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Revealed - The 9 Secret Profit Hacks for all Black Enterprises!

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Why We Are Change-Makers?

The year 2020 will long be remembered for the significant challenges thrown up to businesses around the world and Black Enterprises in the US and Australia have not been immune to the impacts of Covid-19. However, in a time of despair for so many, the team at Black My Business can see significant opportunity for growth and prosperity for Black Enterprises and Indigenous Businesses alike.

Let's take a look at why #blacklivesmatter and #indigenouslivesmatter,as we well as the Covid-19 Pandemic are providing an important pivot points for Black Startups and Black Businesses as they look to gain that key competitive advantage and to implement strategies that will lead to a surge in business profits over the next 12 months and beyond. Today we identify NINE Secrets to Success for Black Enterprises in the Post Covid-19 Economy.

Why Black-Owned Businesses are exploding in popularity?

The Guardian.com reported recently that in Guidant Financial and LendingClub’s 2019 Report on the State of Small Business that there was 400% growth in African-American businesses in 2018 as compared to 2017. According to the study they also found that much of this growth was been driven by female black entrepreneurs, with 38% of African-American businesses being female-owned, as compared to only 23% among all other business owners.

While in Australia the number of Aboriginal and Torres Strait Islander Business Owners increased markedly in the 10 years to 2016, jumping by almost 72 per cent to 11,587 according data released in the 2016 Census of Population and Housing. However, according to supplynation.org.au they're still well and truly under-represented, with Indigenous Australians making up 3% of Australia's population, but Indigenous Businesses only representing just 0.5% of total business owners in Australia.

How African-American Businesses & Indigenous Businesses can continue to boom in 2021?

Despite the significant setbacks experienced by many businesses in the US and Australia as a result of the Covid-19 Pandemic, the increased media exposure resulting from the #Blacklivesmatter Movement is expected to an even greater surge in the growth of Indigenous Businesses and Black-Owned Businesses fueled by a greater awareness of the existence of a diverse range of Black Business offerings, and an increase in Venture Capital Investment and Black Business Crowdfunding.

However, we all can have a huge impact on the growth and success of African-American Businesses and Indigenous Businesses in Australia, by continuing to support, promote and buy these enterprises every day. Such growth in Black Enterprises in the US and Australia is not only important the financial independence of these business owners, but also to the broader national economies post Covid-19. This is highlighted by McKinsey & Company's 2019 Report estimating that by closing the Racial Wealth, the US GDP could be 4 to 6 percent higher by 2028.

Our 9 Key Money-Making Tips for a Profitable Black Business

At Black My Business we are 100% focused on empowering and assisting Indigenous Business Owners and African-American Business Owners to fast-track their success and skyrocket their profits. As such we have identified NINE Success Secrets for all Black Businesses to succeed in the post Covid-19 economy.

So here are 9 Key Money-Making tips for 2020/2021 for boosting the bottom-line for your Black Enterprise:

