same. An old building or neighborhood can still be clean, well kept and safe.
Late and unprepared: To be on time (which is to be early) and prepared you must create new habits. Usually people who are late all the time and
unprepared are trying to do too much. Learn the word “no†and realize that every “yes†means “no†to something else. When you say, “yes,†I’ll be at that meeting that means 30 minutes for the commute and 60 minutes for the meeting, i.e. an hour and a half less that you have to work on and prepare for something else. Can you afford to do that? Start managing your time like it is money because it is actually far more precious: Time is our only resource we can never replace. Don’t waste it.Regardless of the circumstances, there is no reason to run a sub-par business long-term. Those operating in excellence should continue to do so and pass along wisdom to others. For those who need help, it’s time to get honest, get tough and change the conversation because that’s the only way to change the reputation.
Felicia Joy is a nationally recognized entrepreneur who created $50 million in value for the various organizations and companies she served in corporate America before launching her business enterprise. She is the author of Hybrid Entrepreneurship: How the Middle Class Can Beat the Slow Economy, Earn Extra Income and Reclaim the American Dream and a regular contributor on CNN. Follow her @feliciajoy.