Reinventing Black Business Month: A Call for Innovation and Engagement.

August is coming to a close, and with it, so is Black Business Month. And if you're scratching your head wondering, "Wait, what is that?", you're not alone. 

That’s precisely the problem. 

According to a National Black Chamber of Commerce 2024 survey, 75% of Americans are unaware of National Black Business Month. This relative obscurity raises important questions about the effectiveness and impact of Black Business Month—which is why I spoke with two powerhouse business owners: Tammeca Rochester , founder of Harlem Cycle , and Fern A. Stroud , Principal at Stroud Industries and Founder of Black Vines on what how we might innovate to create more meaningful change.

According to Tammeca, we're not doing Black Business Month justice: "It's relatively unknown and, frankly, ineffective in its current form." This sentiment is particularly concerning given the economic impact of Black-owned businesses in the United States. Recent data from the Department of Small & Local Business Development reveals that there are approximately 3.12 million Black-owned businesses in the U.S., employing 1.18 million people and generating $133.7 billion in total sales. Yet, these businesses represent only about 3% of all classifiable firms, despite the Black population making up 14% of the U.S. population.

This disparity underscores the need for more support and opportunities for Black entrepreneurs - a need that the current observance of Black Business Month doesn't seem to be adequately addressing. So how can we innovate to bring more prominence to this important month and better engage consumers?

Tammeca suggests several strategies to elevate the profile of Black Business Month. Increased media coverage could partner with major outlets to feature Black-owned businesses throughout the month, sharing their stories and successes. Corporate partnerships could encourage large corporations to spotlight their Black suppliers and partners, demonstrating the integral role these businesses play in the supply chain. Educational initiatives could collaborate with schools and universities to incorporate lessons about Black entrepreneurship into their curricula during August. And pushing for official proclamations and events at local, state, and federal levels could bring more government recognition to the month.

But how do you make Black Business Month more than just a designation on the calendar? Tammeca offered such ideas as a "Black Business Passport" that people get stamped when they patronize Black-owned businesses during August, with rewards for reaching certain milestones. Social media challenges or community events could further enhance visibility and engagement with Black-owned businesses and create more opportunities for these companies to be known.

As Tammeca puts it, "We have the talent, the drive, and the market. What we need now is the spotlight and the sustained support to help these businesses thrive."

While the national picture shows room for improvement, there are bright spots. Washington, D.C., for instance, stands out with 15% of classifiable firms being Black-owned; one of the highest percentages in the country. Moreover, Black women are driving entrepreneurial growth, with the number of Black women-owned businesses growing by 20.2% in 2020, outpacing the overall growth of Black-owned businesses and women-owned businesses.

These positive trends show the potential for what could be achieved with a more effective and engaging Black Business Month. But just like with all of the Pride Month merch and promotions that happen every June only to disappear on July 1st, are we guilty of paying lip service to Black-owned businesses for 31 days and then going back to business as usual?

Fern Stroud’s perspective was optimistic, and reminded me that some of our most popular conscious-raising months didn’t start out that way.: "As with many grassroot movements, the difference this makes may not truly be seen until years beyond our lifetime. However, the seeds have been planted and the awareness continues to grow daily."

Stroud also highlights the challenges and responsibilities of Black-owned businesses:

"Black businesses, like any other business, fight for market share and it's our business to ensure we are meeting and can anticipate the needs of the people we are to serve. Historically, we have been disadvantaged when it comes to capital funding, loans and access to other means of financing as we navigate our journey. We cannot ignore the harsh truths that placed us years behind the curve, yet in spite of such systems, we find ways to thrive. Innovation, technology, awareness and grit will continue to allow businesses to grow and (out)perform -- access to and understanding those key components will determine which businesses will find success."

As we look towards next August, let's commit to adding some water to the seed that is Black Business Month. By raising its profile, engaging consumers more effectively, and providing tangible support to Black entrepreneurs, we can help close the entrepreneurship gap and create a more equitable business landscape for all.