By: Samori Swygert
This will be a 3 part series breaking down the new Black CEO. First, when I say CEO I’m not discussing the title of, Chief Executive Officer. When I refer to the Black CEO, the mnemonic stands for the 3 business components (Customer, Employee, Owner). The black community needs an economic revolution, and all business begins with the CEO trifecta.
Various symposiums within the black community are trying to zero in on rebuilding wealth, ownership, employment and business within our neighborhoods. Black America has been made aware of our $1.1 Trillion power base, but like Dr. Claud Anderson said ” this money is disaggregated”. If we are going to rebuild black economics, we must do it right. Today I will deal strictly with the Owner.
The Owner
The first component I would like to address is the Owner. Owners of black businesses should try to employ black labor, foster apprenticeships, training and development. The black unemployment is nearly %14 on a national level and higher on local city and state levels. Owners should eschew all forms of deliberate financial mismanagement, embezzlement, nepotism, cronyism and malfeasance. This behavior diminishes our brand, tarnishes reputations, ruins consumer trust, and earning potential. As a Black Owned Business (BOB) we cannot conduct business as scam artists, hustlers, con men, unconcerned merchants and community leaches.
Not all BOBs conduct business as the aforementioned characteristics, but there are so called BOBs that are parasitic to the black community, and the only thing they have in common with the black community is their complexion.
Owners need to understand the African American market. Don’t seek to price gauge, and over price services and commodities that are outside our purchasing power or affordability. I would encourage owners to establish a relationship with the communities via philanthropy, scholarships, food and clothing drives. These activities create incentives that encourage blacks to spend at your establishment because there is a return on investment.
As BOBs and entrepreneurs we must ensure top quality products and services. We must take pride in the appearance of our establishment and products. The condition of the establishment and product is an indicator of your business practices. All BOBs should provide clean, undamaged, and functional goods, and maintain a clean and organized facility.
All services provided should be punctual, timely, prompt, and expedient. Time is money, and time is something nobody can afford to waste. Consumers should be given high priority and attention on a temporal scale. If store hours are from 9am- 10pm, then stores should be open, cleaned, and all registers manned by 8:50am. If BOBs are providing a service within communities then appointments should be timely, we shouldn’t foster the traditional stereotype of “CP time”. A simple but important mandate is to create transparent, understandable, and unwavering purchase and return policies.
Business and pleasure don’t mix! Countless businesses have failed because of s****l harassment, and/or mixing business functions between spouses and lovers. When the romantic relationships sour and disintegrate, the business will typically be destroyed because both parties try to extract ownership and capital from the business. This results in unemployment for employees, a loss of a service in the community where black consumers must now find a new merchant to patronize, and often times the sale of real estate. This opens the floodgates for other races or vulture corporations to infiltrate and occupy our community.
The current economic condition with in the black community is depressed, and this calls for black businesses to partner and unify. We hear that competition and rivalry is good for business, but at this particular time we need a united front. Black businesses need to coalesce. All black businesses need to see a common community goal and work in a concerted effort to help each other grow and expand the market. Developing these partnerships and interrelationships builds institutions like the famed BLACK WALLSTREET.
A common symbiotic goal between businesses will lift the community. When the community is lifted and strengthened economically, your business will see record breaking gain because you are attracting customers to spend with you. Share resources, ideas, strategies, suppliers, distributors, and networks. Corporate America does it all the time! Haven’t you seen Taco Bell, and KFC under the same roof, same power, and same water filtration source? Haven’t you seen a corporation endorse another group’s interest like Target promoting the Susan G Komen foundation? Haven’t you charged money on a credit card and earned rewards for a flight on an airline, or redeem a discount at a hotel? This is how we need to embrace and promote each other.
Black businesses should be more proactive and assertive about customer feedback. Find out how you are performing in the customer’s eyes. The most important thing to find out is how you can improve your product or service, and how do you compare to bigger named corporate entities. Conduct these on a routine basis.
The major emphasis is politics now. You have to almost be a hybrid of an owner and politician, because so many laws are coming down the political pipeline that can make or break your establishment like the Healthcare reform. New tax reform codes are being levied that the previous owners didn’t have to address. You also must keep up with immigration reform and its’ mandates on human resources during the employment process and all the legalities it entails.
Lastly, technology, technology, technology!. Technology can propel your business forward, or force you into irrelevance and obsolescence. However, it is important to stay abreast of the tech advancement but also balancing it with a mindful approach of maintaining a human workforce.
This is it for the first installment of my opinion of the NEW BLACK CEO (Customer, Employee, Owner). The next article will discuss my opinions on the black employee…..Be blessed. I don’t have all the answers but I love sharing my thoughts. What do you think?
You can also read this at: http://www.kulturekritic.com/2013/11/news/samori-swygert-rebuilding-black-ceo-black-business/