  1. Become More Customer-Focused - While having a strong focus on your bottom-line is important, those businesses with a clear vision of how you can really engage with; and add value to your customers and clients will experience the financial benefits of building a loyal, and repeat customer base.
  2. Leverage Social Media and Digital Media Marketing to Build your Tribe - Covid-19 has forced many businesses to quickly pivot and look at how they can truly engage with their loyal customers using digital platforms, while also developing online sales platforms where relevant. Businesses should look to continue to develop their Social Media Customer Engagement and Business Branding Strategies, while also looking to increase their organizational digital marketing capabilities via Digital Marketing Online Short Courses.
  3. Focus on Customer Retention and Loyalty Programs - It is proven that the best Marketing ROI (Return on your Marketing Dollar Invested) comes from ensuring that you look after, reward and engage with your existing customer base. No matter whether you are a Black Business Startup or an established Black Enterprise you should look to develop a Client Retention and/or Customer Loyally Program. Additionally, your existing customers will become your most loyal supporters and best advocates, especially when given additional incentives or rewards to share their experiences and testimonials via social media and other digital media platforms. There is simply no better way of gaining repeat business , while helping your brand to go viral and potentially attract whole new legion of new customers or clients.
  4. Cash is King and Queen - Develop a clear understanding of what your Cash-flow and how you can maximize it's regular flow into your business. There is no doubt that regular cash-flow is the lifeblood of every business and it is a way to ensure that can pay yourself and your employees. Your first THREE financial goals should be to create a regular stream of cash, reduce unwanted debt and recover your owner's equity investment.
  5. You Need a Plan Stan - Business, Financial and Marketing Plans are absolutely critical in such a dynamic business environment that we find ourselves in during and post Covid-19. It is recommended that you should set 90-day Plans (short-term), Annual Plans (medium-term) and 3 Year Plans (long-term). If you are looking for Business Planning Templates then we can help you out. These goals should be regularly reviewed and remembering to reward yourself and your team for hitting key business goals and targets, or resetting goals and strategies when you miss the target. To learn more about the importance of planning during, and post Covid-19, visit Business.com or tap into the expertize on offer through our Black Mentoring Program.
  6. Being Different can Be Better - Looking for ways that can differentiate your product or customer offering from that of your main competitors can be the key to gaining the competitive edge in your industry. This includes looking for best practices and benchmarks within your industry and then considering how you can improve upon those best practices by adding your own twist. a fantastic article outlining 9 ways to gain a competitive advantage in your industry.
  7. Invest in growing your Black Enterprise - Be willing to invest financially in growing your business and customer base. Ideally its best to be able to finance new marketing strategies, customer engagement or customer acquisition strategies from Internal Financing (i.e. profits), however in many cases you may need additional or external finance to really hit it big time when it comes to growing your bottom-line. There are numerous avenues to finance your business growth and at Black My Business we can also help point you in the right direction through our Business and Finance Network, this includes Black Business Loans, Aboriginal Business Loans, Black Crowdfunding, Black Business Grants or Indigenous Business Grants.
  8. Outsource where necessary - Focus the majority of your time on the activities that help build your bottom-line, whether that be sales or customer engagement. When growing your business there are certain activities that can soak up a lot of your time as the CEO or Boss, such as Human Resources Management, Payroll Services, Occupational Health & Safety or chasing the payment of outstanding invoices. There are so many business functions and operations that can be effectively outsourced today, however the key rule of thumb is to ensure that nothing detracts from the quality of service, value and experience that your business delivers to your customers or clients. In order to increase your workplace productivity and management effectiveness, we deifinitely recommend learning more on how Entrepreneurs can effectively outsource work without losing quality
  9. Tap into a Knowledge Bank - One of the fastest ways to develop the cutting edge as an Black Entrepreneur is to tap into the knowledge, experiences and mindsets of others. By obtaining a Business Mentor or joining a Business Mastermind Group you can learn how others have overcome challenges or hurdles in their business, or even discover elusive'one-percenter' or 'gold nugget' that takes your business from 'struggle-street' to becoming the Gold Mine that we all aim for. Learn how you can get your own Black Business Mentor or join our private Black My Business Mastermind on Facebook. We also recommend utilizing other great online learning resources for self-education such as BlackEnterprise.com Magazine where you can find a plethora of inspirational and educational stories from fellow Black Entrepreneurs.

We hope these 9 Success Tips can be your Secret Sauce to unlocking short-term growth and profitability to your Black Enterprise, while also ensuring the long-term success of your business in an ever-increasing competitive business environment. Why not subscribe to learn more fantastic Business Ideas and Financial Tips that you can implement into your business, by visiting our BMB Blog.

How we help Black Entrepreneurs Blossom & Black Businesses Boom?

Given the significant under-representation in Investment Capital flowing to Indigenous Businesses and Black Enterprises, we have made it our mission at Black My Business to help Black-Owned Businesses Boom by helping them to access the Black Finance they require to help them to grow, thrive and succeed. Learn how we can help you gain the funding you need to fuel your business growth on our Financial Resources Page.

Would you like to learn how to create true financial independence and fast-track your business success by harnessing the lessons and knowledge from the Very Best Black Entrepreneurs? If you answered YES, then you will want to participate in our Black Business Mentoring Program. We also offer you access to extensive Black Business Support for African-American Entrepreneurs and Indigenous Business Owners, which includes the opportunity to up-skill your Digital Marketing Skills by undertaking a Digital Marketing Course Online. We are proud members of your team the opportunity to qualify for a Full Black Scholarship or Indigenous Scholarship, thereby covering the costs of this 24-week Digital Marketing Pro course, where you will become dually Certified as a Digital Marketing Professional with the American Marketing Association and the Digital Marketing Institute.

No matter what your need, or what support you require Black My Business are here to help you to knock it out of the park! So why not join us by subscribing below as FREE Black My Business Member or by joining us in our Private Facebook Group for all the latest Black Business News, plus Insider Black Entrepreneur Access to help you maximize your Business, Financial and Personal Success.

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“We only get 5% of the venture capital invested in things that are black owned — black-owned businesses, black-owned ideas, black-owned IP. You can’t do anything without that money, without resources."

Source: Sean Combs - Variety.com
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Why Choose Black My Business?

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Jeremiah Johnson
// 
Black Entrepreneur

“I have been fortunate enough to qualify for a Black Scholarship from Black My Business. This is an absolute game-changer for me having lost my job during Covid-19. I am also working closely with my mentor and I am already seeing the incredible benefits from this relationship!”

Chuck McClellan
// 
Black Business Owner - Chicago

“I see so much potential through this program to do great things to improve the lives of African-Americans and Indigenous Australians. I am truly excited to be a part of the Black My Business Movement and look forward to contributing from my many years and hard-knocks in the world of business".

Yarraka Bayles
// 
Indigenous Influencer & Activist

"Black My Business is such a critical resource for Indigenous and Black Business Owners. There are so many incredible business leaders and inspiring mentors that contribute their time resources and support in helping in giving others a leg-up on the ladder to success."

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